Shark Thuy Accused of Appropriating VND 7,677 Billion and Paying VND 32 Billion in Bribes

Nguyen Ngoc Thuy, 43, known as Shark Thuy, is accused of defrauding more than 10,100 investors of VND 7,677 billion and paying VND 32 billion in bribes.

Investigators say Thuy directed the sale of more than 206 million shares with buy-back commitments, but instead of funding real business activities, the money raised was used to pay off old debts.

Authorities also determined that Thuy worked with Tong Thi Kim Lien to create fictitious revenue of up to VND 2,350 billion in order to lure new investors.