Business · Vietnam Bureau
English School Founder Faces Massive Fraud Charges in Vietnam
Authorities have accused Nguyen Ngoc Thuy, founder of English language education firm Apax Leaders, of defrauding thousands of customers of nearly $295 million. The case also involves allegations that Thuy paid bribes to manipulate the company's financial records.
LSN Vietnam ·
Vietnamese law enforcement has filed charges against Nguyen Ngoc Thuy, the former chief executive of Apax Leaders, alleging he orchestrated one of the country's largest education sector fraud schemes. Prosecutors say Thuy misappropriated approximately VND7.677 trillion (US$295 million) from more than 10,000 customers of the English language instruction company.
Beyond the core embezzlement allegations, investigators claim Thuy also paid bribes to a business associate to falsify company revenue figures and financial statements. Such manipulation would have artificially inflated Apax Leaders' apparent performance and helped sustain the fraud over an extended period.
Apax Leaders had established itself as a prominent provider of English language education across Vietnam before the investigation commenced. The scale of the alleged fraud—affecting thousands of students and their families—has drawn significant attention from regulators and the public.
The case underscores ongoing concerns about financial transparency and accountability in Vietnam's education sector, where private language schools have become increasingly popular among middle-class families seeking to improve their children's English proficiency. Authorities have not yet announced trial dates or further details regarding the investigation's progress.