English school operator faces second fraud indictment over $327M scheme

Nguyen Ngoc Thuy, the operator of English language training facility Apax Leaders, has been indicted for a second time on fraud charges involving substantially larger sums and more victims than previously disclosed.

Prosecutors allege that Thuy fraudulently appropriated VND8.459 trillion, equivalent to approximately $327 million, from 10,123 victims. The revised indictment represents an expansion from his first indictment, which involved 60 fewer victims and corresponding financial losses.

Apax Leaders, an English-language education provider, operated in Vietnam's competitive language training market. The scale of the alleged fraud underscores vulnerabilities in oversight of private educational institutions handling student fees and advance payments.

The case has drawn significant attention in Vietnam as a major consumer fraud, affecting thousands of families who enrolled in language programs. Authorities have not yet provided details regarding the timeline of alleged fraudulent activities or the status of victim compensation efforts.

Thuy remains in custody pending trial. The expanded charges suggest investigators have uncovered additional evidence and identified previously unknown victims during their ongoing inquiry into the school's financial operations.