Real estate company in Shark Binh case: Capital increased rapidly then decreased, gradually revealing abnormalities

Shark Bình - Ảnh 1. — Shark Binh (middle) and his accomplices - Photo: Provided by the police

As reported by Tuoi Tre Online , Hanoi City Police said they have prosecuted Mr. Nguyen Hoa Binh (Shark Binh), Chairman of NextTech Group.

Shark Binh and 9 other defendants were accused of fraud and property appropriation related to the AntEx cryptocurrency project.

Continuing to expand the investigation, the police agency also discovered that in 2022, Mr. Binh directed the establishment of NextLand Real Estate Trading Joint Stock Company, then assigned Doan Van Tuan and Nguyen Ha Thuy as director and legal representative, respectively.

Mr. Binh assigned Nguyen Thi Thanh Huong, Tran Thi Thuy Van, Nguyen Ha Thuy, and Doan Van Tuan to use two accounting systems to monitor the company's financial activities.

However, Mr. Binh was accused of directing employees to reduce profits and conceal revenue by lowering the selling price on sales contracts with customers (actual selling prices and revenue were tracked on internal books), causing particularly large losses to the state budget.

Revealing the abnormalities of Shark Binh's real estate business

According to data from the Hanoi Business Registration Office, NextLand Real Estate Trading Joint Stock Company was established in February 2021, operating in the field of real estate investment and trading.

Currently, the enterprise is headed by Mr. Dao Manh Dung (born in 1986), Chairman of the Board of Directors and General Director, and also the legal representative.

Notably, in early September 2025 - just over a month before Shark Binh and his accomplices were prosecuted, NextLand adjusted its charter capital, reducing it from VND86 billion to VND73 billion. Information on the shareholder structure at the time of the capital change was not disclosed.

This is not the first time NextLand has withdrawn capital to a lower level. Previously, in August 2025, this enterprise had an adjustment from 142 billion VND to 86 billion VND.

Previously, at the time of establishment, Nextland Real Estate registered a charter capital of 20 billion VND. The founding shareholder structure included three individuals:

Mr. Doan Van Tuan contributed 8 billion VND, holding 40% of shares; Ms. Nguyen Ha Thuy contributed 4.8 billion VND, holding 24% of shares; Ms. Le Thi Quyen contributed 7.2 billion VND, equivalent to 36% of shares.

When it was first established, Shark Binh was the Director and legal representative of NextLand. In March 2022, Shark Binh transferred these positions to Mr. Doan Van Tuan (born in 1992).

Rapid capital increase, then sharp decline again

Also in March 2022, NextLand increased its charter capital from 20 billion VND to 70 billion VND and just one month later - in April 2022, the capital continued to skyrocket to 150 billion VND.

However, since mid-2024, the company has been continuously changing senior personnel and adjusting capital. Along with the capital change, in June 2024, the position of Director and legal representative was transferred from Mr. Doan Van Tuan to Ms. Nguyen Ha Thuy.

By December 2024, Mr. Dao Manh Dung - who later also held many roles in the ecosystem related to Shark Binh - replaced Ms. Thuy as the legal representative. At this time, Mr. Dung assumed the position of Chairman of the Board of Directors and General Director of NextLand.

Immediately after Mr. Dung took over the management, the company's charter capital was continuously adjusted to the 73 billion VND mark as mentioned above. The company also only registered 2 employees.

Not only at NextLand, in April 2024, the position of General Director and legal representative of NextTech was also transferred from Mr. Dao Minh Phu to Mr. Dao Manh Dung - who is also the Director and legal representative of Phuc An Hai Investment Company Limited.

Previously, in October 2023, when Mr. Phu withdrew from the list of shareholders, Phuc An Hai Investment Company Limited appeared and held 0.5% of the charter capital. At this time, NextTech's charter capital also decreased sharply, from 500 billion VND to more than 4.2 billion VND.

In addition, Mr. Dung is also the legal representative of a series of other businesses, many of which are related to Shark Binh.

For example, Univest Financial Technology Joint Stock Company; MD Management Services LLC; Nextfin Investment Joint Stock Company and Love Nest Vietnam Pharmaceutical and Cosmetic Trading and Services Joint Stock Company...

BINH KHANH

Source: https://tuoitre.vn/cong-ty-bat-dong-san-vu-shark-binh-von-nang-than-toc-roi-ha-lo-dan-bat-thuong-20251015113958485.htm