Vietnam transfers gold sales case of 7 individuals to police

Vietnam's Government Inspectorate has forwarded a case to the Ministry of Public Security for investigation into seven individuals suspected of selling gold under suspicious circumstances, with transactions exceeding 2 trillion Vietnamese dong (approximately $80 million USD).

The individuals are accused of selling raw gold of unclear origin and provenance. Authorities noted that the volume and value of their transactions were unusually large and not commensurate with their declared incomes, suggesting potential illicit activities.

In addition to the gold sales, the inspectorate's findings also implicate six businesses for misrepresenting their tax and remaining profit declarations. These misstatements are estimated to have defrauded the state of over 93 billion dong (approximately $3.6 million USD).

The implicated businesses include prominent names in Vietnam's gold and jewelry sector, such as Bao Tin Manh Hai, Mi Hong, Saigon Jewelry Company (SJC), Phu Nhuan Jewelry (PNJ), and DOJI Gold Jewelry Group. The inspectorate's report details that these companies failed to fully comply with regulations concerning gold trading, e-commerce, anti-money laundering, and taxation over several years.