Vu Minh Chau, his son Vu Minh Tu, and two accountants from Bao Tin Minh Chau Co., Ltd. were prosecuted on 2/4 by the Hanoi Police Investigation Agency. They face charges of violating accounting regulations, causing serious consequences.

At the investigation agency, Chau stated that he agreed to and directed his wife and children to use personal accounts for receiving sales revenue for Bao Tin Minh Chau Co., Ltd. He employed two software systems to manage actual business operations and for tax reporting.

From 2020 to 2023, Bao Tin Minh Chau's actual revenue was approximately 13,700 billion VND. This resulted in a discrepancy of about 9,700 billion VND compared to its tax reports.

Chau also stated that around 6/2024, he ordered the deletion of old data from the Hivi Gold and Hivi Gold Pro software to conceal revenue.

"I recognize this as wrongdoing and take full responsibility before the law," Chau stated. "I seek to compensate for and remedy all consequences and hope for leniency from the State."

Following Chau's arrest, Bao Tin Minh Chau continued normal operations "to ensure public rights." The company affirmed that all gold, silver, and gemstone products supplied to the market meet standards for purity, weight, and quality.

Police stated that Bao Tin Minh Chau's gold transactions with customers using appointment slips are considered "civil transactions." If the business fails to deliver goods and buyers file complaints, the investigation agency will further investigate.

Vu Minh Chau at the investigation agency. Photo: Police

Bao Tin Minh Chau, one of Hanoi's largest gold brands, was established by Vu Minh Chau in 1995. He currently holds over 97% of the company's shares. The brand operates four business establishments in Hanoi and more than 200 agents nationwide.

The price of gold bars at Bao Tin Minh Chau has been relatively stable recently. Today, it is trading at 171.1 million VND for selling and 168.1 million VND for buying.