On the afternoon of 6/4, at a press conference, Hanoi City Police announced that the Investigation Police Agency had indicted Mr. Chau, his son Vu Minh Tu, and two company accountants for violating accounting regulations, causing serious consequences. The procedural decisions were executed on 2/4.

Colonel Chu An Thanh, head of the Economic Police Department, stated that Bao Tin Minh Chau continues to operate normally "to ensure the rights of the public". The business sells goods to customers with appointment slips, but "no customer has raised concerns" to date.

"This is a civil transaction, so if goods cannot be delivered and buyers file a complaint, we will continue to clarify the matter later," Colonel Thanh said.

Regarding the origin of the gold, Colonel Thanh stated that investigations are ongoing.

The indicted defendants. Photo: Police provided

According to the police, Bao Tin Minh Chau Company Limited, a gold and jewelry production, trading, and business entity, had Mr. Chau as its General Director and legal representative until 10/2024. Before this period, Mr. Chau instructed his son and the accounting department to use two software systems for management and tax reporting.

During the 2020-2023 period, Bao Tin Minh Chau's actual revenue was approximately 13.700 billion VND, resulting in a discrepancy of about 9.700 billion VND compared to its tax reports. This caused an estimated loss of 150 billion VND to the State budget.

During urgent searches of residences, workplaces, and operational sites of Bao Tin Minh Chau Company and related individuals, police seized 23.3 billion VND in cash, seven red books (land use rights certificates), numerous documents, objects, and a large quantity of gold and silver-colored metals.

Bao Tin Minh Chau is a prominent gold brand in Hanoi, founded by Mr. Vu Minh Chau in 1995, who currently holds over 97% of the shares. The brand operates four business establishments in Hanoi and more than 200 agents nationwide.

Pham Du