On the afternoon of 9/12, the Criminal Police Department of Thanh Hoa Provincial Police initiated legal proceedings against Nguyen Huu Binh, 61, director of Kim Chung Gold and Silver Trading limited liability company (LLC), and his wife, Le Thi Thu Huong, 55, to investigate tax evasion under Article 200 of the Penal Code.

Dozens of police officers were present at Kim Chung gold shop on Le Hoan street on the afternoon of 9/12. Photo: Le Hoang

This action followed a specialized investigation plan targeting violations in gold, silver, and gemstone trading. Police simultaneously inspected Kim Chung's transaction points at 219 Le Hoan, Hac Thanh ward, and several other gold businesses in Hac Thanh ward and Nong Cong commune.

At Kim Chung company, police seized numerous gold-colored metal pieces and documents related to business operations. An assessment by the Institute of Criminal Science, Ministry of Public Security, confirmed the metal was real gold, with an average purity of 99,89%.

Authorities accuse Binh and Huong of directing employees to open dozens of personal accounts for gold transactions since 2020, failing to declare taxes and omitting most revenue from their books.

Le Hoan street as police executed arrest warrants for Binh and related individuals. Photo: Le Hoang

Kim Chung company's revenue over five years (2020–2025) was determined to be up to 5,000 billion VND, yet it paid only about 10 million VND in tax each month.

Specifically, one employee's account, Tran Thi Hong at BIDV, conducted transactions totaling 163 billion VND in 11 and 12/2024 alone, corresponding to nearly 500 million VND in evaded tax. Many members of Binh's family, including his niece Nguyen Thu Nga, are accused of assisting in the tax evasion.

Based on the collected evidence, the Investigative Police Agency initiated additional charges for tax evasion and executed temporary detention orders for Binh, Huong, and Nga.

Lan Huong gold shop also saw a large police presence on the afternoon of 9/12, though authorities have not disclosed the reason. Photo: Le Hoang

Kim Chung has been considered Thanh Hoa province's largest gold brand for decades. During the gold price surge a few months ago, hundreds of people queued daily to buy and sell gold there.

Le Hoang