Gang investigated for smuggling three tons of gold

By Pham Du June 24, 2023 | 07:31 pm PT

The Ministry of Public Security is investigating a group of 20 people suspected of smuggling three tons of gold worth VND5 trillion ($212 million) into Vietnam.

The suspects include Le Xuan Tung, chairman and CEO of Phu Quy Gold Investment Company, who is also being investigated for tax evasion, ministry spokesperson To An Xo said Saturday.

The gold was smuggled from Laos into Vietnam to sell at local stores.

Phu Quy chairman Le Xuan Tung (L) and Le Thuy Quynh at the police station. Photo courtesy of the Ministry of Public Security

Phu Quy chairman Le Xuan Tung (L) and another suspect Le Thuy Quynh at the police station. Photo courtesy of the Ministry of Public Security

Phu Quy, which has three stores across Vietnam, has been one of their "distribution channels," according to police.

The company has allegedly made dishonest tax declarations, causing losses of VND6.1 billion to the state coffers, police said.

Phu Quy was established in 2003 in Hanoi. It sells gold and jewelry via two Hanoi stores and one in Ho Chi Minh City.

The Ministry of Public Security is still investigating.