Jewelry firm director accused of scam to steal 1,000 taels of gold

By An Binh   March 28, 2024 | 03:21 pm PT
Jewelry firm director accused of scam to steal 1,000 taels of gold
Huynh Minh Thang (L) listens as a police officer reads a statement to place him under arrest at a police station in Vinh Long Province, March 28, 2024. Photo by VnExpress/An Binh
Police in the southern Vinh Long Province have arrested the owner of a gold and jewelry firm as he allegedly committed fraud to appropriate nearly 1,000 taels of 18K gold worth more than VND35 billion (US$1.4 million).

Huynh Minh Thang, 29, director of Huynh Thang Gold and Jewelry Company in Long Ho District, is facing the charge of fraudulent appropriation of property, according to the Penal Code.

According to police, between February and November last year, Thang bragged to many that his company was licensed to export gold products abroad and therefore he was in need of a large amount of 18K gold.

He promised to pay his business partners 70% of the sum and cover the rest after one month.

However, after receiving the gold, he sold it and spent the money.

When the due date came, he kept avoiding his business partners, prompting them to report him.

As identified by the police, he had taken 987 taels of gold from 15 business partners in the southern provinces of Long An, Tien Giang and Ben Tre.

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