Where Did the ‘Queenpin’ Distribute Over Half a Ton of Smuggled Gold from China?

Vietnam’s Ministry of Public Security’s Investigation Agency has finalized its conclusion, proposing the Supreme People’s Procuracy (Department 3) to prosecute 11 defendants in the case of Smuggling and Violation of Accounting Regulations Causing Serious Consequences. The case involves activities in Lao Cai province, Vietnam Gold Investment and Trading Joint Stock Company, and several related entities.

According to the investigation, from September 2, 2024, to December 2, 2024, Tran Thi Hoan (40 years old, manager of Hoan Hue Precious Metals and Gems One Member Limited Liability Company) purchased over 546 kg of gold, valued at more than 1,208 billion VND, from “Mrs. Beo” (a Chinese national with unknown whereabouts) and Pham Tuan Hai (55 years old, former Director of Thang Long Trading and Service Limited Liability Company).

After removing foreign origin information and dividing the gold into smaller pieces, Hoan sold it to customers in Hanoi for profit. She assigned two employees to monitor transactions, provided bank accounts for customers to transfer payments, and arranged for employees to deliver gold directly to customers in Hanoi, either through bank transfers or cash payments.

The investigation revealed that from September to December 2024, Hoan sold 67 kg of gold to Nguyen Thi May (worth over 127 billion VND), 42 kg to Dang Tuan Cuong (worth over 92 billion VND), 57 kg to Le Van Huy (worth over 125 billion VND), 204 kg to Vu Minh Vuong (worth over 446 billion VND), and 52 kg to Vietnam Gold Company (worth over 124 billion VND).

Additionally, approximately 150 kg of gold, valued at over 332 billion VND, was sold to unidentified customers.

Hoan also admitted to selling gold to an individual named Dang Ngoc Chien, but no records of the quantity or value were found.

According to the conclusion, the aforementioned customers, including Dang Ngoc Chien, acknowledged their transactions with Hoan but did not record quantities, prices, or the gold’s origin. They were unaware that the gold was smuggled from China.

Hoan’s statement aligns with the customers’ claims, as she admitted to not disclosing the gold’s illegal origin. Before delivery, the gold was divided into smaller pieces, with no foreign origin information visible.

During the investigation, Hoan stated that she only tracked the quantity and price of gold purchased from Mrs. Beo and Hai, not the selling price or the amount used for jewelry production. She could only confirm a profit of 100 million VND from transactions with Mrs. Beo.

Regarding transactions with Hai, Hoan mentioned instances where domestic gold prices dropped, resulting in losses. Pham Tuan Hai claimed a profit of 449 million VND (1 million VND per kg) from selling 424 kg to Hoan and 25 kg directly to her customers.

Eight defendants are charged with “Smuggling”: Tran Thi Hoan (b. 1985, Lao Cai, gold trader); Vang Thi Phuong (b. 2000, Lao Cai, freelance); Tran Thanh Hieu (b. 1987, Lao Cai); Luong Thi Bich Ha (b. 1994, Lao Cai); Lieng Thi Thuc (b. 2001, Lao Cai); Nong Thi Thuy Linh (b. 1985, Lao Cai), all employees of Hoan Hue Company; Pham Tuan Hai (b. 1970, Lao Cai, former Director of Thang Long Company); Nguyen Thi Phuong Nga (b. 1977, Lao Cai, freelance).

Three defendants face charges of “Violation of Accounting Regulations Causing Serious Consequences”: Tran Nhu My (b. 1977, Hanoi, Chairwoman of Vietnam Gold Company); Phung Thi Thuyet (b. 1981, Hanoi, Deputy CEO of Vietnam Gold Company); Nguyen Thi Hop (b. 1979, Phu Tho, Chief Accountant of Vietnam Gold Company).