Gold Buyers Beware: Online Transactions Lead to Closed Stores and Inaccessible Apps

According to the People’s Police Newspaper, on November 26th, Ho Chi Minh City Police announced they had received reports and accusations from several citizens and are currently investigating online gold transactions at Kim Nguyên Bảo Jewelry and Gemstone Store (located on Cách Mạng Tháng Tám Street, Hòa Hưng Ward).

Multiple buyers reported that the involved establishment is Kim Nguyên Bảo Jewelry Store. Prior to November, transactions proceeded normally. When customers placed small gold orders, the store delivered the gold in full and on time, with no unusual pricing.

This seamless transaction process during this period built trust, encouraging customers to engage in larger transactions, primarily through online transfers and exchanges, rather than visiting the store in person.

According to feedback from several customers regarding online gold purchases from Kim Nguyên Bảo, after making online payments, buyers arrived at the transaction point only to find the store closed, the app inaccessible, and no way to contact the store’s representatives.

In her complaint, Ms. T.T.T.C (residing in Bình Đông Ward) alleged that Hà Tích Thủy LLC, represented by Ms. N.T.T.L, who also owns the KNB – Online Gold Jewelry app and is responsible for the operations of Kim Nguyên Bảo Jewelry Store, showed signs of fraud and embezzlement totaling over 42 million VND.

During the transaction, a store employee introduced Ms. T.T.T.C to purchase vouchers with various benefits, such as a 2 million VND voucher with a 10% discount, a 10 million VND voucher with a 10% reduction, and other promotions.

Ms. C transferred money to two accounts provided by the store. After payment, she was scheduled to receive the gold between November 13th and 18th. However, on the delivery day (November 13th), the app continuously reported errors, and the delivery vehicle was delayed. When customers arrived at the store, the entire premises were empty, with no goods or staff in sight.

The legal representative, Ms. N.T.T.L, stated she was in Malaysia and promised to respond later, but by the end of the day, she was completely unreachable.

Many other customers faced similar situations. Mr. T.M.H shared that he initially visited the store on Cách Mạng Tháng Tám Street to purchase gold. A staff member explained that gold purchases required a deposit, and the gold would be delivered later, specifying it as 24K gold with the store’s seal.

According to Mr. T.M.H, he visited the store and verified all business information. Initially, he did not purchase gold but was introduced to a voucher program that could be used for gold purchases. The manager explained that depending on the purchase amount, unused vouchers would be refunded. The manager guided him through purchasing two vouchers on the app using his phone, after which he transferred the money as instructed. Following this, Mr. H did not purchase any gold.

However, on November 10th, the store manager called Mr. H to schedule a gold purchase. At the store, he confirmed the business had a valid registration and decided to purchase 5 taels of gold via the KNB app using the previously bought vouchers. The next day, he was informed the gold would be delivered in 2 days instead of the usual 7.

Subsequently, Mr. H purchased an additional tael of gold and was informed of a promotion applicable to all customers. When he contacted the store for transaction confirmation, he was told the gold and documents would be delivered on November 13th. Mr. H paid nearly 90 million VND for these gold transactions but has not received the products to date.

Currently, the store’s fan pages and website are inaccessible. The Cách Mạng Tháng Tám Street location is closed, with a “For Rent” sign posted. Numerous victims have reported and filed complaints with the Economic Police Department of Ho Chi Minh City Police.