The Hanoi police have charged Vu Minh Chau, owner of jewelry chain Bao Tin Minh Chau, and his son Vu Minh Tu with “violating accounting regulations causing serious consequences.”
They also charged two accountants at the company of the same crime. Chau and Tu are in custody while the two accountants have been released on bail as the investigation continues.
The charges were announced on Monday following the March 25 raids of several Bao Tin Minh Chau stores in Hanoi.
Vu Minh Chau (R), owner of Bao Tin Minh Chau, and his son, Vu Minh Tu, head of the independent assistants division, seen at a police station in Hanoi. Photo courtesy of Hanoi Police |
“Transaction data was filtered, reviewed and consolidated by the accounting department before being uploaded to the Misa accounting software for tax declaration,” the police said.
Based on data they extracted from the Hivi Gold application for 2020–23, investigators found Bao Tin Minh Chau’s actual revenues were VND13.7 trillion (US$520 million) while it had only declared around VND4 trillion in its tax filings.
Chau admitted to the police that in June 2024 he ordered his staff to delete data on the accounting applications to conceal actual revenues.
“I consider this a wrongful act and therefore take full responsibility before the law. I request to provide compensation, remedy all consequences caused, and sincerely hope to receive leniency from the State,” he said.
Bao Tin Minh Chau, one of the major jewelry brands in Hanoi and founded by Chau in 1995, has four stores in the capital but its products are sold at 200 locations nationwide.
It has charter capital of VND400 billion, with Chau owning more than a 97% share, according to public data. The company said in a statement late Monday after the arrests that its operations remain normal.
Comments are closed.