Khai Thai Investment Consultant Limited Company (KTIC) is being investigated for illegal gold trading. — Photo nguoiduatin

HA NOI (Biz Hub) — Ha Noi–based Khai Thai Investment Consultant Limited Company (KTIC) is being investigated for illegal gold trading, the VietnamPlus website reported on October 1.

Gold transactions by organizations and individuals must take place at banks and businesses granted a licence for gold bar trading, as stipulated under Decree No. 24/2012/ND-CP. KTIC, however, has not been licensed for trading gold bars.

Recently, some companies, including KTIC, have mobilized a huge amount of capital from investors, with an interest rate of 36 per cent per year, which is five times higher than the interest rate of savings mobilization at banks.

KTIC was suspected of trading gold via accounts that have not been approved by authorities. It has been reported that the Ministry of Public Security's Hi-tech Criminal Prevention Department (C50) has collected evidence and documents related to KTIC's illegal transactions.

All three of KTIC's branches in Ha Noi were examined, and the case is still under investigation.

Earlier, on September 26, C50 arrested the director and chief accountant of VGX Investment Joint Stock Company (VGX) for operating an illegal gold floor. — VNS