Police arrest KTIC officials

Friday, Oct 03, 2014 16:47

Policemen examined office of Khai Thai Investment Consultant Limited Company in Ha Noi. — Photo: nld.com.vn

HA NOI (Biz Hub) — The police arrested six top officials of the Ha Noi–based Khai Thai Investment Consultant Limited Company (KTIC) for "illegal business practices" on October 2, the VietnamPlus reported.

The arrested officials include KTIC General Director Hsu Ming Jung (also called Saga) from Taiwan, KTIC Director Nguyen Manh Linh and three branch directors, as well as a chief accountant.

The Police Department for Investigation of Social Order Crimes (C45), under the Ministry of Public Security (MPS), has confiscated about VND70 billion (US$3.3 million) after examining KTIC's branches and Jung's residence in Ha Noi.

Investigators from the MPS Hi-tech Criminal Prevention Department (C50) had initially found that KTIC was operating an illegal online gold and foreign exchange (forex) trading floor.

The company mobilised a huge amount of capital from investors for an interest rate of 3 to 3.5 per cent per month, which is five times the savings account interest rate in banks.

Gold transactions by organisations and individuals must take place in banks and businesses which have been granted licenses for gold and forex trading, as stipulated under Decree No. 24/2012/ND-CP. KTIC, however, was not licensed to trade in gold and forex.

C50 co-operated with C45 in examining all three KTIC branches in Ha Noi on Monday.

The investigators have gathered evidence and documents related to KTIC's illegal transactions and are still investigating the case.

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

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