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Ho Chi Minh City Gold Shop Closes, Triggers Investigation

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Photo courtesy of VN Express

 

A gold shop in central Ho Chi Minh City has unexpectedly closed, taking customer deposits and triggering a police investigation into possible fraud. Kim Nguyen Bao, located on Cach Mang Thang Tam Street, promoted its online gold sales via social media, leading many customers to use its app for purchases. However, in mid-November, the store was found deserted with display cases empty and a "for lease" sign posted.

 

The store's online app has stopped functioning, and all phone numbers are unresponsive. The shop's legal representative reportedly told a customer he was in Malaysia, dealing with the parent company, only to vanish completely. This has left numerous buyers, like Thanh who invested VND42 million for gold promised between November 13-18, with financial losses as they arrived to find the shop closed.

 

Another customer, Minh, was guided through the purchase process by the shop’s staff, eventually investing a total of VND90 million. Like others, he was left empty-handed as the store shuttered unexpectedly. These incidents prompted a rise in complaints, with HCMC police reporting substantial losses in the billions of dong.

 

Investigators are now assessing potential criminal activities. The police advise citizens to purchase gold from State Bank of Vietnam-licensed businesses, emphasizing the dangers associated with online gold transactions. These transactions are considered high-risk, especially when promoted through social media and private messaging apps, reported VN Express.

 

Key Takeaways

  • HCMC gold shop closure leads to potential fraud investigation.
  • Customers report major financial losses following app promotion.
  • Authorities caution against high-risk online gold transactions.

 

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Eight Armed Robbers Raid Gold Shop in Narathiwat

 

image.png  Adapted by ASEAN Now from VN Express 2025-11-28

 

 

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the bulk of investors cash will remain hidden together with the main con men of this scam. 

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