Nguyen Ngoc Phuong, chairman of Hanoi-based Phu Cuong Gold Corporation, has been detained for allegedly transporting money abroad illegally.

Vietnam's Ministry of Public Security said on Saturday that its investigative agency had issued arrest and search warrants against the 44-year-old man, who lives in Quang Ninh Province in northern Vietnam.

Phuong is under investigation for illegal cross-border money transport, according to the ministry.

Police are probing into a case associated with cross-border money transport, document forgery, and fake document use in Hanoi and other localities.

The police investigation agency launched legal proceedings against Phuong on June 15.

The ministry said that the agency is expanding the probe into the case and violations committed by Phuong and other related individuals.

In another development, the chairman of another gold company was prosecuted for his involvement in a three-ton-gold smuggling ring on Saturday.

Specifically, Le Xuan Tung, chairman of Phu Quy Gold Investment JSC, was charged with tax evasion.

Preliminary results showed that Nguyen Thi Hoa, a resident of Quang Tri Provincem in north-central Vietnam, and Nguyen Thi Gai had run a ring of trafficking over three metric tons of gold worth VND5 trillion ( US$212.6 million) since 2022.

The ring illegally transported gold to Vietnam from Laos through the Lao Bao border gate in Quang Tri Province.

The contraband was sold to gold shops in Vietnam.

During the investigation into the gold trafficking ring, police found Phu Quy Gold Investment JSC to dodge taxes, causing a loss of VND6.2 billion ($260,000) for the state budget.

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