Object Tran Binh Minh. Photo: Hanoi Police
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According to investigations, between May and October 2023, a group of individuals led by Tran Binh Minh (DOB: 1982, registered address: Thanh Xuan district, Hanoi) colluded and lured people into placing buy and sell orders for the stock code CMS, influencing its supply and demand, and subsequently, its price.
Minh’s modus operandi involved purchasing large quantities of CMS stock at low prices, artificially inflating its value, and then selling it at a profit. To execute this scheme, Minh and his accomplices, including Nguyen Hoang Thi, Le Xuan Cao, Phung Tien Thanh, Ha Duc Dat, Tran Ngoc Son, Tran Ba Tuan, Nguyen Ngoc Son, and Tran Anh Tuan, created and utilized groups on social media platforms such as Zalo and Telegram. They actively promoted and shared opinions on trading various stock codes, including CMS, with the intention of influencing and directing the investment decisions of other traders. This manipulation had a significant impact on the performance of CMS stock throughout 2023. On certain days, the social media groups even predicted the stock price accurately, reflecting the actual trading price of CMS during the session or forecasting the price for the following day.
When the stock price peaked in September 2023, Tran Binh Minh and his associates sold a substantial amount of CMS stock, reaping illicit profits. This left many investors suffering losses due to the manipulated price of CMS during that period, reducing the transparency of the stock market. To execute their scheme, the group used multiple securities accounts to buy and sell CMS, supporting the price and absorbing the supply of the stock during the manipulation period.
The State Securities Commission identified that during the period from May to October 2023, these accounts were involved in large-volume trades of CMS, accounting for a significant proportion of the total market volume and triggering suspicious transaction alerts. Initial verification and tracing of securities and bank accounts revealed that from May 4, 2023, to October 31, 2023, the individuals colluded to manipulate CMS, earning illicit profits of over VND 10 billion. Tran Binh Minh’s personal securities account alone profited by more than VND 5.5 billion from trading CMS stock.
To assist in the ongoing investigation, the Hanoi Police Department’s Economic Police Division (address: 54 Tran Hung Dao, Hang Bai ward, Hoan Kiem district, Hanoi; on-duty phone number: 069.219.6609; case officer: 099.329.7726) requests that victims who purchased CMS securities between May 4, 2023, and October 31, 2023, come forward before September 30, 2024, for legal resolution.
Currently, some individuals are exploiting the anonymity and reach of online groups to call for investments in specific stock codes, with the intention of manipulating stock prices. Their methods are sophisticated and cunning, taking advantage of the anonymity and widespread nature of the online environment. The Hanoi Police are actively and resolutely combating these groups to foster a healthy, safe, and fair investment environment for legitimate investors. Investors are advised to thoroughly research stock codes, company performance, and financial information before making investment decisions to avoid falling prey to such manipulative schemes and incurring significant financial losses.
Khang Di
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