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Suspect Tran Binh Minh. Photo: Hanoi Police
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According to investigations, between May 2023 and October 2023, a group of individuals led by Tran Binh Minh (born 1982, permanent residence in Thanh Xuan District, Hanoi) colluded and lured people to place buy and sell orders for CMS stock, influencing its supply, demand, and price.
Minh manipulated the market by buying 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 discussed and made recommendations on trading multiple stocks, including CMS, to influence the decisions of investors holding those stocks. This manipulation affected the price movement of CMS stock in 2023. On certain days, the social media groups even predicted the stock price accurately, reflecting the actual trading session or the price for the next day.
When the stock price peaked in September 2023, Minh and his associates sold a substantial amount of CMS stock, making illicit profits. Many investors suffered losses due to the manipulated CMS stock price during this period, reducing the transparency of the stock market. To execute their scheme, the group used multiple securities accounts to buy and sell CMS stock, supporting the price and allowing them to profit from their illicit activities.
The State Securities Commission identified that, from May 2023 to October 2023, these accounts bought and sold large quantities of CMS stock, 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 the CMS stock, making illegal 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.
The Hanoi Police Department’s Investigation Agency requests that victims who purchased CMS securities between May 4, 2023, and October 31, 2023, contact the Economic Police Department (address: 54 Tran Hung Dao, Hang Bai Ward, Hoan Kiem District, Hanoi; on-duty phone: 069.219.6609; officer in charge: 099.329. 7726) before September 30, 2024, for handling in accordance with legal regulations.
Currently, some individuals are taking advantage of the establishment and use of groups on social media platforms to call for investment in a group of stocks to manipulate stock prices, negatively impacting the stock market and directly affecting legitimate investors. The methods and tricks of these individuals are very sophisticated and cunning, exploiting the anonymity and widespread nature of the online environment. The Hanoi Police are actively and resolutely fighting these groups to contribute to a healthy, safe, and fair investment environment for investors. The Police advise investors to proactively research information about stocks, the operating and financial situation of listed companies, and make informed investment decisions to avoid being exploited and incurring significant economic losses.
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CMS stock performance from May 4, 2023, to October 31, 2023. Source: VietstockFinance
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