On August 20, the Investigative Police Agency of Hanoi’s Public Security initiated legal proceedings and charged seven individuals with manipulating the CMS stock price of CMH Vietnam Group Joint Stock Company.
The investigation revealed that between May and October 2023, a group led by Tran Binh Minh (DOB: 1982, permanent residence: Thanh Xuan district, Hanoi) colluded and lured people into placing buy and sell orders for CMS stocks, influencing their supply and demand, and subsequently their price.
Minh’s modus operandi involved buying large quantities of CMS stocks at low prices, artificially inflating their value, and then selling them at a profit.
To execute this market manipulation 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 posted opinions and recommendations regarding various stock codes, including CMS, to influence the investment decisions of other traders and successfully manipulate the CMS stock price in 2023.
On certain days, these social media groups accurately predicted the CMS stock price for the day or the following day.
When the stock price peaked in September 2023, Tran Binh Minh and his associates sold a substantial amount of CMS stocks, making illicit profits. This left many investors suffering losses due to the manipulated CMS stock price during that period, compromising the transparency of the stock market.
To execute their scheme, the group led by Tran Binh Minh used multiple securities accounts to buy and hold CMS stocks and to manipulate the stock price.
The State Securities Commission identified that during the period from May to October 2023, these accounts were involved in abnormally large buy and sell orders of CMS stocks, triggering suspicious transaction alerts.
Initial verification and scrutiny of securities and bank accounts indicated that from May 4, 2023, to October 31, 2023, the perpetrators colluded to manipulate the CMS stock price, making illegal profits of over VND 10 billion. Tran Binh Minh’s personal securities account alone generated profits of more than VND 5.5 billion from trading CMS stocks.
The Investigative Police Agency of Hanoi’s Public Security requests that victims who traded CMS stocks 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; hotline: 069.219.6609; case officer: 099.329.7726) before September 30, 2024, for legal proceedings.
Currently, some individuals are exploiting the anonymity and reach of online groups to call for investments in specific groups of stocks with the intention of manipulating stock prices, adversely affecting the stock market and honest investors.
These groups operate in a cunning and sophisticated manner, taking advantage of the anonymity and widespread nature of the online environment.
The Hanoi Public Security is actively and resolutely combating these groups to foster a healthy, safe, and fair investment environment for all investors.
Investors are advised to thoroughly research stock codes, company operations, and financial statements before making investment decisions to avoid falling prey to such manipulative schemes and incurring significant financial losses.
The Arrest of Tran Binh Minh
The Hanoi Police have successfully busted an elaborate stock manipulation scheme, masterminded by Tran Binh Minh.
Charging Seven Individuals for Manipulation of CMS Stock Code
The Hanoi Police Investigation Agency has initiated legal proceedings and charged seven individuals with market manipulation in relation to the CMS stock of CMH Vietnam Group Joint Stock Company (HNX: CMS).
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