Hanoi City Police’s Economic Police Department has issued a decision to initiate a criminal case and prosecute seven subjects for manipulating the stock market with the stock code CMS of CMH Vietnam Group Joint Stock Company.
Based on documents and dossiers, the investigating agency identified two out of seven subjects as ringleaders: Tran Binh Minh (born in 1982, living in Thuong Dinh ward, Thanh Xuan district, Hanoi) and Nguyen Hoang Thi (born in 1986, living in Vinh Tuy ward, Hai Ba Trung district, Hanoi).
According to the investigation and verification, from May to October 2023, through the organization of groups on Zalo, Minh’s group, with the role of a free investor, colluded and attracted many group members to continuously place buy and sell orders, affecting the supply and demand and price of securities; using multiple accounts to continuously buy CMS stock code.
Minh’s trick was to buy a large number of CMS stock code at a low price, push up the price, and then sell it to make a profit.
Tran Binh Minh and Nguyen Hoang Thi. Photo: Son Duong
Meanwhile, Nguyen Hoang Thi and five related subjects established and used groups on Zalo and Telegram to discuss and exchange information about stocks, and then encouraged and provided opinions on trading multiple stock codes, including CMS, to influence the investment decisions of other investors after they had already held those stocks. This aimed to influence the price movement of CMS code in 2023.
Typically, on some days, the administrators’ opinions about the price of CMS stock accurately reflected the actual trading price of CMS stock in the market during that session or the next day’s price.
Minh established an internal chat group called “Noi bo anh em KTC” (Internal Brothers KTC) on Zalo and Telegram to convey specific content to each person who posted information in the groups, and directed the admins or deputy groups to kick out members who sent messages with unfavorable or negative information that hindered the process of pushing up the price of CMS stock.
When the stock price peaked in September 2023, Minh and related subjects sold a large number of CMS stocks to make illegal profits, causing losses to many investors due to manipulated trading of CMS stock during that period, reducing the transparency of the stock market.
To buy, hold stocks, and “support” the CMS code during the manipulation period, the group of subjects led by Minh used multiple securities accounts to buy and sell CMS codes.
The State Securities Commission determined that these accounts, from May to October 2023, bought and sold a large volume of CMS stocks, accounting for a high proportion and large volume in the entire market, reaching the threshold for suspicious transaction alerts.
The initial verification and checking of securities accounts and bank accounts showed that the subjects colluded and attracted others to manipulate the CMS code, making a profit of more than VND 10 billion. Of which, Tran Binh Minh’s individual securities account alone profited more than VND 5.5 billion from trading CMS stocks (temporarily calculated excluding taxes and fees).
Hanoi City Police is expanding the investigation to clarify the roles of other related subjects and the act of manipulating other stock codes by this group of subjects.
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