The Ministry of Public Security requested 8 banks to provide documents related to Mr. Trinh Van Quyet.

Investigation agency searched FLC Group headquarters on the evening of March 29 - Photo: HA TUAN

Specifically, after initiating the case and prosecuting the defendant Trinh Van Quyet (Chairman of the Board of Directors of FLC Group Corporation), the Ministry of Public Security's Investigation Police Agency (C01) sent documents to 8 banks including: Vietnam Joint Stock Commercial Bank for Foreign Trade (VCB); Vietnam Technological and Commercial Joint Stock Bank (Techcombank); Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank); Vietnam Prosperity Joint Stock Commercial Bank (VPBank); Bank for Investment and Development of Vietnam (BIDV); Vietnam International Commercial Joint Stock Bank (VIB); Saigon - Hanoi Commercial Joint Stock Bank (SHB) and National Citizen Commercial Joint Stock Bank (NCB).

In a document sent to banks, the investigation agency said it was investigating a case of "stock market manipulation" occurring at FLC Group Corporation, BOS Securities Corporation and related companies.

Therefore, the investigation agency requested the above banks to coordinate in providing: account opening documents; payment, savings, and loan account information (VND and foreign currency); account statements; account sub-ledgers, transaction documents (transaction entries signed, received, and transferred money) from 2016 to present of Mr. Trinh Van Quyet.

The investigation agency also requested the bank to provide the above content for the accounts of Mr. Quyet's two sisters: Trinh Thi Thuy Nga, Deputy General Director of BOS Securities Company, Trinh Thi Minh Hue, member of the Accounting Board of FLC Group, and two leaders of FLC Group.

Previously, on March 29, the Ministry of Public Security's Investigation Police Agency issued a decision to prosecute the case and prosecute Mr. Trinh Van Quyet, Chairman of the Board of Directors of FLC Group Corporation - to investigate the crime of stock market manipulation.

The investigation agency has applied measures to arrest the suspect for temporary detention, and at the same time issued a search warrant for the residence and workplace of FLC Chairman Trinh Van Quyet to serve the investigation.

Mr. Quyet's two younger sisters were also temporarily detained by C01 to investigate the same crime.

Initial investigation results have clarified many violations of Mr. Quyet related to "inflating" stock prices with the aim of illegally profiting hundreds of billions of dong.

Defendant Trinh Van Quyet's illegal acts of stock market manipulation were determined to have taken place from early December 2021 until the trading session on January 10, 2022 - the session in which the FLC Chairman illegally sold 74.8 million shares.

Accordingly, Mr. Quyet drew up a rather sophisticated "scenario", directing many people to participate in "inflating" the price of the shares of his own corporation to an extremely high level to "lure" many investors and then "cover up" and secretly sell the shares he bought cheaply with the purpose of making illegal profits.

Defendant Trinh Van Quyet directed many family members and some other people to manage employees of BOS Securities JSC and its subsidiaries, using about 20 securities accounts of 11 organizations to carry out "price manipulation". These individuals colluded with each other to continuously buy and sell FLC securities at high frequency to create fake supply and demand to push prices up.

The act of creating fake supply and demand by Trinh Van Quyet's group pushed the price of FLC shares from more than 14,000 VND/share on December 1, 2021 to continuously increase, even reaching the "ceiling" for many sessions and the highest "ceiling" increase was 24,000 VND/share. The price of FLC shares was "magically" increased by more than 64% by the group of defendant Quyet.

After the FLC stock price was inflated to an astronomical level, the group's chairman used a "basket-covering" tactic, instructing his relatives to sell 175 million shares. The total number of FLC shares sold by Mr. Quyet's group that were matched was 74.8 million, with an average price of VND22,500/share. All of these shares were sold "underground", without being announced before the transaction.

The total amount of money that the defendant Quyet collected after illegally selling shares was nearly 1,700 billion VND, with the purpose of illegally profiting more than 530 billion VND. However, immediately after the illegal selling of shares, the State Securities Commission canceled the transaction of all shares sold by Mr. Quyet, and the investors who bought these shares were fortunate to have their money refunded.

According to Tuoi Tre