Police propose to freeze real estate of Mr. Trinh Van Quyet

Official dispatch from the Investigation Police Agency (Ministry of Public Security) sent to the Chairmen of the People's Committees of provinces and centrally-run cities regarding coordination to serve the investigation of the case of Stock Market Manipulation occurring at FLC Group Corporation, BOS Securities Corporation and related companies.

The Ministry of Public Security requested localities to review and provide information and documents on assets such as real estate, shares, stocks, and capital contributions in the personal names of former FLC Chairman Trinh Van Quyet and his wife, Ms. Le Thi Ngoc Diep, and his two biological sisters, Trinh Thi Thuy Nga and Trinh Thi Minh Hue. Of these, Mr. Quyet and his two sisters have been prosecuted and detained.

The Ministry of Public Security also requested that the provinces temporarily suspend transactions of transferring, buying, selling, giving, donating, pledging, mortgaging, etc. with assets such as real estate, shares, capital contributions, stocks of Mr. Quyet and the above individuals. C01 requested to provide information before April 15.

C01 previously also requested 8 banks to provide account opening records, payment account information, savings, loans (VND and foreign currency), account statements, account sub-ledgers, transaction documents (transaction entries signed, received, transferred money) of the former FLC chairman and some related people.

The Stock Market Manipulation case has been under investigation since March 29, when C01 arrested Mr. Quyet as the first person. Most recently, the investigation agency arrested Ms. Huong Tran Kieu Dung, Permanent Vice Chairwoman of the Board of Directors of FLC Group, and Nguyen Quynh Anh, General Director of BOS Securities Joint Stock Company.

The investigation agency alleges that from December 1, 2021 to January 10, Mr. Quyet directed individuals operating BOS Securities JSC and its subsidiaries and satellite companies to use 20 securities accounts of 11 organizations to continuously buy and sell securities at high frequency, creating fake supply and demand.

When the price was pushed up to the "ceiling" price, Chairman Quyet instructed his relatives to place orders to sell 175 million shares and matched the order to sell 74.8 million at 22,586/share. However, Mr. Quyet did not disclose the information before trading the securities. The total amount of money Mr. Quyet earned after illegally selling shares was 1,689 billion VND, illegally profiting more than 530 billion VND, the authorities alleged.

Following the above violations, on March 31, the Central Inspection Committee assessed that the Party Committee of the State Securities Commission for the 2015-2020 term had many violations in state management of securities activities, allowing some individuals to manipulate the market.

According to VnExpress