A major crackdown on a digital wallet scam in Thailand, involving 2 billion baht (approximately US$58 million), has led to the arrest of eight individuals. The suspects are accused of orchestrating an online stock trading fraud, which resulted in significant financial losses for victims. Law enforcement has also seized assets worth 80 million baht (about US$2.3 million), including luxury properties, vehicles, and cash.
The operation was led by the Central Investigation Bureau, under the leadership of Jiraphop Phuridej. During a press conference, police detailed the arrests of suspects aged between 19 and 47, including 36-year-old Sayan, 21-year-old Suthi, 24-year-old Paphawin, 28-year-old Pongphet, 20-year-old Ngamsiri, 47-year-old Suwannee, 37-year-old Jumei, and 19-year-old Atthaporn. The individuals face charges related to participating in a transnational criminal organization, operating a secret society, fraud, impersonating others, providing false computer information, and money laundering.
Victims were tricked by fraudulent Facebook pages offering high returns on online stock trading. Misled by these promises, they transferred money to the fraudsters, who collectively defrauded the victims of around 3.8 million baht (US$110,617). Investigations revealed that the stolen funds were converted into cryptocurrency (USDT) on the Binance platform, before being moved to various digital wallets.
The illicit gains were used to purchase high-value assets, including luxury houses, condominiums, land deeds, and vehicles. Law enforcement executed searches across seven locations in Nakhon Ratchasima, Tak, Songkhla, and Bangkok. This operation, known as “Operation CyberGuardian,” led to the arrest of eight individuals, including three mule account operators, two brokers, and three people involved in money laundering and receiving illicit profits.
The seized assets included a luxury house worth 27 million baht (US$785,717), two vehicles, four upscale condominiums, and multiple land deeds located in Phuket, Tak, Chiang Mai, and Chiang Rai. Police also confiscated over 600,000 baht (US$17,460) in cash, gold bars, and several branded handbags.
Investigating officer Chitsanuphong reported that the fraudsters used digital wallets to receive cryptocurrency from victims, which was accumulated over multiple scams, including this one. The group is also suspected of operating similar fraud schemes across the border in a neighboring country near Aranyaprathet district, Sa Kaeo province. All eight suspects, along with the seized evidence, have been transferred to the investigation unit for further legal proceedings.
