Authorities in Thailand have arrested a 22-year-old man linked to a Chinese-led fraud syndicate accused of stealing nearly 19 million baht from investors through a fake stock-trading platform.
The suspect, identified only as Phitakphong, was apprehended on soi Chaeng Watthana 17 in Tambon Pak Kret on Monday by officers from the Crime Suppression Division and the Patrol and Special Operations Division.
According to the Central Investigation Bureau, Phitakphong had been wanted on an arrest warrant issued by the Nakhon Ratchasima Provincial Court on October 22 of last year for colluding in public fraud and importing false information into a computer system.
Investigators said Phitakphong and accomplices promoted a stock-trading app called “IBMP” on social media, presenting themselves as investment specialists who could guide users to profits. The app displayed fabricated profit figures to gain victims’ trust.
Once victims transferred money into the app, they received no returns and could not withdraw funds. The syndicate cited various restrictions to delay withdrawals, prompting victims to file complaints.
Police found no real investment activity existed. Funds collected from victims were transferred through multiple bank accounts and withdrawn as cash, which was then delivered to the syndicate’s Chinese operators. The scam caused total losses of approximately 18.84 million baht.
Phitakphong was identified as one of the members responsible for collecting cash from mule accounts. Authorities tracked him to Chiang Rai, where he was preparing to relocate to Chaeng Watthana.
During questioning, Phitakphong denied all charges. He is also wanted under a similar warrant issued by the Maha Sarakham Provincial Court.
The suspect was handed over to investigators at Pho Klang Police Station in Nakhon Ratchasima for further legal proceedings. The investigation remains ongoing.
