In a coordinated operation spanning several provinces, Thai police have arrested 10 individuals involved in a large-scale Thai-Chinese investment scam. The suspects, six Thai nationals and four Chinese nationals, were apprehended in raids across Bangkok and several other provinces, including Chiang Mai, Nakhon Si Thammarat, and Prachin Buri. The arrests followed an ongoing investigation into the fraud scheme, which raked in billions of baht.
The gang is accused of operating fraudulent online investment schemes, attracting victims through social media platforms with promises of quick returns on their investments. Victims, initially enticed by small returns from simple tasks like liking posts, were later encouraged to invest larger sums with promises of returns as high as 30-50%. However, after a brief period of fake returns, victims were left without further communication.
The scam’s complexity involved the laundering of stolen funds, with the gang using mule accounts and cryptocurrency transactions to hide their illicit activities. The arrested suspects were charged with public fraud, computer crime, money laundering, and illegal assembly. The police investigation revealed that the gang operated multiple front companies to launder the stolen money, including purchasing high-value assets such as luxury watches and land.
Among those arrested, several suspects were linked to money laundering operations involving cryptocurrency. One suspect, Atchara, admitted to converting 6.5 billion baht worth of USDT (Tether) stablecoins into cash for illicit Chinese businesses. The authorities have seized assets worth 14 million baht, including properties and luxury items, in connection with the operation.
In a related case, three Chinese suspects were arrested for operating a fraudulent lucky draw business that stole personal information from over 88,000 individuals. This stolen data was sold to call scam gangs, further expanding the reach of fraudulent activities.
The arrests and ongoing investigations highlight the growing threat of international fraud syndicates using both online and financial platforms to exploit individuals and launder proceeds from their criminal activities.
Authorities continue to pursue the remaining suspects involved in the scam and are focused on dismantling the broader network of criminal operations operating both within Thailand and across international borders.
