Cyber police have arrested Phromthada, a 31-year-old Thai man, for allegedly conducting livestreamed scams involving the sale of gold at significantly reduced prices, impacting over 500 victims and resulting in damages exceeding 85 million baht.
The operation took place in Lam Luk Ka, Pathum Thani, where police executed a search warrant following an investigation. Phromthada, also known as Mae Bainaad, is the director of Thada Gold Company and was apprehended under an arrest warrant issued by the Criminal Court on charges of defrauding the public and entering false information into computer systems.
Police Major General Jirawat Payungtham, who led the operation alongside the Cyber Crime Investigation Bureau, revealed that the suspect has admitted to the accusations. Evidence indicated that Phromthada had been livestreaming on TikTok, enticing buyers by offering gold at prices approximately 50% below market value. To further establish credibility, he invited celebrities to his birthday celebrations, leveraging their presence to gain the trust of potential buyers.
The scheme came to light when, on October 7, a group of victims filed complaints with the Cyber Crime Investigation Bureau. An arrest warrant was issued the following day, leading to Phromthada’s arrest on October 9. Previously employed at a gold shop in Surat Thani, he learned the intricacies of gold trading and established his own company last year with a registered capital of 1 million baht.
Phromthada’s method involved offering special prices and promising exclusive benefits to those purchasing gold quickly. He also hired popular influencers to join his livestreams, significantly boosting his credibility and attracting numerous buyers. Despite the initial success, Phromthada ceased operations in 2024 due to fluctuating gold prices.
“Currently, we have not found significant assets apart from a house, vehicles under financing, and three bank accounts with minimal balances,” stated officials.
The investigation revealed that Phromthada’s accounts had transactions totaling over 200 million baht, prompting a review by the Anti-Money Laundering Office (AMLO) to determine if there had been any asset transfers or money laundering activities.
Phromthada was taken to the Technology Crime Suppression Division 4 for further questioning before being remanded at Thung Song Hong Police Station. During his detention, he expressed remorse to his customers, stating he was ready to take responsibility and would provide a full account in court, as reported by KhaoSod.