BANG PA-IN, THAILAND — A 37-year-old Thai woman, Kanokratda, was arrested following accusations of masterminding a massive fraudulent investment scheme that caused losses amounting to 300 million baht.
Kanokratda allegedly lured investors into a gold savings program, promising genuine 96.5% gold at prices significantly lower than the market rate. Victims were told they would receive substantial returns or physical gold, but many reported receiving neither. The scam was initially uncovered in January when multiple complaints were filed at Bang Pa-in Police Station.
The police investigation revealed that Kanokratda ran the scam through her Facebook group, (House of Gold Savings by Aunt Mam). She attracted potential investors by posting photos of herself buying gold with cash, which helped build trust among participants.
She marketed gold priced 3,000 to 4,000 baht below the market rate, appealing to her audience, which included colleagues from a factory in Bang Pa-in, Phra Nakhon Si Ayutthaya. Investors were promised quick returns within two weeks and a 500 baht commission for referring others. This enticed numerous people across the country to join.
By December, around 20 complaints had been filed in Bang Pa-in, with many victims claiming they had not received the gold or returns they were promised. This led to the police securing an arrest warrant for Kanokratda on charges of public fraud. She was eventually arrested while on her way to work in Pathum Thani.
Patcharaporn, a 41-year-old victim and acquaintance of Kanokratda, was present during the arrest. She described her shock and sorrow, explaining how she had invested life insurance and funeral funds from her late father—money meant to secure her family’s future—into Kanokratda’s scheme. “I never imagined being deceived by someone I considered a friend,” she said. Patcharaporn had initially invested small amounts with positive returns but lost over 41 baht worth of gold by December, alongside other colleagues, with total damages nearing 30 million baht.
Kanokratda defended herself by claiming that she never intended to deceive her investors and that the funds were used to pay off other investors and manage ongoing investments. She explained that the system collapsed due to a surge in withdrawals around New Year, which led to financial instability.
Police Colonel Direk Potipan of Bang Pa-in Police Station described the scam as similar to a pyramid or Ponzi scheme. He warned the public about the risks of such fraudulent offers, especially those circulating widely on social media platforms.
With 16 victims officially filing complaints, the case is still under investigation, and more victims are expected to come forward. The total nationwide losses from the scheme are believed to exceed 300 million baht.