Bangkok police arrest woman for 5 million baht fraud scheme

Police in Bangkok have apprehended, a 44 year old woman, a key figure in a large-scale fraud case. She is accused of luring victims into a high-interest investment scheme, resulting in losses exceeding 5 million baht.

Pimpapatsorn, a prominent recruiter in the scheme, enticed numerous individuals with promises of high returns and special perks, including international travel. Victims were threatened with no refunds if they reported the crime. She also attempted to evade the police by frequently changing her appearance.

Yesterday, metropolitan police arrested Pimpapatsorn, based on a warrant issued by the Surat Thani Provincial Court. The warrant, dated March 2, 2023, charges her with fraudulent public borrowing and public fraud. She was captured in a car park at Wat Khlong Sam, Pathum Thani.

Around 2017, online Ponzi schemes surged in Thailand, with OD Capital Co., Ltd. being one of the most notorious. The company claimed to invest deposits in forex trading, guaranteeing profits of no less than 10%.

Many were deceived into investing, with Pimpapatsorn playing a crucial role in recruiting investors. She perpetuated the scheme by promising special incentives, including overseas trips, to those who could attract more investors.

Victims in this case were defrauded of over 5 million baht (US$ 137,000). When the scheme collapsed and company executives were arrested, Pimpapatsorn ceased her recruiting activities and reinvented herself as a devout philanthropist.

Investment fraud

Victims later filed complaints at the Surat Thani Police Station after failing to receive the promised returns and losing contact with her. Subsequent summonses were ignored, leading to the issuance of an arrest warrant.

Police Major General Teeradech Thammasutee, Commander of the Metropolitan Police Bureau’s Special Investigations Unit, directed his team to investigate further. They discovered that Pimpapatsorn frequently visited a temple on holy days, often changing her hairstyle to avoid recognition.

Undercover female officers, dressed in white, infiltrated the temple’s activities, where over 500 people were present. They eventually identified Pimpapatsorn, who was wearing a brown wig with a white bow, and arrested her after the religious ceremonies concluded.

During her arrest, Pimpapatsorn denied the accusations, claiming that her activities were legitimate investments. She stated, “What I did was a genuine investment, not a fraud. I made real profits.” She explained that she was introduced to stock trading in 2017 by an acquaintance, earning a 7% monthly return.

Encouraged by her success, she persuaded others to invest, even taking photos of a jewellery shop and business in Chiang Mai to enhance her credibility.

However, by 2018, the company faced difficulties in paying dividends, leading to financial losses for her and her recruits. Regarding her frequent hairstyle changes, Pimpapatsorn explained, “I have short hair because I recently disrobed from a religious ordination in Phitsanulok. I wear a long wig when visiting Dhammakaya Temple. I enjoy making merit and practising Dharma.” She added that her son suggested the hairstyle changes, inspired by online trends, reported Sanook.

Following her arrest, Pimpapatsorn was handed over to investigators at Surat Thani Police Station for legal proceedings.