Chiang Rai couple arrested over 24 million baht investment fraud

A couple involved in an investment scam in Chiang Rai has been apprehended. The husband, a 36 year old former government official turned investment advisor, and his 37 year old wife, are accused of defrauding investors out of 24 million baht (US$672,457) through their company K1FX Trader Club. The arrests followed a warrant issued by the Nakhon Pathom court after multiple complaints were lodged against the couple.

A police task force yesterday, comprising officials from various bureaus led by the Thai National Police’s Commissioner, Major General Thiti Saengsawang, carried out the arrests at a residence in Chiang Rai. The couple was wanted in connection with a warrant issued by the Nakhon Pathom court this year on charges of fraud and conspiracy to defraud the public. The husband is known under the names Ken, Kaothap, and Kanhok. The wife is known as Thanyachanok or Donut.

The couple’s company K1FX Trader Club, operating under the banner of Ascension Wealth, had promised investors a minimum 5% monthly return on investment from forex trading while guaranteeing 100% capital protection through an investment insurance policy. This assurance enticed unwitting individuals to invest more than 24 million baht.

However, victims found themselves unable to retrieve their funds when the broker that Ken used shut down. Denied access to their account information by Ken, the victims’ attempts to contact him became progressively difficult. Eventually, they received no returns and were unable to make contact, leading them to believe they had been defrauded, reported KhaoSod.

In an intriguing twist, Donut denied the charges, stating that Ken had used her bank account to receive the investment funds. Ken admitted to the charges, explaining that he worked as a civil servant prior to his resignation to fully focus on forex trading. He claimed to have no intentions of defrauding the victims, and the losses were a result of unfortunate investments. He said attempts to reimburse each victim were ongoing, and he had not attempted to evade justice.

Further inquiries into Donut’s legal history revealed that she was also wanted on a charge of fraud by the Thanyaburi court in an unrelated case. The police have since coordinated with the relevant officers to apprehend her to face these charges.

As this case ran its course, Deputy Commissioner Major General Theeradech Thamsuthee reminded the public of the numerous deceitful schemes designed to defraud unsuspecting people. Before venturing into any investments, the public must undertake intensive research to avoid falling prey to scammers. Those suspecting any suspicious activity were urged to contact the police department for investigations.