Gold fraud: Trader arrested for defrauding investors of over 100 million baht
A high-profile gold trader in Saraburi has been arrested on fraud charges stemming from her operation of a gold investment scheme that allegedly defrauded hundreds of investors out of over 100 million baht. The apprehension of the alleged fraudster, 38 year old Watsamon, took place at a post office in Tha Luang District, Lopburi, following a court-issued arrest warrant from Chai Badan District Court, dated May 8.
Watsamon managed a gold shop known as Fueang Gold Dang located in Nong Pla Lai Subdistrict, Mueang District of Saraburi. The shop’s inauguration attracted well-known beauty pageant stars to enhance its credibility. She also created a Facebook page and an account under the name Watsamon Tongkhiew and Fueng Gold Dang Aom Thong Sale Gold Online, to lure individuals into her gold investment scheme.
The scheme promised monthly returns of 100 baht for each Salung (approximately a quarter of a bar) of gold invested. Attracted by the promise of steady returns, hundreds of investors poured in more than 100 million baht. However, when the time came for Watsamon to pay the promised returns, she failed to abide by her pledges and investors were unable to withdraw their funds.
Indeed, the investors jointly reported the situation to the police and sought help from the Consumer Protection Police Division (CPPD) to expedite the gold fraud case. The arrest was made once the authorities learned that Watsamon had fled to Lopburi after allegations were made against her, reported KhaoSod.
Watsamon has since been handed over to Tha Luang Police Station for further legal action.
In a recent update, Thai law enforcement took a Chinese national into custody for his alleged role in a deceptive gold investment scheme.
The scheme’s purported connection to Thailand’s Crown Property Bureau prompted authorities to take action. Additionally, ten other members of the fraud group have also been apprehended by law enforcement agencies. Read more HERE.
