Energy scam shock: 20 duped by bogus clean energy company

In yet another alarming tale of betrayal, the Economic Crime Suppression Division (ECD) of the Central Investigation Bureau swooped in with allegations against a company accused of swindling 20 unsuspecting investors.

The victims were reportedly lured into pouring their hard-earned cash into what turned out to be a phantom clean energy venture. Spearheading the charge against this audacious act of deception is Kittikhun Saenghirun, representing the Lawyers Council of Thailand (LCT), who rallied the defrauded group to file an official complaint.

Aphantree, speaking on behalf of the group, recounted that towards the end of 2019, she and other victims received a link purportedly offering an investment opportunity in clean energy generators. The company allegedly promoted these machines as having both domestic and international sales potential.

The company reportedly sought investors by offering shares priced at 100 baht each (US$3), with a promise of lifetime dividends starting in 50 weeks. Aphantree explained that additional earnings were promised to those who could bring in new investors.

She revealed that she and other victims invested their retirement funds into the venture, beginning in September 2019. Initially, they received a 3% dividend within 30 weeks. Encouraged by this, many invested substantial amounts, ranging from hundreds of thousands to millions of baht.

However, in May 2020, the officials confiscated the company’s assets, leaving investors in a lurch. In a LINE group boasting 2,000 members, the company discouraged filing complaints, attributing their financial woes to government interference and account terminations.

Promises were made to repurchase shares and compensate investors, yet only the initial group of 299 individuals saw any recompense after taking the matter to court, said Aphantree.

“We are not in the first group, so we ask for help with the ECD today.”

Aphantree expressed her belief that there could be around 70,000 victims, many of whom may not know the legal avenues available to them, reported Bangkok Post.

Kittikhun announced that the Lawyers Council of Thailand will establish a complaint centre to assist those affected in seeking legal redress.

In related news, 30 Thai victims filed a lawsuit against a designer brand product vendor for operating an investment scam that caused 41 million baht in damages.