Busted: Police smash billion-baht Thai-Chinese fraud ring
Royal Thai Police this week swooped to arrest ten suspects linked to a gargantuan Thai-Chinese investment scam suspected of raking in billions of baht.
The sweep, which spanned from the buzzing streets of Bangkok to various provinces, has unmasked a web of deceit that preyed on unwitting investors.
The Central Investigation Bureau (CIB) revealed on Tuesday, February 18, that six Thais—four women and two men—and four Chinese men are now in custody.
The arrests unfolded in a series of raids across Bangkok, Chiang Mai, Nakhon Si Thammarat, Prachin Buri, Sa Kaeo, Samut Prakan, Samut Sakhon, and Samut Songkhram last week through to Monday.
Among the nabbed are 27 year old Atchara, 44 year old Porntip, 31 year old Nopawit, 21 year old Chonlathee, 26 year old Pantharee, and 39 year old Supawadee, alongside Chinese nationals 35 year old Gao, 30 year old Xiong, 46 year old Mao, and 44 year old Zhou. Their laundry list of charges includes public fraud, computer crime, money laundering, and illegal assembly.
CIB Commissioner, Police Lieutenant General Jirabhop Bhuridej, spilled the beans on the larger syndicate of 32 culprits, spotlighting 10 mule account owners, two call-centre scammers, and a money-laundering brigade of 14 Chinese, five Koreans, and one Thai.
Pol. Lt. Gen. Jirabhop detailed the group’s crafty con, where they lured victims with lucrative ‘like-clicking’ jobs on social media. Victims were then duped into investing with promises of 30%–50% returns, only to see the promises vanish into thin air.
The saga unravelled after a victim blew the whistle with a fraud complaint back in February last year, setting off a relentless investigation.
Police Major General Athip Pongsiwapai, commander of the Technology Crime Suppression Division, cracked open the case, revealing that five of the arrested crew were neck-deep in money laundering, while the rest had opened mule accounts.
Cops confiscated assets worth 14 million baht, including plush land deeds, ritzy watches, and designer bags, for forensic scrutiny.
In a twist, Atchara and her four Chinese cohorts denied fraud but confessed to converting cryptocurrency for shady Chinese enterprises.
Athip disclosed Atchara’s admission of laundering cash for dodgy businesses since early 2023. The racket allegedly dealt in USDT stablecoins worth 6.5 billion baht, converting and withdrawing 2.9 billion baht, with the proceeds funneled into property acquisitions. Thai stand-ins reportedly set up a slew of shell companies for these property deals.
Chinese suspects
On a separate note, the Metropolitan Police Bureau Wednesday announced the takedown of three Chinese suspects linked to Luckking Co. The firm’s usual trickery involved pilfering personal details from unknowing participants in a so-called lucky draw.
The sham operation out of Central Bangkok’s Sermsub Building reportedly fleeced money and personal data from 88,000 victims, before flogging the data to call scam rings, according to Police Major General Theeradet Thumsuthee.
Two ringleaders, 29 year old Ye Wanyou and 30 year old Li Weijie, were apprehended at a swanky estate near Ratchadaphisek Road on February 5. The duo reportedly operated a call scam gang in Poipet, Cambodia, and aided illicit border crossings from Thailand via Mae Sot district, reported Bangkok Post.
Trailing from the same outfit, Zhang Hongxiang was snared at the Bangkok HQ on Tuesday, marking yet another chapter in this sprawling saga of deceit.
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