Thai businesswoman swindled out of 159 million baht in stock trading scam
Scammers lure victim with fake profits and exclusive investor privileges
A Thai businesswoman lost 159 million baht in an investment scam. She admitted that greed and a desire for higher profits led her to transfer the sum to a scam gang within just three weeks.
The victim, identified only as A, urged the non-profit organisation Saimai Survive to follow up on her case after she lodged a complaint with the Cyber Crime Investigation Bureau (CCIB).
A disclosed details of the scam during a press conference with the organisation yesterday, September 11. She explained that she was a company director as well as a stock market investor.
In May this year, she noticed an advertisement for a stock trading application on her Facebook page. On June 24, she downloaded the app from the Apple Store. The application displayed the profile picture of a well-known and highly respected stock trader, which instilled trust in it.
After installing the app, A was invited to join a group of more than 300 traders. Within the group, the app’s operator announced a special campaign for major investors, offering a 100% profit with a 15% fee deduction. Only five to six members would be allowed to participate, each with their own personal secretary.
Tempted by the offer, A transferred one million baht into a corporate bank account for her first investment and quickly saw a profit of 500,000 baht. The use of a corporate account increased her confidence in the scheme, as opening such an account usually requires complex documentation and processes.
Encouraged by her initial success, she invested increasing amounts, ranging from one to two million baht, up to 10 million baht, and once as much as 15 million baht. She admitted that she was driven by greed and ultimately transferred a total of 159 million baht between June 24 and July 17.
A never withdrew any funds from the app. When she attempted to do so at the end of July, the operator refused and demanded she invest a further 50 million baht to release her money. When she said she had no more funds, the demand was reduced to 25 million. She even considered mortgaging her house and land, but a friend warned her against it.
After further investigation, A discovered that both the application and the stock portfolio displayed within it were entirely fake.
She filed a formal complaint with the CCIB on August 7, and shortly after, she also sought help from the organisation.
Saimai Survive’s founder, Ekkapop Lueangprasert, said he would take the victim to meet the commander of the cyber police today, September 12, to expedite the case.
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