Thai cyber police arrest gold scammer in 85 million baht fraud

Cyber police arrested a 31 year old Thai man for allegedly conducting livestreamed scams involving the sale of gold at significantly reduced prices, resulting in over 500 victims and damages exceeding 85 million baht.

Police executed a search warrant on a residence in Lam Luk Ka, Pathum Thani, following an investigation. Phromthada, also known as Mae Bainaad, director of Thada Gold Company, was apprehended under an arrest warrant issued by the Criminal Court on charges of defrauding the public and entering false information into computer systems.

Police Major General Jirawat Payungtham, who led the operation, which included officers from the Cyber Crime Investigation Bureau revealed that the suspect has admitted to the accusations. Evidence suggested that Phromthada had been livestreaming on TikTok, enticing buyers by offering gold at prices approximately 50% below market value. To further establish credibility, Phromthada invited celebrities to her birthday celebrations, leveraging their presence to gain the trust of potential buyers.

This scheme came to light when, on October 7, a group of victims filed complaints with the Cyber Crime Investigation Bureau. The following day, an arrest warrant was issued, leading to Phromthada’s arrest yesterday, October 9. Previously employed at a gold shop in Surat Thani, Phromthada had learned the intricacies of gold trading. Last year he established his own company with a registered capital of 1 million baht and began live-streaming his sales.

Phromthada’s method involved offering special prices and promising exclusive benefits to those purchasing gold quickly. He also hired popular influencers to join his livestreams, which significantly boosted his credibility and attracted numerous buyers. Despite the initial success, Phromthada ceased operations in 2024 due to fluctuating gold prices.

“Currently, we have not found significant assets apart from a house, vehicles under financing, and three bank accounts with minimal balances.”

The investigation revealed that Phromthada’s accounts had transactions totalling over 200 million baht, prompting a review by the Anti-Money Laundering Office (AMLO) to determine if there had been any asset transfers or money laundering activities.

Phromthada was taken to the Technology Crime Suppression Division 4 for further questioning before being remanded at Thung Song Hong Police Station. During his detention, Phromthada expressed remorse to his customers, stating he was ready to take responsibility and would provide a full account in court, reported KhaoSod.