Thai surgeon scammed out of 12 million baht in stock trading ruse
A prominent Thai cosmetic surgeon fell victim to an elaborate stock trading scam, losing over 12 million baht (US$333,000) in just a fortnight, with the false promise of a 44 million baht (US$ 1.2 million) profit.
The scam, known as a Hybrid scam, involved a woman who purportedly managed an investment system within the CLC GROUP app. The 70 year old surgeon, Somsak (surname withheld) filed a complaint with the Cyber Police after realizing the discrepancy between the app’s stock graphs and actual stock movements.
Somsak, with over two decades of investment experience, was enticed into the scam when he sought better investment opportunities amid Thailand’s declining stock market. He encountered a Facebook group promoting foreign stock investments and subsequently, a woman named Jin reached out to him. She seemed knowledgeable about investing, which built a false sense of trust. Som Sak was initially wary but after multiple discussions about his personal life and professional interests, he decided to invest.
His first investment of 200,000 baht (US$5,500) seemingly returned a profit of over 100,000 baht (US$2,770), which appeared legitimate in the app. However, when he attempted to withdraw his profits, he faced various fabricated fees and taxes amounting to millions of baht, which he paid without being able to withdraw any funds. Somsak grew suspicious after noticing discrepancies in the stock graphs and upon consulting a broker friend, he realised that the withdrawal process he was being subjected to was unorthodox.
Further investigation revealed that the Facebook profile of the doctor who initially contacted him was fake, and the real doctor had already filed a report in Rayong Province to clarify his non-involvement. This discovery prompted Somsak to report the incident to the police, warning others not to blindly trust such investment schemes, regardless of their experience, reported KhaoSod.
The Deputy Chief of the Cyber Police, Chatpanthakan Klaiklueng, stated that the case is being coordinated with the local police for a technological investigation to apprehend the culprits. He advised the public to be cautious when investing in foreign stocks and to only deal with Securities and Exchange Commission (SEC)-certified stocks.
He also stressed the importance of thorough verification before conducting any online financial transactions, especially when invited to invest in group schemes and to be sceptical of accounts held under individual names.
