Young Thai CEO charged in 800 million baht fraud case
In a shocking twist to a massive investment scam, the CEO of a Thai company has been charged with aiding fraudsters who defrauded victims out of 800 million baht through a fake digital investment scheme. The accused allegedly registered a company used by scammers to launder money, receiving just 500 baht for his role in the elaborate fraud.
Police Colonel Thiraphas Yangyuen, Director of the 3rd Division, Economic Crime Suppression Division (ECD), ordered Police Lieutenant Colonel Chanarong Kanying and Pol. Lt. Col. Woraphon Lalitjirakul to summon Kritsada, a 23 year old company director, to face multiple serious charges, including participation in a transnational crime organisation, membership in a secret society, public fraud by impersonation, entering false information into the computer system, money laundering conspiracy, and allowing the use of a bank account and electronic card for criminal activities.
The charges relate to a sophisticated scam that duped over 50 victims into investing in digital assets through a fake application, causing losses exceeding 800 million baht. Investigators revealed that the scam was orchestrated by an organised crime gang that used a newly registered company to conduct financial transactions.
The company, registered just three months before the scam unfolded, saw over 500 million baht flowing through its account, raising red flags with law enforcement. Further investigations linked the company to Kritsada, prompting police to summon him for questioning.
Hired to register company
During the interrogation, Kritsada allegedly confessed to being hired by a woman named Ploy to register the company under his name. He admitted that he received 500 baht as payment for the registration, after which he handed over the company documents, a bank account, and a SIM card phone number to Ploy, claiming he was unaware of their intended use.
“I didn’t know they were going to use the company for fraud. I just did it for the money.”
However, police were not convinced, accusing him of deliberately turning a blind eye to the scheme.
Officers believe the company was set up specifically to facilitate the movement of funds for the crime syndicate. As the ECD continues its investigation, they are working to trace other individuals involved, including Ploy.
“This is a highly organised crime involving multiple parties. We are determined to bring everyone responsible to justice.”
Following his confession, Kritsada was formally charged and taken to court for legal proceedings, reported KhaoSod.
The case has sparked public outrage, highlighting the growing threat of digital investment fraud in Thailand.
The investigation is ongoing, with police urging anyone affected by the scam to come forward. Meanwhile, financial institutions are on high alert to prevent similar fraudulent schemes from exploiting their systems.
Latest Thailand News
