A 21 million baht investment scam dismantled by police

A 25 year old woman has been arrested for her alleged involvement in a fraudulent investment scam venture that impersonated a renowned stock market expert, leading victims to lose over 21 million baht. The scammer, Prakaikaew, was apprehended today, May 7, at a residence in the Uthai district of Phra Nakhon Si Ayutthaya province.

Earlier today, Police Major General Mantri Teskhan, Chief of the Anti-Cybercrime Division, alongside his team acted upon an arrest warrant from the South Bangkok Criminal Court and apprehended Prakaikaew on charges of conspiracy to defraud the public, impersonation, and inputting false information into a computer system.

The criminal activity came to light in March 2023, when an individual using the Line application impersonating a well-known stock market investor, Dr Paiboon Sereewiwattana, enticed victims to invest in stock trading with the promise of substantial profits.

Unwittingly, victims fell for the scam, transferring money on multiple occasions, totalling more than 21 million baht obtained across four different accounts.

However, when the victims requested to withdraw their funds, the perpetrator demanded an additional 40% processing fee on the expected return, exposing the fraudulent nature of the scheme. This prompted the victims to file a complaint with the authorities.

Further investigations revealed that Prakaikaew’s bank account was one of those used to receive money from the victims, which was then transferred to 16 other mule accounts, leading to the issuance of the arrest warrant and her subsequent capture.

During questioning, the suspect confessed that while she was unemployed, she was enticed by acquaintances in Poipet, Cambodia, to open bank accounts, earning 3,000 baht per account opened.

Additionally, she also invited her other acquaintances to open mule accounts, for which she received 1,000 baht each.

Despite fleeing to Poipet, the longing for her home led her to return to Thailand, resulting in her arrest. She has since been handed over to Bang Rak Police Station for legal proceedings, reported Khaosod.

The case underscores the ongoing issues with online fraud and the critical need for public awareness about such investment scams. It also highlights the lengths to which fraudsters will go, using social engineering and impersonation tactics to exploit unsuspecting individuals.

The authorities continue to urge the public to exercise caution and verify the legitimacy of investment opportunities before committing funds.