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BANGKOK: Several people were arrested recently in connection with a sophisticated online scam resulting in damages exceeding 800 million baht (US$22mil).
The criminal group, dealing with funds of more than 5 billion baht, allegedly targeted customers through Facebook, luring them into investing in Thai and foreign stocks.
After police received complaints from some 50 victims, the Central Investigation Bureau (CIB) stepped in to launch a special operation, which led to raids at luxurious condominiums in Bangkok.
The raids resulted in the arrest of two suspects identified only as Malaysian national Li, 26, and his Thai girlfriend, Natthanich, 30. They are suspected of having a hand in facilitating fraudulent transactions.
Also seized as evidence were 33 computers, 65 mobile phones, 84 bank books, 13 cash cards, 25 SIM cards, and other items, valued at about 5 million baht in total.
A third suspect, also a Malaysian national identified as Cheong, 42, was nabbed in Songkhla’s Sadao district. He is believed to have worked as a contact person to conduct cross-border transactions.
The three suspects reportedly confessed to their role in recruiting individuals to establish legal entities and open bank accounts, enhancing credibility and facilitating financial transactions. They received compensations of more than 100,000 baht per operation and had been active for more than two years before their arrest.
Four Thai individuals have also been arrested and the CIB will continue working on uncovering more suspects in the ongoing investigation.
According to the victims, the group had lured them into investing in local and foreign stocks using reputable brand names.
The victims were then persuaded to join a VIP Line group, where they were provided with “accurate” information on so-called trustworthy investments.
To invest, the victims were urged to use an application called Nicshare, which was later found to be fraudulent.
To keep the victims ensnared, the scammers provided them with alleged profits and even allowed them to withdraw some of their funds. This was a deliberate strategy to build trust and encourage the victims to invest more.
However, the victims later found out that the more they invested, the less able they were to withdraw funds. They were told to invest more as well as pay a 20% tax, yet upon following these instructions, the victims said they could still not withdraw.
Upon receiving complaints, police collaborated with investigators and learned that the scan involved both Thai and foreign nationals. The scam was also found to span several local and international locations.
Efforts are ongoing to apprehend additional suspects as the investigation continues. - The Nation/ANN
