A group of foreign residents in Pattaya has lodged a complaint with the Economic Crime Suppression Division (ECD) after allegedly losing more than 300 million baht in a fraudulent gold trading investment scheme branded “King Power Gold”. The complaint was filed at 10am on 18 February at the Central Investigation Bureau (CIB) complaint centre in Bangkok. The group was accompanied by Tanakorn Jitt-itsara, also known as “Eak Tanakorn”, president of the Santiprachatham Club, who is seeking justice on their behalf.
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According to Mr Tanakorn, the alleged fraudsters targeted foreign nationals living in Pattaya, Chonburi, by befriending them through recreational activities such as sports and snooker before persuading them to invest. Victims were promised daily returns of thousands of baht and shown commercial registration documents and cheques to build credibility. Initially, dividends were reportedly paid to gain trust.
However, after several months, payments were delayed with claims of system issues and blocked funds. Victims were allegedly told to pursue legal action themselves, while some were threatened with physical harm or deportation. Bank checks later revealed that the cheques issued were dishonoured and the related bank accounts had long been closed.
Mr Tanakorn said the complaint to the ECD focuses on three key issues: progress in the case and asset tracking given the large number of victims nationwide, clarification as to why Pattaya police previously arrested six suspects but later released four and whether any state officials or bank employees were involved in or supported the network.
One 41-year-old female victim, the wife of a British national, said she invested more than 2 million baht in May 2024 after being convinced by the group’s apparent credibility and the promise of passive profits without trading herself. After four months, she said the suspects began citing gold price volatility when payments were delayed. When she pressed for answers, she was allegedly threatened and filed a police report in early 2025.
Thaitabloid reported that she expressed concern after learning that the suspect who persuaded her to invest had been released, fearing the case may stall and that others could fall victim. The group is now seeking clarity and further investigation from the Economic Crime Suppression Division.
Pictures courtesy of Thaitabloid
Key Takeaways
• Foreign residents in Pattaya claim losses exceeding 300 million baht in a gold trading scam called “King Power Gold”.
• Victims allege suspects paid initial dividends before issuing dishonoured cheques and closing bank accounts.
• Complainants are urging authorities to track assets, clarify prior suspect releases, and examine possible official involvement.
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Adapted by ASEAN Now Thaitabloid 19 Feb 2026
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