Crime Suppression Division (CSD) officers have arrested a 22-year-old man accused of being part of a Chinese-backed scam network that allegedly tricked victims into investing in fake stock trading, causing losses of more than 19 million baht.
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The suspect, identified as Pithakphong, was arrested on 9 March following a warrant issued by the Nakhon Ratchasima Provincial Court (No. 933/2568) dated 22 October. He faces charges of joint public fraud and importing false information into a computer system, according to police.
The arrest was ordered by Pol Maj Gen Phattanask Bubphasuwan, commander of the Crime Suppression Division. Officers from CSD Sub-Division 4, together with patrol officers from the Metropolitan Police Special Operations Division, tracked down the suspect and detained him in Soi Chaeng Watthana 17 in Pak Kret district, Nonthaburi.
Investigators said the suspect and his associates used social media to lure victims into investing through a mobile application called “IBMP.” The group claimed to be investment experts who would provide guidance and manage stock trades while promising high returns.
The application allegedly displayed fabricated profits to make the scheme appear legitimate. However, victims later discovered they could not withdraw their funds, with the suspects citing various conditions and restrictions.
Police determined that no real investments were made. After victims transferred money, the funds were rapidly moved through multiple bank accounts before being withdrawn in cash and handed over to a Chinese boss behind the operation.
Authorities said many victims across several jurisdictions reported the scam, with total losses reaching 18,844,372 baht. Investigators gathered evidence and sought arrest warrants for multiple suspects connected to the network.
Police eventually traced Pithakphong to Chiang Rai province, where he was believed to be hiding. Officers later learned he was preparing to relocate to the Chaeng Watthana area in Nonthaburi, prompting a surveillance operation that led to his arrest.
During questioning, the suspect denied all charges. Police noted he is also wanted under a separate arrest warrant issued by the Mahasarakham Provincial Court for a similar offence. Authorities have transferred him to Pho Klang Police Station in Nakhon Ratchasima for further legal proceedings.
Daily News reported that investigators said the case forms part of ongoing efforts to dismantle cross-border scam networks involving foreign criminal groups and Thai accomplices.
Picture courtesy of Daily News
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Adapted by ASEAN Now Dailynews 11 Mar 2026