An illicit operation, exploiting the name of royal projects to defraud unsuspecting investors, has been exposed. Six individuals implicated in the scheme have been apprehended, with damages resulting from the con estimated at a staggering 270 million baht (US$7.6 million).

 

The arrests followed a comprehensive search operation spanning Bangkok, Lop Buri, Chachoengsao, Songkhla, and Nakhon Si Thammarat, confirmed Pol Maj Gen Phuthidej Boonkraphue, the commander of the Economic Crime Suppression Division (ECSD), on Tuesday.

 

The investigation was triggered by complaints from eight victims who expressed their concerns to the ECSD’s sub-division 4, after discovering the projects they had invested in were non-existent and the fraudsters consistently deferred paying any dividends.

 

The suspects, ranging in ages from 41 to 60 years old, were identified as Chayawan Kanthong, Wiroj Paehkongseng, Pitchaya Promwee, Singkhon Siriyotha, Kaikaew Channongwaeng, and the alleged ringleader, Jarudech Baibua. The Pathum Thani Provincial Court issued warrants for their arrest, with charges of colluding in loan fraud and misinforming through a computer system to the detriment of others.

 

by Mitch Connor

Photo courtesy of Bangkok Post

 

Full story: The Thaiger 2024-01-31

 

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If only 6 victims thats a 40 mil baht average investment.      Some big dogs.   

Offer high unrealistic returns and you will draw in the suckers ....greed gets them

everytime ...you would think with all the scams that take place here ,people would

learn ,they must have never heard the saying "if it sounds too good to be true" you

know the rest...

 

 

regards worgeordie 

I always said if you want to cheat people, cheat big so it will be worth the risk...

Just following in the same steps as the "Royal" Thai Police, exploiting a name to defraud the citizens.

3 hours ago, Elkski said:

If only 6 victims thats a 40 mil baht average investment.      Some big dogs.   

 

From the full OP article:

 

"The scam successfully deceived over 900 individuals, resulting in losses amounting to 269 million baht (US$7.6 million)."

 

So they spread Charter out on t' tea table,
And John signed his name like a lamb,
His writing in places was sticky and thick
Through dipping his pen in the jam.

4 hours ago, Elkski said:

If only 6 victims thats a 40 mil baht average investment.      Some big dogs.