Malaysian and Thai Wife Arrested in 800 Million Baht Scam Case

[webfact]

Picture courtesy: FM91

 

A Malaysian man and his Thai wife find themselves in custody, accused of orchestrating elaborate investment scams through deceptive mobile applications, leading to financial damages totalling a staggering 800 million baht.

 

On Thursday, the Central Investigation Bureau (CIB) of Thailand announced the arrest of Lim Chin, 38, and his wife Saowalak. The couple was apprehended as they attempted to cross from Malaysia into Thailand's Songkhla province, specifically through the Sadao district.

 

The operation at the Sadao border checkpoint on Kanchanawanit Road was prompted by numerous complaints from individuals who fell prey to investment scams.

 

These scams gained traction through Facebook, where posts featured images of well-known financial experts, giving the schemes an undeserved air of legitimacy.

 

Victims were enticed to download fraudulent mobile applications named "Nicshare" and "ComonApps." Initially, users saw returns on their investments, but these quickly evaporated, leaving many out of pocket.

 

The CIB has already identified over 50 victims who suffered significant financial losses, contributing to the scam's massive 800 million baht damage estimate. Moreover, the investigation revealed the extent of the operation, with total transactions by the gang approximating 5 billion baht.

Authorities indicate that Lim Chin played a pivotal role as a leader in the scam network, which included both Thai nationals and foreigners. He and Saowalak reportedly helped establish companies designed to open bank accounts under false pretences.

 

These 'mule' accounts were then sold across Southeast Asia, feeding into broader networks involved in call centre scams, online gambling, and other nefarious activities.

 

The CIB is aggressively pursuing justice, with arrest warrants issued for around 50 individuals believed to be connected to this extensive network. The crackdown has been ongoing over recent months, aiming to dismantle the scam ring comprehensively.

 

As the investigation continues, this arrest highlights the persistent challenge of financial scams in the region and underscores the importance of vigilance among potential investors.

 

With the authorities tightening their net, the hope is to prevent further exploitation and bring all involved parties to justice, reported Bangkok Post.

 

-- 2024-12-20

 

 

[webfact]

Malaysian-Thai Couple Arrested at Border for Money Laundering in ‘Ghost Company’ Scheme
 

Picture courtesy of police.

 

A Malaysian-Thai couple has been arrested at the Sadao Immigration checkpoint in Songkhla province on December 19, in connection with a large-scale money laundering operation linked to a “Ghost Company” scam.

 

Mr. Lim, 38, a Malaysian national, and his Thai wife, Ms. Saowalak, were apprehended following criminal court warrants issued for their involvement in money laundering activities. The arrests were made at the Sadao Immigration checkpoint in Samnak Kham, Sadao district, after intelligence reports indicated Mr. Lim was planning to enter Thailand.

 

The couple is believed to have played pivotal roles in a major fraud scheme involving the creation of fake applications “Nicshare” and “ComonApps,” which were used to deceive victims into investing in non-existent stock trading opportunities. Scammers impersonated reputable stock market figures to build trust with victims, resulting in financial damages exceeding 800 million baht ($23 million).

 

Investigations have revealed that the couple was part of an extensive network, including both Thai and foreign nationals, that used shell companies to launder money. The total money circulation involved is estimated at 5 billion baht ($144 million). The criminal operation allegedly converted ill-gotten gains into digital currencies to conceal the origins of the funds.

 

According to police, the couple’s involvement in the “Ghost Company” operation involved recruiting individuals to create legitimate companies that opened bank accounts, which were then sold to others for fraudulent use. The accounts were reportedly linked to illegal activities such as call center scams, online gambling, and other illicit businesses.

 

Authorities issued arrest warrants for over 50 individuals connected to the fraud. Both Mr. Lim and Ms. Saowalak reportedly confessed to their roles in the operation, which spanned several ASEAN countries.

 

This arrest follows a similar case earlier this month in Bangkok, where another Malaysian-Thai couple was apprehended for laundering money through gambling websites. Investigators noted a growing trend of foreign nationals marrying Thai citizens to gain legal business ownership rights, which are then exploited for money laundering purposes.

 

The investigation is ongoing, with authorities tracking down additional suspects and analysing financial transactions linked to the scam.

 

This case highlights the continued efforts by Thai law enforcement to combat large-scale financial crimes, particularly those involving cross-border criminal networks.

 

-- 2024-12-20

 

[flyingtlger]

20 minutes ago, webfact said:

Initially, users saw returns on their investments, but these quickly evaporated, leaving many out of pocket.

 

Typical Ponzi scheme....