Thai Woman Arrested for 300M Baht Gold Scam on Facebook Group

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A Thai woman named Kanokratda has been arrested for allegedly running a fraudulent investment scheme through her Facebook group, amassing losses of around 300 million baht. The scam involved enticing people to invest in gold savings, promising 96.5% gold at prices much lower than market rates, but many investors received nothing in return.

 

The scam caught attention in January when victims first complained at Bang Pa-in Police Station. It was discovered that Kanokratda, 37, was using her Facebook group "บ้านออมทองเจ๊แหม่ม" to post pictures and messages depicting cash purchases of gold to build trust.

 

The attractive offer of gold priced 3,000 to 4,000 baht below market rates drew in many investors, primarily from a factory in Bang Pa-in, Phra Nakhon Si Ayutthaya. Those who referred others received a 500 baht commission. By December, about 20 victims reported not receiving their gold or returns, prompting an investigation.

 

Kanokratda was arrested while heading to work in Pathum Thani. One of the victims, Patcharaporn, expressed her betrayal, having invested life insurance and funeral funds from her late father in the scheme. Patcharaporn had initially made small profits, but as trust grew, she invested more, only to lose over 41 baht worth of gold.

 

 

The scam's collapse came when communication stopped in December, revealing nationwide damages close to 300 million baht. Patcharaporn shared her disappointment and rumours that Kanokratda used the money to buy assets for a former partner.

 

In her defense, Kanokratda claimed no intent to deceive and mentioned the funds were used to pay existing investors, but a surge in withdrawals over New Year led to financial collapse.

 

Police Colonel Direk Potipan compared the scheme to a pyramid scheme, urging the public to be wary of quick profit offers on social media. With 16 complaints filed and more victims expected to come forward, the investigation continues.

 

-- 2024-12-20