Thai Investment Scam Exposed: CEO Charged in 800M Baht Fraud

[snoop1130]

Photo courtesy of KhaoSod

 

In a stunning development, a massive digital investment scam in Thailand has led to the arrest of a CEO linked to a fraud operation that swindled over 50 victims out of 800 million baht. The CEO, Kritsada, 23, allegedly helped establish a company used to launder the illicit funds, receiving only 500 baht for his involvement.

 

Police Colonel Thiraphas Yangyuen of the Economic Crime Suppression Division (ECD) directed an investigation led by Police Lieutenant Colonel Chanarong Kanying and Pol. Lt. Col. Woraphon Lalitjirakul. Kritsada now faces serious charges, including participation in a transnational crime syndicate, membership in a secret society, fraud, falsifying computer data, money laundering, and aiding criminal financial activities.

 

The scam involved a fabricated digital assets app that lured victims into investing, causing substantial financial losses. Investigators traced the scheme back to an organized crime gang, who funneled 500 million baht through the newly-registered company, sparking suspicion.

 

 

During questioning, Kritsada confessed that a woman named Ploy paid him 500 baht to register the company, which he later handed over, unaware of its fraudulent purpose. Despite his claims, authorities suspect he deliberately ignored the fraudulent intentions behind the setup.

 

“This highly organized crime involves numerous individuals. We are resolute in bringing every participant to justice,” stated the ECD.

 

Public outrage has intensified with the exposure of this scam, underscoring the escalating threat of digital investment fraud in Thailand. The investigation is ongoing, with authorities urging victims to come forward while financial institutions heighten vigilance against similar frauds, reported The Thaiger.

 

-- 2025-02-25

 

 

[flyingtlger]

This is minor compared to the heist that just happened in Dubai but nevertheless, don't invest in crypto or digital investments....

[wozzlegummich]

If they are promising returns that are too good to be true, guess what?

[Jim Blue]

14 minutes ago, flyingtlger said:

This is minor compared to the heist that just happened in Dubai but nevertheless, don't invest in crypto or digital investments....

I always find that after the wine ,women and song  there isn't much left for multi million crypto scams !

[Emdog]

"Kritsada now faces serious charges, including participation in a transnational crime syndicate, membership in a secret society, fraud, falsifying computer data, money laundering, and aiding criminal financial activities."

All this for 500 baht? Charge him for being stupid... oh wait, the jails would be overflowing if that was enforced. Sound like he is the fall guy... how about the ones who made the real money?