Picture courtesy of สายข่าวพัทยา

 

A gold shop owner has issued a warning after falling victim to a sophisticated scam in which Chinese fraudsters attempted to pass off fake gold as high-purity.

 

The incident occurred on 24 August at a gold shop and according to Mr Thanakrit, who shared the story on social media, a group of Chinese nationals presented what appeared to be 99.5% pure gold. Initial testing confirmed the metal as genuine, leading the shop to accept the transaction.

 

However, when the gold was later melted down at another shop in Pattaya, its true nature was exposed. The bar was discovered to contain only a small proportion of real gold, mixed with rhenium and tungsten in a way that was almost impossible to detect using standard methods.

 

Thanakrit explained that the fraudsters’ technique has become increasingly common in Thailand’s tourist hotspots, warning that gold bars weighing 100 grams may contain as little as 20 grams of real gold. “Many shops may not detect it, especially if the items are pawned,” he said.

 

Working with Bang Lamung police and a local tour guide, the victim helped arrange a sting operation. The Chinese group was lured to the police station for a meeting, where they were confronted by officers. To avoid prosecution, they eventually agreed to pay 365,000 baht in compensation.

 

The Gold Traders Association has since issued an industry-wide warning, urging jewellers in Pattaya and other tourist areas to carry out thorough checks before accepting gold from foreign customers.

 

“This is not an isolated case. Shops must be extremely cautious,” Thanakrit emphasised.

 

 

  Adapted by Asean Now from สายข่าวพัทยา 2025-08-27

 

 

 

These groups of Chinese Nationals seem to be into every scam imaginable!

At least it wasn’t a real Bitcoin 

Chinese and East europeans are the "quality"  tourists they love here. Many at the top of the food chain must be getting really chunky brown enveloppes regularly. 

Damn.

 

I was just going to get into this hustle.

1 hour ago, Georgealbert said:

To avoid prosecution, they eventually agreed to pay 365,000 baht in compensation.

Something very wrong here.....

Yes the gold shop owner presumably got his money back (along with a cut to the police?) but the this is suggesting the people responsible walked away without any other punishment.........?

49 minutes ago, topt said:

Something very wrong here.....

Yes the gold shop owner presumably got his money back (along with a cut to the police?) but the this is suggesting the people responsible walked away without any other punishment.........?

Moreso seems to explicitly state it.... shame on them!

2 hours ago, Georgealbert said:

To avoid prosecution, they eventually agreed to pay 365,000 baht in compensation.

 

To whom?  Surely only the police decide whether or not a  prosecution takes place?  If the cops were the beneficiaries then this is the most blatant evidence of how deeply corrupt Pattaya police are.

2 hours ago, jacko45k said:

These groups of Chinese Nationals seem to be into every scam imaginable!

They are the experts on fake