Crime Police Dismantle Fake Chinese Firms in Stock Scam

[Georgealbert]

 

Picture courtesy of Naewna

 

Police have launched a crackdown on a fraud network involving fake Chinese-linked companies accused of deceiving investors through bogus stock trading schemes. On 11 September, the Central Investigation Bureau (CIB) announced the operation, code-named “9.9 FAKE COMPANY,” resulting in the arrest of 15 suspects, including 14 Thais and one Chinese national. Police said the group was tied to at least 265 cases, with reported damages totalling 654 million baht.

 

The operation followed complaints from victims who reported being lured by Facebook ads promoting investment in stock trading platforms. Victims were directed to websites where fraudsters posed as secretaries of well-known Thai investors and invited them into LINE chat groups filled with fake investors. The scammers offered guidance on trading through platforms such as FINNIXMAX and CGS International, promising returns of 10–20 percent within days.

 

Initially, victims were able to withdraw small amounts, which encouraged larger investments. However, when attempting to withdraw profits and principal later, transactions were blocked, leading victims to realise they had been defrauded. One complainant alone reported losses of 1.2 million baht from five separate transfers.

 

Police said the suspects worked in a highly organised structure, with the Chinese ringleader directing operations and Thai nationals handling coordination, translation and recruitment of nominee corporate bank accounts. Funds transferred by victims were funnelled through these accounts before being withdrawn in cash and delivered to the ringleader. Authorities also revealed the use of Telegram groups for coordination, which were deleted after each operation.

 

During raids on 9 September in Bangkok, Nonthaburi, Pathum Thani, and Chiang Mai, officers arrested suspects at 13 locations. Seized assets included nine cars, 40 luxury brand-name items, cash worth about 300,000 baht, 23 Buddha amulets, 29 electronic devices, 100 bank books and ATM cards and 10 SIM cards, with a combined value of around 21 million baht. Police also froze further accounts linked to the operation.

 

Charges filed against the suspects include fraud, impersonation, entering false information into computer systems, money laundering and involvement in a criminal organisation. Some of those arrested admitted to withdrawing cash on behalf of others for small payments, while others denied wrongdoing but acknowledged their involvement in handling funds.

 

Authorities confirmed that the network is linked to 265 cases nationwide, most involving fraudulent stock investments through the FINNIXMAX and CGS International platforms. Police are continuing to investigate, focusing on financial trails and potential additional accomplices. Officials stressed the importance of public vigilance against online investment schemes that appear unusually profitable.

 

 

Key Takeaways

 

• Police arrested 15 suspects in a large fraud case linked to fake Chinese firms.

• The network is tied to 265 cases with damages of 654 million baht.

• Assets worth 21 million baht were seized, and investigations are ongoing.

 

Related stories:

 

Taiwanese-man-arrested-for-call-centre-money-laundering

 

Thai-woman-caught-at-bank-in-Malaysian-call-scam

 

 

  Adapted by Asean Now from Pattaya Naewna 2025-09-12