Pictures courtesy of Thaitabloid

Economic crime police have dismantled a transnational investment fraud ring operating under the name “King Power Gold”, arresting six suspects accused of deceiving more than 400 Thai and foreign victims, with financial losses estimated at over 300 million baht. The arrests were announced on 23 January 2026 at the Central Investigation Bureau in Bangkok, following months of investigation into the alleged scam. Police say the operation had a significant impact on both local and expatriate communities in Thailand.

The suspects arrested include a 49-year-old Thai woman identified as the alleged ringleader, four other Thai nationals aged between 37 and 59 and a 52-year-old British man. Authorities also confirmed that a seventh suspect, a German national, remains at large and is being actively pursued. Officers seized extensive evidence, including 13 boxes of investor documents, electronic devices, bank passbooks, cheque books, and 30 cheques with face values totalling several billion baht.

The case began in April 2025, when Thai and foreign victims filed complaints with the Economic Crime Suppression Division, alleging they had been lured into high-return stock trading investments. Investigators said the group claimed to be world-class stock traders and established a company, King Power Gold Business Development Co., Ltd., to project legitimacy. Victims were promised annual returns ranging from 181% to as high as 3,680%, far exceeding normal market levels

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Police said the alleged mastermind used restaurants and bars in South Pattaya, Chon Buri province, to approach potential victims, particularly foreign retirees living in Thailand. The group organised investment seminars at five-star hotels and restaurants, invited victims into LINE and WhatsApp groups, and circulated fake dividend schedules and financial documents. Contracts presented as “investment insurance” were later found to be standard life insurance policies, not genuine investment guarantees.

Financial investigations revealed that no real investments were made. Instead, funds from new investors were used to pay earlier participants in a structure resembling a Ponzi scheme, with more than 100 bank accounts used to move money, much of which was withdrawn in cash. When victims sought refunds, they were allegedly issued cheques from closed accounts.

Thaitabloid reported that all six suspects deny the charges and have been handed to investigators at Division 4 of the Economic Crime Suppression Division. Police said they will continue to expand the investigation to trace remaining suspects and identify additional victims.

Key Takeaways

• Police arrested six suspects linked to the “King Power Gold” investment scam on 23 January 2026.

• More than 400 Thai and foreign victims were allegedly defrauded of over 300 million baht.

• Authorities are pursuing one remaining suspect and expanding the investigation.

  

Adapted by ASEAN Now from Thaitabloid 2026-01-24

 

 

A return of 181% to 3,680% annually, come on now?

As a long-suffering investor on SET, I know damn well that even with its wild fluctuations those numbers aren’t just unrealistic; they’re pure fantasy!

What’s really concerning in this article is the naivety of the victims for not doing a basic regulatory check.

In Thailand, any legitimate securities broker or investment firm must be licensed by the SEC and registered with the SET.

A few minutes on the SEC or SET website to verify a firm’s status would have saved these "investors" from their losses.

It’s good though to see the Economic Crime Suppression Division handling the case and expanding the investigation.

Hopefully, this serves as a reminder for all investors: if returns sound too good to be true, they almost always are.

Perhaps they should lock up the victims ....for stupidity!

18 hours ago, Jim Waldron said:

A return of 181% to 3,680% annually, come on now?

As a long-suffering investor on SET, I know damn well that even with its wild fluctuations those numbers aren’t just unrealistic; they’re pure fantasy!

What’s really concerning in this article is the naivety of the victims for not doing a basic regulatory check.

In Thailand, any legitimate securities broker or investment firm must be licensed by the SEC and registered with the SET.

A few minutes on the SEC or SET website to verify a firm’s status would have saved these "investors" from their losses.

It’s good though to see the Economic Crime Suppression Division handling the case and expanding the investigation.

Hopefully, this serves as a reminder for all investors: if returns sound too good to be true, they almost always are.

Human greed won't stop, there will be more willing to take the leap, always will be.

I didn't pay much attention to it so can't provide details, but a few years back there was some off stuff to do with the King Power's airport business, and it supposedly had something to do with the then former-PM in exile at the time.

greed make easy victims