Police Arrest Contractor Linked to Fake Stock Exchange Scam

Picture courtesy of Thaitabloid

Economic crime police have arrested a 38-year-old construction contractor accused of involvement in a fake Stock Exchange of Thailand investment scam that allegedly defrauded victims of more than 3 million baht. The suspect was detained at his home in Nonthaburi province under an arrest warrant issued by the Buriram Provincial Court, marking a significant development in a high-profile online fraud case linked to the well-known AMATA share.

The arrest was ordered on 27 January 2026 by Pol Maj Gen Thatphum Jaruprach, commander of the Economic Crime Suppression Division. Acting on the directive, investigators from Sub-Division 3 arrested Mr Thepnimit, 38, at a residence in Tha Sai subdistrict, Mueang district, Nonthaburi. He faces multiple charges, including public fraud by impersonation, fraudulent public borrowing, inputting false data into a computer system and allowing others to use bank or electronic accounts for technology-related crimes.

The case dates back to 2024, when police received complaints from a group of victims who claimed they were persuaded to invest in shares through what was presented as the Stock Exchange of Thailand. The scammers allegedly used the name of AMATA, a listed company and directed victims to a fake website designed to closely mimic real trading interfaces. Many victims reportedly believed they were making legitimate investments, resulting in total losses exceeding 3 million baht.

Following an investigation, the Buriram Provincial Court issued arrest warrants for individuals believed to be connected to the scheme on 25 June 2025. Officers from the Economic Crime Suppression Division then tracked down suspects, eventually locating Mr Thepnimit living in the Prachanivet 3 market area of Nonthaburi. Police moved in and carried out the arrest without incident.

During questioning, Mr Thepnimit denied all allegations. He claimed he works as a construction contractor and stated that he holds only two bank accounts, with Bangkok Bank and Kasikornbank, both of which he said he uses personally. He also told police he did not know how his accounts could have been used to receive funds from victims and added that he had not been actively using the accounts after being arrested in an unrelated theft case in early 2025.

Investigators said they did not accept his explanation and have transferred him to investigators at Sub-Division 3 of the Economic Crime Suppression Division for further legal proceedings. Authorities are continuing to pursue other individuals believed to be connected to the online investment scam.

Thaitabloid reported that police are to expand their investigation into the financial trails linked to the fake website and identify additional suspects. Further charges may follow as digital and banking evidence is examined in detail.

Key Takeaways

• Police arrested a 38-year-old contractor over an alleged fake AMATA investment scam worth over 3 million baht.

• Victims were reportedly deceived through a fake website imitating the Stock Exchange of Thailand.

• The suspect denies all charges and has been handed over for further investigation.

Adapted by ASEAN Now from Thaitabloid 2026-01-28