A group of foreign residents in Pattaya has lodged a complaint with the Economic Crime Suppression Division (ECD) after allegedly losing more than 300 million baht in a fraudulent gold trading investment scheme branded “King Power Gold”. The complaint was filed at 10am on 18 February at the Central Investigation Bureau (CIB) complaint centre in Bangkok. The group was accompanied by Tanakorn Jitt-itsara, also known as “Eak Tanakorn”, president of the Santiprachatham Club, who is seeking justice on their behalf.

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According to Mr Tanakorn, the alleged fraudsters targeted foreign nationals living in Pattaya, Chonburi, by befriending them through recreational activities such as sports and snooker before persuading them to invest. Victims were promised daily returns of thousands of baht and shown commercial registration documents and cheques to build credibility. Initially, dividends were reportedly paid to gain trust.

However, after several months, payments were delayed with claims of system issues and blocked funds. Victims were allegedly told to pursue legal action themselves, while some were threatened with physical harm or deportation. Bank checks later revealed that the cheques issued were dishonoured and the related bank accounts had long been closed.

Mr Tanakorn said the complaint to the ECD focuses on three key issues: progress in the case and asset tracking given the large number of victims nationwide, clarification as to why Pattaya police previously arrested six suspects but later released four and whether any state officials or bank employees were involved in or supported the network.

One 41-year-old female victim, the wife of a British national, said she invested more than 2 million baht in May 2024 after being convinced by the group’s apparent credibility and the promise of passive profits without trading herself. After four months, she said the suspects began citing gold price volatility when payments were delayed. When she pressed for answers, she was allegedly threatened and filed a police report in early 2025.

Thaitabloid reported that she expressed concern after learning that the suspect who persuaded her to invest had been released, fearing the case may stall and that others could fall victim. The group is now seeking clarity and further investigation from the Economic Crime Suppression Division.

Pictures courtesy of Thaitabloid

Key Takeaways

• Foreign residents in Pattaya claim losses exceeding 300 million baht in a gold trading scam called “King Power Gold”.

• Victims allege suspects paid initial dividends before issuing dishonoured cheques and closing bank accounts.

• Complainants are urging authorities to track assets, clarify prior suspect releases, and examine possible official involvement.

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Adapted by ASEAN Now Thaitabloid 19 Feb 2026

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Very impressive returns ...for the scammers !

So, suddenly a total stranger comes up at a bar, drinking a few beers with you, asks you to play snooker. During that, he suddenly presents a very profitable gold investment possibility. possibly you go to the tennis court or gym, and a total stranger comes up and play a match with you or do a few reps together. After that he have a super plan to make you mega rich. Yeah, that sounds really credible! I don´t think it matter what documents such an idiot shows. The warning bells are ringing loudly!

22 minutes ago, Gottfrid said:

So, suddenly a total stranger comes up at a bar, drinking a few beers with you, asks you to play snooker. During that, he suddenly presents a very profitable gold investment possibility. possibly you go to the tennis court or gym, and a total stranger comes up and play a match with you or do a few reps together. After that he have a super plan to make you mega rich. Yeah, that sounds really credible! I don´t think it matter what documents such an idiot shows. The warning bells are ringing loudly!

More likely 'financial advisors' using Pattaya Expats Club as a cover than random meets in a bar.

Anything that sounds too good to be true, usually is.

Gosh, who would've thought, a scam operating in Pattaya. It's unbelievable 🤪

The saying " If it looks to good to be true, then it probably is " springs to mind, online fraudsters operate everywhere, although Thailand seems to has more than its fair share, people chasing the dream of easy money, usually find out the dream is more like a financial nightmare

fraudsters thrive on the greed of guilable people who sign up for unrealistic returns on deposits

I just don't get it that people would invest in some dodgy scheme that some guy at a sports venue proposes to you while there are many legitimate options available through brokers like the gold ETFs: GLD, IAU, GLDM, BAR and SGOL, or gold exposure with income through covered call funds like IAUI, KGLD and IGLD, or the gold miners ETF GDX.

Some people are so lacking in common sense that they

deserve to be scammed...

All those Nigerian Princes deserve every dollar they have ever scammed from anyone...

32 minutes ago, BritManToo said:

More likely 'financial advisors' using Pattaya Expats Club as a cover than random meets in a bar.

They don't allow any financial investors to do talks at the club I attend.

Well the first thing that comes to mind if it's to good to be true it usually is

Greed comes to mind 🤑😱

Well greed is all that drives Bitcoin and other similar "currencies". There is nothing behind it, with the price fixed by supply and demand, the demand being driven by greed because of what very early investors made. One day demand will cease, and then it will no longer have any value. Some blockchain coding has no residual value if noone wnats to buy it.

22 minutes ago, redwood1 said:

Some people are so lacking in common sense that they

deserve to be scammed...

All those Nigerian Princes deserve every dollar they have ever scammed from anyone...

These already wealthy individuals were targeted simply because they were already wealthy, and like many wealthy people, they were greedy and wanted more - passive income - without much effort on their part.

I can understand when it happens with a moto taxi driver or with a Thai school teacher.Maybe those farangs are moto taxi drivers?

55 minutes ago, cookie1974 said:

The saying " If it looks to good to be true, then it probably is " springs to mind, online fraudsters operate everywhere, although Thailand seems to has more than its fair share, people chasing the dream of easy money, usually find out the dream is more like a financial nightmare

I have always believed that there is no such thing as easy money, however it's amazing who gets dragged into these these sceams

Some years ago I was reading something by a man who had been in prison in the UK. Whilst there he got talking to a fellow inmate who was jailed for a well-publicised fraud/con. The man said that his theory was that if someone isn't greedy they can't be conned, greed is always the hook that will catch them.

1 hour ago, Gottfrid said:

So, suddenly a total stranger comes up at a bar, drinking a few beers with you, asks you to play snooker. During that, he suddenly presents a very profitable gold investment possibility. possibly you go to the tennis court or gym, and a total stranger comes up and play a match with you or do a few reps together. After that he have a super plan to make you mega rich. Yeah, that sounds really credible! I don´t think it matter what documents such an idiot shows. The warning bells areA

A fool and his / her money soon do part and as my grandfather used to say there's one born everyday.

1 minute ago, wavodavo said:

A fool and his / her money soon do part and as my grandfather used to say there's one born everyday.

Those scammer con merchants would sell ice blocks to eskimos to put in their drinks.

I got a cold call from a legitimate mutual fund sales rep. His response to my questions was "Don't you want to earn 10% annually" indicating only fools would turn down this offer. Being the fool, I said no and ended the conversation.

Scammers are sometimes both skilful and patient. They build up trust over a period of time. With the help of accomplices, of convincing arguments, and seemingly genuine but actually false documents bearing, for example, bank letterheads.

I was nearly scammed once over a considerable period of time, many years ago (have forgotten the details), but fortunately smelt a rat and broke contact.

But then was successfully scammed by a pseudo-Portuguese "businessman" supposedly dying of cancer and who claimed wished to "leave money to the poor people of Burma". Which had me looking into how to set up such things as a trust account in Thailand, and eventually making a payment to release funds. All this supported with seemingly convincing documents.

A Kayah retired veterinary friend of mine from the U.S. was ripped off by a Burmese New Yorker who pursuaded him to put money into his FX speculation fund. He did so, and received a couple of fat cheques not long after. So put in most of his life savings. And that was the end of it.

Gold is an excellent store of value, especially in uncertain times. But many Thais lost their gold during the Asian crisis of 1997. Because it was stored with the dealers they bought it through, who went bankrupt. The creditors took all, because the gold was not ALLOCATED (legally owned) by those who had paid for it. Hold the metal, not paper. Or, if you want leverage, shares in successful mining, streaming or royalty companies.

2 hours ago, cookie1974 said:

The saying " If it looks to good to be true, then it probably is " springs to mind, online fraudsters operate everywhere, although Thailand seems to has more than its fair share, people chasing the dream of easy money, usually find out the dream is more like a financial nightmare

Not sure Thailand has a lot, I think it is more that the newspapers pick it up more here as they have little to report. This type of scam is rampant in every country. Especially with the Expat community in Canada.

The reason it works here is that so many tourists park their brains and common sense in the Kiosk, marked "travelling stupidity"; they leave their brains here and pick them up on return.

The other example, of course, is how many expats, if they were in their home country, would rent a motorcycle, drive, and ride without a helmet in their own countries.

This story was reported in the Thai Examiner on the 24th of January. The report alleges that victims were promised returns ranging from 181% to as high as 3,680 % PER ANNUM. An obvious Ponzi scheme.

7 minutes ago, kingstonkid said:

The reason it works here is that so many tourists park their brains and common sense in the Kiosk, marked "travelling stupidity"; they leave their brains here and pick them up on return.

A bar girl once told me that the girls have a famous saying, "all farangs leave their brains at the airport"

5 minutes ago, potless said:

This story was reported in the Thai Examiner on the 24th of January. The report alleges that victims were promised returns ranging from 181% to as high as 3,680 % PER ANNUM. An obvious Ponzi scheme.

It was also reported here on the 24 January, see the related link in the OP.

This is an update to that story, as quoted in the OP, they reported to the ECB yesterday.

6 minutes ago, Jaggg88 said:

A bar girl once told me that the girls have a famous saying, "all farangs leave their brains at the airport"

Just the big brain lol

The little brain still functions well

I really don't get this kind of thing, if I were in a position and I were considering investing I would want to talk to people that had been involved with these people for at least a year or two, to confirm their track record and their reliability. Why would you put your assets at risk without having that type of assurance? I know the desire for profit is a very powerful motive, but hopefully survival instincts, which enable you to thrive in this world, would be even more powerful, and would compel you to do the kind of research necessary to make sure an investment is legitimate.

Where can I sign up? 555555555555

Remember folks, one thing I remember from the OG expats, if you want to make a small fortune in Thailand, start with a large fortune....

This is LOS! Land of Scams!

An old saying that I think came from the film 'The Sting' is "you cannot con an honest person."

There's one born every minute!!