Suspect Allegedly Defrauded Nearly 900 Investors, Causing Losses Exceeding 1.5 Billion Baht (S$59M)
Thai authorities have captured a 55-year-old Chinese national accused of orchestrating a large-scale investment fraud that resulted in approximately 1.5 billion baht (about 339 million yuan) in losses. The man, whose identity remains confidential, had been evading arrest while hiding in Thailand after allegedly duping 878 victims with false promises of high investment returns in China.
The arrest took place on the morning of June 5 at the Immigration Bureau office in Muang Thong Thani. Officials, including Police Lieutenant General Panthana Nuchnarat, the Deputy Commissioner of the Immigration Bureau, confirmed the apprehension. The suspect was the subject of an Interpol Red Notice, highlighting the international effort involved in bringing him to justice.
According to the Immigration Bureau’s statement, the suspect established a seemingly legitimate business in China as a front for his fraudulent scheme. He enticed investors with guarantees of a 2% monthly profit, claiming that their investments would double within two years. The scheme subsequently resulted in massive financial damage to nearly 900 individuals who trusted the false assurances.
The Chinese Embassy in Thailand formally requested cooperation from Thai law enforcement agencies to facilitate his extradition to China, where he faces multiple charges related to illegal fundraising and fraud. The Royal Thai Police and the Immigration Bureau collaborated closely to locate the suspect, tracking his movements across provinces.
Investigators revealed that he initially resided in Chachoengsao province but, upon realizing the pursuit, fled to a remote area in Lamphun’s Village 14, Li subdistrict. Law enforcement set up a targeted operation to monitor the area, culminating in his arrest despite his initial resistance and unwillingness to cooperate.
Following his detention, the suspect was transferred to the Office of the Attorney General to begin formal extradition procedures under Thailand’s Extradition Act of 2008. Police Lieutenant General Panthana emphasized the significance of the arrest, stating, “This action demonstrates Thailand’s stance against becoming a refuge for fugitives escaping justice.”
This development marks a major step forward in addressing cross-border financial crimes and reassures victims that international cooperation is effective in combating fraudulent activities. The involvement of Interpol underscores the global priority placed on apprehending white-collar criminals and protecting investors from exploitation.