Thailand detains foreign suspects for massive investment scam

Bangkok (VNA) – Thai authorities have arrested three Chinese nationals accused of orchestrating a massive investment fraud that cheated over 8,000 victims out of 7 billion THB (over 220 million USD).

Officers from the Economic Crime Suppression Division and the Chiang Mai Immigration Office apprehended the three suspects — Yang, 41, Wang, 46, and Li, 46 — at a condominium in Huai Khwang district of Bangkok and a house in Hang Dong district of Chiang Mai on January 9, local media reported.

The suspects were wanted on warrants issued by the Chinese Ministry of Public Security on charges of illegally accepting deposits from the public. Their Chinese passports had also been revoked.

Investigators said the suspects had registered Jihui (Hainan) Enterprise Management Consulting Co. in China and launched a campaign to solicit funds from the public without authorisation.

They promised high returns by investing in shares of companies preparing for initial public offerings (IPOs) within the next three to five years. To bolster credibility, they developed an investment app called Jihui Jinfu, guaranteeing annual returns of no less than 12%.

The investigation found that the scheme attracted more than 8,000 investors, causing losses estimated at 1.6 billion CNY or 7 billion THB.

The three suspects later fled China and travelled to several countries before entering Thailand, where they hid in different provinces. Investigators also found they attempted to deceive authorities by applying for student visas, claiming they had come to Thailand to study.

Chinese authorities later revoked the suspects’ travel documents and coordinated with Thai authorities, leading to their arrest.

Thai authorities have revoked their permission to stay in the country and issued deportation orders. The suspects are being detained pending deportation to China./.

VNA