Thai police have arrested 39 individuals and seized assets valued at over 500 million baht in a coordinated operation spanning 11 provinces, targeting an alleged online investment scam and cross-border money-laundering network. The operation, announced on October 13, involved raids on 27 locations following the discovery of suspicious financial transactions linked to Chinese nationals holding Thailand Privilege visas.
Investigators revealed that the network was involved in fraudulent stock-trading schemes and suspected money laundering activities with connections to Cambodia. The arrested suspects include 30 Thai nationals, eight Chinese nationals, and one Myanmar national.
During the raids, authorities confiscated a significant amount of assets, including eight luxury properties worth more than 330 million baht, condominiums and land documents valued at over 90 million baht, and residential properties estimated at more than 60 million baht. Additionally, 10 luxury vehicles, over 4.2 million baht in various currencies, jewelry, high-end watches, and designer handbags were recovered.
The Anti Cyber Scam Centre (ACSC) initiated the investigation after cross-referencing Thailand Privilege visa holder records with online crime complaints. Suspicious financial transfers into accounts held by some Chinese visa holders prompted the Crime Suppression Division (CSD) to delve into the network’s operations.
Victims were reportedly lured through Facebook advertisements promising exceptionally high returns on block-trade stock investments. They were then directed to Line groups where individuals posing as experienced investors used multiple accounts to encourage participation in what was presented as a legitimate scheme. The victims were ultimately directed to a fraudulent trading platform known as ETO TH, accessible via a website and an application. Individuals posing as investment instructors provided lessons to further legitimize the scam.
Money was transferred by victims into 13 corporate bank accounts believed to be controlled by the network. When victims attempted to withdraw their supposed profits, they were met with demands for additional fees, and their funds remained inaccessible.
Investigators have linked these accounts to 74 reported cases, with total losses exceeding 173 million baht. One individual case alone resulted in losses of over 26.5 million baht. Further financial analysis uncovered suspected money laundering activities through numerous bank accounts, ATM withdrawals, informal remittance services, and payment gateways.
Some of the illicit funds were allegedly converted into USDT cryptocurrency and transferred to digital wallets with unidentified owners, before being exchanged back into Thai baht through legitimate cryptocurrency exchanges. Police clarified that these exchanges are not implicated in the criminal activities, as the suspects merely used their services to convert funds.
Authorities believe a portion of the laundered money was used to finance further scams, including initial payments designed to create a facade of legitimacy for new victims. Other funds were allegedly withdrawn as cash, handed over to intermediaries, or used to purchase and lease luxury properties.
One Chinese suspect, identified as a beneficiary of the network, reportedly confessed to laundering at least 3 billion baht since 2022 on behalf of senior figures associated with a scam center in Poipet, Cambodia. However, investigators have not yet established direct financial links between the arrested suspects and the owners or occupants of some of the luxury properties involved. Police are also investigating suspected nominee arrangements and pursuing other potential participants in the network.
In response to these findings, the ACSC plans to enhance screening processes for Thailand Privilege visa applicants and conduct retrospective checks on existing visa holders. Police emphasized that screening procedures were already in place prior to the uncovering of this network.
Investigators issued a warning that scam operations in neighboring countries remain active and have reportedly shifted from large compounds to commercial buildings, condominiums, and private residences. The ACSC stated its commitment to expanding cooperation and intelligence sharing with foreign law enforcement agencies to combat cross-border fraud. The public is strongly advised to verify any investment platforms and financial service providers with Thailand’s Securities and Exchange Commission before transferring funds.