Police Arrest Executive in 800 Million Baht Investment Fraud Case
The Economic Crime Suppression Division (ECSD) has arrested a company executive accused of orchestrating an investment fraud scheme through a mobile application, with total damages estimated at over 800 million baht.
According to the police, the fraudulent scheme generated 500 million baht in revenue within just three months of the company’s registration. Further investigation has revealed that more than 50 victims were affected by the scam.
The suspect, identified as Kritsada (23), admitted to being hired for a 500 baht wage to open a bank account on behalf of another individual, identified as Ploy. Kritsada explained that he used the company’s registration documents to open several bank accounts, which he then handed over along with the account books and SIM cards to Ploy.
Police have charged Kritsada with multiple offenses, including involvement in a transnational criminal organization, establishing an organization to commit crimes, defrauding the public, inputting false information into a computer system, money laundering, and allowing others to use his bank account and SIM card for cybercrimes. Investigations are ongoing as authorities continue to gather information on the full extent of the fraud.
