Thai police arrested 39 suspects and seized assets worth more than 500 million baht in raids across 11 provinces as part of an investigation into an alleged online investment scam and cross-border money-laundering network.
The operation, announced yesterday, October 13, targeted 27 locations after investigators uncovered suspicious financial transactions involving Chinese nationals holding Thailand Privilege visas. Police said the network was linked to fraudulent stock-trading schemes and suspected money laundering involving Cambodia.
The suspects comprised 30 Thai nationals, eight Chinese nationals and one Myanmar national. Police seized luxury properties, vehicles, cash, cryptocurrency and other valuables during the raids.
Among the assets were eight luxury properties valued at more than 330 million baht, condominiums and land documents worth over 90 million baht, and residential property valued at more than 60 million baht.
Officers also recovered 10 luxury vehicles, more than 4.2 million baht in Thai and foreign currency, jewellery, expensive watches and designer handbags.
According to The Nation, the Anti Cyber Scam Centre (ACSC) launched the investigation after comparing Thailand Privilege visa-holder records with online crime complaints. Investigators identified suspicious transfers into accounts held by some Chinese visa holders, prompting the Crime Suppression Division (CSD) to examine the financial network.
Police said victims were recruited through Facebook advertisements promising unusually high returns from block-trade stock investments. They were subsequently added to Line groups where scammers used multiple accounts to pose as experienced investors and encourage participation.
Victims were directed to a website and an application called ETO TH, which investigators identified as a fraudulent trading platform. People posing as investment instructors also provided lessons to make the scheme appear legitimate.
The victims transferred money into 13 corporate bank accounts allegedly controlled by the network. When they attempted to withdraw their supposed profits, they were instructed to pay additional fees but remained unable to recover their money.
Investigators linked the accounts to 74 reported cases involving combined losses exceeding 173 million baht. One case alone involved losses of more than 26.5 million baht.
Further financial investigations uncovered suspected money laundering through multiple bank accounts, ATM withdrawals, informal remittance services and payment gateways.
Some proceeds were allegedly converted into USDT cryptocurrency and transferred to digital wallets with unidentified owners before being exchanged back into baht through legally operating cryptocurrency exchanges.
Police stressed that the exchanges were not implicated in the alleged crimes, as the suspects had used their legitimate services to convert funds.
Investigators believe some of the money was used to finance further scams, including initial payments designed to convince other victims that the investments were genuine. Other funds were allegedly withdrawn in cash, handed to intermediaries or used to purchase and lease luxury properties.
A Chinese suspect, whom police described as a beneficiary of the network, reportedly admitted laundering at least 3 billion baht since 2022 for senior figures associated with a scam centre in Poipet, Cambodia.
However, investigators said they had not established direct financial links between the suspects and the owners or occupants of some luxury properties involved in the investigation. Police also identified suspected nominee arrangements and said they were pursuing other potential participants.
Following the investigation, the ACSC announced plans to strengthen Thailand Privilege visa screening and conduct retrospective checks on existing visa holders. Police noted that screening procedures were already in place before the suspected network was uncovered.
Investigators warned that scam operations in neighbouring countries remained active despite enforcement efforts. Some operators had reportedly moved from large compounds into commercial buildings, condominiums and private residences.
The ACSC said it would continue expanding cooperation and intelligence sharing with foreign law enforcement agencies as part of efforts to combat cross-border fraud.
Police urged the public to verify investment platforms and financial service providers with Thailand’s Securities and Exchange Commission before transferring money.
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