Bangkok: The Central Investigation Bureau (CIB) launched Operation “9.9 FAKE COMPANY,” dismantling a Chinese gang that had been defrauding investors of stocks. The group found that victims had already lost over 650 million baht.

According to Thai News Agency, Pol. Maj. Gen. Athip Pongsiwapai, Commander of the Technology Crime Suppression Division, announced the results of Operation “9.9 FAKE COMPANY,” which dismantled a Chinese-speaking investment scam gang. The network was found to have defrauded investors, resulting in losses of over 650 million baht. The operation resulted in the arrest of 15 suspects-14 Thais and one Chinese-and the seizure of nine cars, 40 brand-name handbags, cash in various currencies totaling approximately 300,000 baht, 29 mobile phones, 100 bankbooks and ATM cards, 10 SIM cards, and 23 amulets, totaling approximately 21 million baht in value.

This case stems from the end of May. The victim found an advertisement on Facebook inviting people to invest in stock trading. She clicked on the link and entered her phone number and Line ID to join the investment. Later, a perpetrator contacted the victim using Line, claiming to be the secretary of Professor Niti, a well-known Thai investor. The perpetrator contacted the victim to oversee her investments and provide them with investment knowledge. He also invited her to join a LINE OPENCHAT group, which boasted over 100 shill members. The group discussed and recommended various investments.

In early July, the perpetrators offered a stock trading investment project to the victims and taught them how to invest through the FINNIXMAX website. They persuaded the victims to reserve a quota to buy Thai stocks traded on the stock exchange. However, the perpetrators tricked the victims into believing they could achieve a profit target of approximately 10-20% within approximately 2-3 days. The perpetrators then offered individual stocks with profit targets to the victims. The victims believed them and began transferring funds. When the victims attempted to withdraw funds from the system, they were able to withdraw funds, boosting their confidence. The victims subsequently transferred more funds. Later, when the stocks achieved their target profit, the victims were unable to withdraw their investment costs and profits, as the system reported a delay. The victims contacted the perpetrator, who claimed to be their secretary, but were unable to contact him. Convinced of the scam, the victims filed a police re
port. Investigations revealed that the victim had transferred funds five times, resulting in approximately 1,200,000 baht in losses. This operation, which involved 13 locations in Bangkok, Nonthaburi, Pathum Thani, and Chiang Mai, was launched.

A review of the online complaint system revealed a total of 265 cases involving this group of suspects, with a total damage value of 654 million baht. These cases involved fraudulent stock trading through the FINNIXMAX and CGS International platforms, as well as the impersonation of prominent investment figures.

All were initially charged with jointly defrauding the public, jointly entering distorted or false computer data, whether in whole or in part, into a computer system in a manner likely to cause damage to the public, colluding by agreement of two or more persons to commit money laundering and committing money laundering as a result of the colluding, jointly laundering money, and colluding to be a member of a secret society.