Eight South Koreans were arrested in Bangkok for allegedly running a pyramid scheme that defrauded investors of large sums of money. The suspects are accused of luring people, especially other Korean nationals into the scheme with promises of high returns, only to use new investors’ money to pay earlier participants, a classic hallmark of pyramid schemes.

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The arrests were made following complaints and investigations by Thai authorities, who are now working to identify and compensate the victims.

Eight South Koreans were arrested at a luxury condominium in Sukhumvit Soi 63 (Ekamai) in Bangkok for allegedly operating a call centre preying on their compatriots by persuading them to invest in a pyramid scheme.https://t.co/T03qYN0CYC#ThaiPBSWorld #southkorea #callcentre

— Thai PBS World (@ThaiPBSWorld) August 22, 2024

According to local media agencies, immigration police seized 40 monitors, 20 CPUs and other equipment from the room that the suspects had been renting for about two months. The individuals, none of whom had work permits, face charges of working illegally in Thailand and defrauding the public.

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The investigation is ongoing as authorities work to uncover the full extent of the scheme.

-Thailand News (TN)