PATTAYA – A British man and five Thai women have been arrested for allegedly masterminding an elaborate investment fraud that targeted more than 400 Thai and foreign retirees, primarily in Pattaya, with promises of unrealistically high returns from stock trading.

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The suspects were apprehended separately in Chon Buri and Nakhon Ratchasima by officers from the Economic Crime Suppression Division (ECD). At a media briefing on Friday, authorities identified the British national only as Bradley, 52. The Thai women, aged between 37 and 59, were named as Pornphreuruehat, Thongbai, Mananchaya, Khamporn, and Thidarat.

Police seized substantial evidence, including 13 boxes of documents with investor lists and plans, 10 mobile phones, three laptops, a tablet, six bank passbooks, four chequebooks, and 30 issued cheques with stated values totaling several billion baht.

The fraudulent scheme, operated under the front company King Power Gold Business Development Co, falsely claimed partnerships with leading Thai banks and promised annual returns ranging from 181% to 3,680%. The group presented themselves as world-class traders and used a restaurant and bar in South Pattaya, run by one of the suspects, to approach potential victims—often retired expatriates.

Victims were invited to investment seminars at luxury hotels and restaurants in Pattaya, added to LINE and WhatsApp groups, and provided with fabricated dividend schedules, falsified financial statements, and contracts misrepresented as “investment insurance.” Investigators later confirmed these were standard life insurance policies.

When investors sought payouts or refunds, the suspects delayed, citing banking or tax issues, and issued cheques from closed accounts. Financial probes revealed the operation functioned as a Ponzi scheme, using funds from new investors to pay earlier victims, with no genuine investments made.

The arrests followed complaints filed in April last year by Thai and foreign victims. Warrants were issued for seven suspects, six of whom have now been detained. All deny the charges, which include fraud, fraudulent borrowing from the public, and importing false data into a computer system.

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Police are expanding the investigation to identify additional suspects and victims in the scam, which caused total losses exceeding 300 million baht.

-Thailand News (TN)