A Malaysian national, whose name was only revealed to the press as “Tae”, was arrested in Phrom Phong area of Bangkok today, June 23rd, for reportedly illegally operating a securities business.
The Economic Crime Suppression Division (ECD) announced that the arrest was conducted following an arrest warrant issued by the Southern Bangkok Criminal Court, claiming that Tae, 51, was acting as a stock trading company manager who would trick victims to believe that they were investing and opening securities accounts with a leading global investment firm.
According to one of the victims, they were tricked to invest by transferring money directly to the alleged scammer and were told to receive a fixed return of 6 – 7% throughout the 6-month investment period.
However, the victim did not receive the compensation nor the invested money as said in the contract. When they tried to reach the company, it was already closed down and Tae was unreachable, causing the victim to lose almost two million baht.
During the interrogation, Tae allegedly confessed to the accusation of illegally operating the securities business but he said he did not own the money. However, the investigation exposed that some of the money from the victims was given to him in person at the company and some was directly deposited into his account.
Tae was detained for further interrogation while the ECD continued the investigation to find other company members who may also be involved with the scam.
Photo Courtesy: komchadluek
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