BANGKOK, THAILAND – Thai authorities detained three Chinese nationals accused of running a multibillion-baht investment fraud scheme that allegedly targeted thousands of investors.
Arrests in Bangkok and Chiang Mai
Officers from the Economic Crime Suppression Division and immigration police in Chiang Mai arrested the three suspects on Friday. The men, aged 41, 46 and 46, identified only as Yang, Wang and Li, were located in a condominium in Bangkok’s Huai Khwang district and a house in Hang Dong district in Chiang Mai. Their full names were not released, but all three were wanted under warrants issued by China’s Ministry of Public Security, and their Chinese passports had already been revoked.
High-yield promises via investment app
Investigators said the suspects had established Jihui (Hainan) Enterprise Management Consulting Co in China, through which they allegedly raised public funds without official approval. They promised top-tier returns from investments in shares of companies that were said to be preparing to list on the stock market within three to five years. To support these claims, they developed the “Jihui Jinfu” investment app, through which investors were told they would earn at least 12% annually.
Billions collected, no stock market investment
Police findings indicated that more than 8,000 investors joined the scheme, contributing about 1.6 billion yuan, equivalent to roughly 7 billion baht. According to investigators, the operators built an image of maximum credibility around the venture. Investors were told their money would go into pre-IPO shares of promising firms whose prices were expected to surge after listing, and
“It was made to appear as if the investments would multiply after the stock market debut,”
said investigators, summarising the modus operandi.
Funds allegedly never invested
In reality, investigators said, money transferred through the app was never invested as advertised. Instead, the company’s finance department, together with the three alleged ringleaders, controlled the accounts. Yang was believed to have overseen daily operations, Li was reportedly responsible for marketing and client recruitment, and Wang handled finance and administration.
Investors left without payouts
When the time came for payouts, the company was allegedly unable to meet the promised returns. Many investors, according to authorities, received no repayments at all. The case was described by police as a large-scale fraud that left thousands of people facing losses.
Flight from China and student cover in Thailand
After the scheme collapsed, the three men allegedly fled China and travelled through several countries before entering Thailand. They then stayed in hiding across different provinces. Investigators found that the suspects had tried to present themselves to authorities as language or university students, applying for student visas and stating they had entered the country for study purposes.
“We tried to live a very inconspicuous life,”
said Yang and Wang, according to Thai police. They reportedly told officers they mostly stayed inside the condominium, rarely went out and kept supplies in their room to avoid drawing attention. Li, by contrast, denied an active role and
“said he was only a trustee of an account,”
said police.
Visas revoked and deportation to China planned
Thai authorities have revoked the residence permits of the three suspects and issued deportation orders. The men remained in police custody pending their return to China. Officials stressed that cooperation between Chinese security agencies and Thai counterparts was central to the case, with Chinese authorities alerting Thailand after withdrawing the men’s travel documents and thereby enabling the arrests.