PATTAYA, THAILAND – Thai economic crime investigators said they had dismantled a suspected international investment fraud network known as “King Power Gold” and arrested six suspects.
Months-long probe presented in Bangkok
The Economic Crime Suppression Division (ECSD) presented the case on 23 January 2026 at the Central Investigation Bureau in Bangkok, following months of inquiries into an alleged investment programme. Police said the scheme had harmed more than 400 Thai and foreign investors, including local residents and many expatriates living in the country. The alleged losses were estimated at more than 300 million baht.
Suspects, seized evidence and one fugitive
According to police, those arrested included a 49-year-old Thai woman as the suspected main organiser, four other Thai nationals aged between 37 and 59, and a 52-year-old British citizen. Another suspect, a German national, remained at large and was being actively sought. Officers seized extensive evidence, including 13 boxes of investor documents, electronic devices, bank books, cheque books and 30 cheques with face values in the range of several billion baht.
Unrealistic returns and ‘world-class traders’
The case began in April 2025 when the first Thai and foreign victims filed complaints with the ECSD, saying they had been lured with offers of exchange-traded investments promising very high returns. Investigators said the group had presented themselves as “world-class stock traders” and set up King Power Gold Business Development Co., Ltd. to create an appearance of legitimacy. Investors were reportedly promised annual returns from 181 percent up to 3,680 percent, far above normal market levels.
Recruitment in bars, hotels and online groups
The alleged ringleader was said to have used restaurants and bars in South Pattaya, Chon Buri province, to approach potential victims, focusing in particular on foreign retirees living in Thailand. Police reported that the group organised investment seminars in five-star hotels and upscale restaurants, then placed investors into LINE and WhatsApp groups where supposedly falsified dividend plans and financial documents circulated. Contracts marketed as “investment insurance” later proved, on review, to be ordinary life insurance policies without any genuine investment guarantee.
Ponzi-style structure and empty cheques
Financial analysis by investigators indicated there had been no real investments, with money from new investors instead being used to pay earlier participants in a structure resembling a Ponzi scheme. The group allegedly used more than 100 bank accounts to move funds and withdraw large sums in cash. When victims demanded repayments, they were reportedly issued cheques drawn on accounts that had already been closed.
Suspects deny charges as inquiry widens
According to news site Thaitabloid, all six people in custody denied the allegations and were handed over to investigators of Division 4 of the Economic Crime Suppression Division. Police announced they would expand the investigation, focusing on the search for the fugitive German suspect, the identification of further possible victims and tracing of money flows across the numerous accounts.
“We will expand the scope of the investigations to identify all those involved and any victims who have so far remained unknown.”
said a spokesperson for the investigators.