BANGKOK, THAILAND – A group of foreign residents from Pattaya filed a criminal complaint with the Economic Crime Suppression Division over an alleged investment fraud exceeding 300 million baht.
Joint complaint filed with economic crime police
The collective complaint was submitted on 18 February at 10 a.m. at the complaint center of the Central Investigation Bureau (CIB) in Bangkok. The investors were accompanied by Tanakorn Jitt-itsara, also known as “Eak Tanakorn,” president of the Santiprachatham Club, who said he was seeking justice for those who suffered losses.
Alleged targeting of foreign residents in Pattaya
According to Tanakorn, the suspects specifically approached foreign residents in Pattaya in Chonburi province and first built trust through leisure activities such as sports or snooker. Only later were the alleged victims gradually persuaded to make deposits into an apparent gold business, having been convinced by promises of daily returns of several thousand baht and by what appeared to be official company registry documents and checks.
Delayed payouts and reported threats
At the beginning, dividends were in fact paid out, according to the group, before payments were delayed after a few months with references to supposed system problems and blocked funds. Affected investors said they were later told to take legal action on their own, while some individuals were allegedly threatened with physical violence or deportation when they continued to ask questions.
Suspicious bank documents and asset concerns
Following bank checks, investors reported discovering that the issued checks were not covered and that the related accounts had already been closed for some time. Tanakorn said the complaint to the Economic Crime Suppression Division (ECD) aimed, among other things, to clarify the status of investigations and the securing of assets for a large number of victims nationwide, as well as to examine possible links to state officials or bank employees.
Investor recounts multi-million baht loss
A 41-year-old Thai woman, the wife of a British national, said she invested more than 2 million baht in May 2024 after being convinced by the apparent credibility of the network and the prospect of passive profits without trading herself. After around four months, the suspects allegedly justified delays by pointing to fluctuations in the gold price, and when she increasingly demanded answers, she said she was threatened, leading her to file a police report in early 2025.
“I invested more than 2 million baht because I believed in the credibility of the network and the promise of passive income, but when I pushed for answers, I was threatened and had to go to the police.”
said the 41-year-old investor, as cited by Thaitabloid.
Questions over release of suspects
According to Tanakorn, the complaint also raised concerns about why police in Pattaya had arrested six suspects but later released four of them. The investor quoted by Thaitabloid expressed concern that the person who persuaded her to join was now free, feared the case could stall and that more people could be drawn into the same system, which is why the group was now demanding a more in-depth investigation by the Economic Crime Suppression Division.
“I am worried that the person who brought me into this is now back on the streets and that the case could lose momentum, while more people might fall into the same system.”
said the investor, calling for a deeper probe by economic crime investigators.
Calls for closer scrutiny of investment offers
The case, highlighted by Thaitabloid, described promises of daily returns, apparently clean documents and ultimately vanished millions, alongside reports of threats and unresolved questions about arrests and releases. The experiences of the complainants raised broader concerns over the need for tighter oversight of investment offers, particularly those targeting foreign investors in tourist hubs such as Pattaya.