PATTAYA, THAILAND – An alleged investment fraud causing more than 300 million baht in damage hit hundreds of Thai and foreign investors in and around Pattaya, leading to multiple arrests and a manhunt for a German suspect.
Arrests after coordinated raids in two provinces
The Economic Crime Suppression Division (ECSD) detained a 52-year-old British man and five Thai women after months of investigation, while a German suspect remained at large. The Central Investigation Bureau (CIB) presented the case at an extraordinary press conference and said coordinated operations had been carried out in Chon Buri and Nakhon Ratchasima. According to Pol Lt Gen Natthasak Chaowanasai, six suspects were being held in pre-trial detention.
“Another suspect, a German national, was still being sought,”
said Natthasak Chaowanasai, CIB commissioner.
‘King Power Gold’ name used to project credibility
At the centre of the case was a network operating under the name “King Power Gold”, which police described as a transnational investment fraud syndicate. Investigators said the name had been chosen to suggest seriousness and familiarity to potential investors. The British man, identified only as Bradley, and five Thai women named Pornphreuruehat, Thongbai, Mananchaya, Khamporn and Thidarat were alleged to have acted as organisers, with surnames withheld by authorities.
Luxury venues and retirees allegedly targeted
Investigators believed Pornphreuruehat was the suspected ringleader and operated a restaurant and bar in South Pattaya that served as a meeting point. There, foreign retirees with savings were allegedly approached before being invited to formal presentations. These events reportedly took place in five-star hotels and luxury restaurants in Pattaya to create an impression of financial success and professionalism.
Promises of returns up to 3,680 percent
According to police, the case began to unfold in April of the previous year when initial Thai and foreign victims filed complaints with the ECSD. They said they had been drawn into a stock-trading model that promised annual returns ranging from 181 percent to 3,680 percent. The suspects allegedly presented themselves as “world-class stock traders” with access to global markets and set up King Power Gold Business Development Co. to bolster credibility, although no real investment activity was later found.
Claims of bank partnerships and bogus insurance
The group was also said to have claimed cooperation with leading Thai banks and involvement in large-volume stock transactions, but financial audits found no evidence of such partnerships or trading. In private LINE and WhatsApp groups, contracts described as “investment insurance” were circulated, which police later determined were standard life insurance policies offering no investor protection. Individuals allegedly appeared as guarantors to “secure” profits and payouts, which investigators described as fabricated.
Over 100 bank accounts in alleged Ponzi structure
Pol Maj Gen Thatphum Jaruprat, ECSD commander, said money flows had passed through more than 100 bank accounts, with over 300 million baht moved in total. Authorities recorded extensive internal transfers and frequent large cash withdrawals shortly after deposits arrived. Officers seized evidence during coordinated raids, including 13 boxes of documents, 10 mobile phones, three laptops, a tablet, six bank books, four cheque books and 30 issued cheques with nominal values in the billions of baht linked to already closed accounts.
“There was no external investment income. Funds from new investors were used to pay earlier participants,”
said investigating officers from the Thai police.
More than 400 victims identified so far
Authorities counted over 400 victims, both Thai and foreign, many of them retirees in Pattaya, and confirmed losses exceeding 300 million baht. Police said the overall damage could rise as further victims were identified and questioned. According to Pol Col Chamnan Chanthet, head of ECSD Division 4, Pornphreuruehat was the main holder of central accounts and received direct transfers from victims, while Bradley allegedly played a key role in recruiting foreign investors and compiling victim lists.
Roles assigned within alleged fraud network
Police said Thongbai and Mananchaya were responsible for promoting the investments and managing documents. Khamporn allegedly acted as director of the front company and co-signed cheques, and Thidarat was said to have promoted the purported insurance-based returns. The fleeing German national was believed to have administered the LINE and WhatsApp groups and held a central coordinating role in the scheme.
Suspects deny accusations as inquiry widens
All six detainees denied the allegations during initial questioning and were handed over to ECSD investigators. They faced accusations of fraud, fraudulent public borrowing and inputting false data into computer systems. Police announced that investigations would be expanded to identify additional accomplices and victims and to examine further financial flows, describing the matter as an ongoing case of economic crime.