BANGKOK – Thailand’s immigration police, with the assistance of the AFD, have arrested 13 men accused of running a boiler room aimed at Australian citizens. The operation, based in a luxury house in Bang Phli district, Samut Prakan, is believed to have cost Australians about AUD 1.5 million over the past year.
Detective Superintendent Kristie Cressy from the Australian Federal Police said the scam is part of a larger network that has defrauded more than 14,000 Australians out of billions of dollars over the past twenty years.
The Central Investigation Bureau commissioner, Pol Lt Gen Jirabhop Bhuridej, confirmed the arrests took place on Monday. The group included five Australians, six Britons, one Canadian, and one South African.
Authorities said the group had previously operated in Indonesia. After a police raid there, two leaders – a Briton and an Australian – moved the operation to Thailand in 2024.
During the raid, officers seized 58 items, including computers, phones, network equipment, scripts used to pitch fake investments, and documents with the names of Australian targets.
Australians Offered Fake Bonds
Investigators said the group pretended to work for real financial firms, calling Australians and offering fake bond investments with promises of fixed yearly returns between 7 and 10 percent. The team worked according to Sydney business hours, starting early in the morning in Thailand to match Australian time.
Thailand’s Immigration police were tipped off by the Australian Federal Police about the group’s move to Thailand. After tracking the suspects in Pattaya, investigators found they had shifted to a secure, high-end home in Samut Prakan valued at 70 million baht and rented for 120,000 baht a month.
Officers found the suspects working in a converted office on the ground floor. Each man had a workstation with a phone, computer, and investment scripts. Documents at the scene listed more than 14,000 Australians.
None of the men held valid work permits in Thailand. Police said they entered on various visas but did not overstay them. Their visas will be cancelled and they will be banned from returning to Thailand.
Australian police said victims have lost more than AUD$4.45 billion in the last four years to scams like this, with much of the stolen money moved through cryptocurrency.
During early interviews, all suspects denied any wrongdoing. They said they were recruited online and promised a monthly salary of AUD$3,000 plus a 2.5 percent commission for calling potential investors from company-provided lists.
The scammers face charges of working without permits, taking part in a criminal group, and breaking visa rules.
Boiler rooms in Thailand typically refer to high-pressure telephone investment scams, often operated by foreigners targeting victims abroad.
These fraudulent operations, prevalent in Bangkok since the late 1990s, involve cold-calling potential investors to promote worthless or non-existent stocks, often using tactics like “pump and dump” schemes or advance-fee fraud.
These operations often disguise themselves as legitimate firms, using fake press releases and professional setups to deceive victims.
