CHIANG MAI – Crime Investigation Bureau and Immigration police have arrested three Chinese nationals accused of running a large investment fraud that allegedly took 7 billion baht (USD$222 million) from about 10,000 victims.
Officers from the Economic Crime Suppression Division, working with Chiang Mai Immigration, detained the suspects on Friday during raids in Bangkok and Chiang Mai. The men, identified as Yang, 41, Wang, 46, and Li, 46, were arrested at a condominium in Huai Khwang district and a house in Hang Dong district. Police did not release their full names.
The three Chinese Nationals were wanted under warrants issued by China’s Ministry of Public Security. They face allegations linked to illegally taking deposits from the public, and their Chinese passports have been revoked.
Investigators said the suspects set up Jihui (Hainan) Enterprise Management Consulting Co. in China and then began raising funds from the public without approval. They allegedly promoted investments in shares of firms said to be preparing for initial public offerings (IPOs) within three to five years.
High Returns Investment Scam
To appear credible, the group reportedly created an investment app called Jihui Jinfu. The app promised annual returns of at least 12%, according to investigators. Police said the scheme drew in more than 8,000 investors and caused losses estimated at 1.6 billion yuan, or about 7 billion baht.
Authorities said victims were told the company would buy pre-IPO shares in high-potential businesses. Once those firms were listed, investors were led to believe the share price would rise sharply, multiplying their money.
Investigators said the funds were never invested. Money paid through the app was allegedly controlled by the firm’s finance unit and the three suspects. Police said Yang handled day-to-day operations, Li focused on marketing and bringing in clients, and Wang managed finance and administration. When investors expected payouts, the company failed to pay the promised returns, police said.
The suspects later fled China and travelled through several countries before entering Thailand. Investigators said they kept out of sight by staying in different provinces, and also tried to avoid attention by applying for student visas, claiming they came to study. Chinese officials later cancelled the suspects’ travel documents and worked with Thai authorities, leading to the arrests.
During questioning, Li denied taking part in the scheme and said he was only a nominee account holder, according to Thai police. Yang and Wang told officers they lived quietly in Thailand.
Crackdown on Chinese Criminals
Police said they rarely went out or socialised and kept supplies in their rooms to reduce the risk of being found. Immigration police have cancelled their visas and issued deportation orders. The Chinese three men remain in custody while deportation to China is arranged.
Thailand is increasingly seen as a place where Chinese criminals try to stay out of reach, especially those tied to large telecom fraud, cyber scams, and money laundering rings.
Many are linked to huge scam compounds in Myanmar’s poorly controlled border areas, including Myawaddy and KK Park. In these sites, Chinese-run groups reportedly force trafficked people to run online fraud schemes that cause billions in losses around the world.
A lot of fugitives slip into Thailand through illegal crossings or by overstaying their visas. They then keep a low profile in Bangkok, renting luxury flats, booking high-end hotels, and mingling in nightlife areas. Recent arrests show how big the problem is.
Thailand’s Immigration Bureau and the Royal Thai Police have stepped up enforcement. In 2025, they arrested dozens of Chinese fugitives linked to fraud worth tens to hundreds of millions of dollars. Many face quick extradition to China under the two countries’ treaty, including well-known transfers of figures connected to online gambling operations and human trafficking networks.
Some suspects still use Thailand as a stopover or a place to move and clean money, often through property and business deals. At the same time, joint efforts with Chinese authorities have sent thousands back, which signals Thailand is less willing to be treated as a haven. The wider push across the region shows a shared focus on breaking up cross-border crime networks.
