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58 Chinese Arrested in Bangkok for Running Stock Manipulation Scam

The Chinese nationals were using a hotel in Bangkok’s Wang Thong Lang district for running the stock manipulation racket.

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BANGKOK – Thai police have arrested 58 Chinese nationals for alleged manipulation of stocks on Chinese investors using WeChat application.

The Chinese nationals were using a hotel in Bangkok’s Wang Thong Lang district for running the stock manipulation racket. Immigration Bureau chief Pol Lt General Sompong Chingduang said in a press briefing on Wednesday.

The gang defrauded their compatriots through over 100 WeChat groups, he said.

The suspects, who were paid $800 a month, preyed on Chinese investors by luring them to buy manipulated stocks.

The police raid came after the gang members spent nearly all their time in their hotel rooms. Over 200 mobile phones, 40 notebook computers and phone conversation manuals in Chinese have been confiscated.

The Immigration Bureau chief said the suspects entered Thailand on tourist visas were charged with working without permit. There visa’s will be revoked and they will be deported.

In Pattaya,  police have arrested 19 Chinese nationals for running an online gambling operation during a raid at a condominium.

Police raided two rooms on the seventh floor of CC Condo late Tuesday night after reports of suspicious activities involving a large number of tourists.

There were 17 Chinese nationals, 14 men and three women, in the first room and the other two men in the second room; all traveling to Thailand on tourist visas.

Fifteen notebook computers, 300 mobile phones, SIM cards and other electronic devices were seized.

Police said the group was running online gambling websites with over two million Chinese Yuan, about 8 million Thai baht, in daily circulation. The Chinese nationals were paid $1400 a month each.