BANGKOK – Police arrested a Chinese man accused of running a large investment scam, along with 14 others, following coordinated raids in four provinces. The crackdown, led by officers from the Technology Crime Suppression Division (Cyber Police), resulted in the seizure of assets exceeding 21 million baht (US$660 million).
Pol Maj Gen Athip Pongsiwapai, who heads the TCSD, said the group tricked people into putting money into fake online stock trading schemes. Police operations in Bangkok, Nonthaburi, Pathum Thani, and Chiang Mai led to the arrest of Wang Yanbin, 40, identified as the leader.
His former Thai wife, Rinyapat (surname withheld), 33, and 13 others were also caught. Another person, already in prison on a separate case, faced charges under a criminal court warrant.
All those detained are accused of conspiring to commit fraud, impersonating others, sending false data into computer systems, conspiring to launder money, and participating in a crime organization that crosses borders.
During the raids, police took nine luxury cars, 40 designer handbags and jewellery, cash in several currencies worth close to 300,000 baht, 29 mobile phones and other digital devices, more than 100 bank books and ATM cards, 10 SIM cards, and 23 Buddhist amulets. All seized items combined are valued at around 21 million baht.
Fake Investment Opportunities
According to Pol Maj Gen Athip, the group set up fake Facebook accounts to attract victims to make investments in platforms like FINNIXMAX and CGS International. Victims were then invited to LINE chat groups, with over 100 collaborators posing as genuine investors who shared advice to make the network seem legitimate.
At first, people could pull out small profits. But when they invested more, withdrawal requests were blocked, and the administrators vanished, Pol Maj Gen Athip explained.
Members helped by finding people to open bank accounts under false pretences, taking money out at banks, sending funds to ringleaders in China, and moving the cash through different channels. They earned either a cut from the cash they withdrew or were paid between 1,000 and 10,000 baht for each job.
Investigators linked the gang to 265 cases reported through an online complaints portal. The financial losses suffered by victims have reached over 654 million baht.
Pol Col Supoj Phumyaem, who led the team, said both Wang and Rinyapat denied wrongdoing but admitted they once picked up cash for another Chinese national. Some Thai suspects admitted to taking out money and handing it to the group.
Victims were told to send money to accounts held by so-called “mules”. Those account holders waited in public places. Once money arrived, it would be withdrawn within minutes, given to other gang members, and converted into cryptocurrency before reaching the leaders, Pol Col Supoj said.
Investment Scam Crackdown
Criminal groups tied to China are now a major global concern as they use Thailand as a base for online fraud. These syndicates take advantage of weak border control and regional instability to run large scam operations.
The border area near Mae Sot is a hotspot. Here, Chinese groups bring in thousands of people, often by tricking them with fake job offers. Many end up forced to work in scam centres. They carry out social engineering scams, including cryptocurrency fraud, online gambling, and romance scams that target people around the world.
Thailand’s position as a transit route and its open borders let these operations thrive. Major scam compounds like KK Park and Shwe Kokko have helped generate billions in illicit gains, with Americans losing an estimated $10 billion in 2024 alone.
Local armed groups, such as the Karen Border Guard Force, provide support to these centres. The gangs use advanced tools, including AI and deepfake technology, to trick more victims, while Thai infrastructure provides power and internet.
Recent police crackdowns included cutting off electricity and internet to scam compounds and sending over 1,000 Chinese nationals back to China in early 2025. Still, the problem remains severe, with up to 120,000 people thought to be imprisoned in scam centres in Myanmar and 100,000 more in Cambodia.
Efforts to fight these crimes face setbacks. Some Chinese syndicates have links with Thai officials and the Myanmar military, which makes law enforcement more difficult. Meanwhile, China has used the crackdown as an excuse to extend its influence in the region, officially under the banner of fighting scams.
While many people have been rescued and sent home, critics say the focus on repatriation ignores the larger trafficking network. The main scam rings remain active, with new variants now targeting English-speaking victims in the US and other countries.
