PATTAYA – Police from Thailand’s Economic Crime Suppression Division (ECD) have arrested a British man and five Thai women accused of running a cross-border investment scam that cheated more than 400 people.
Many of the reported victims are retired foreign expatriates living in Pattaya. Investigators say early estimates put the losses at over 300 million baht, shared during a press briefing on Thursday.
The case is the latest example of how fake investment schemes keep targeting retirees in popular expat areas such as Pattaya, Chiang Mai, and Phuket.
Police say the group operated under the name “King Power Gold”, presenting it as a premium stock-trading service with supposed links to well-known international banks. Investigators allege the suspects used professional websites, polished marketing, and a high-end office look to make the business seem trustworthy.
The ECD says the scam drew in both Thai and foreign investors, with a strong focus on older expats in Pattaya. Many were introduced through friends, social circles, seminars, and word of mouth at places popular with the expat community. Victims were promised very high returns, sometimes claimed to be 20 to 30% a month, across global shares, forex, or cryptocurrencies.
Pol Maj Gen Phutidej Boonkraphue, commander of the ECD, said the group built confidence by showing victims fake trading dashboards and paying small returns early on. He said it worked like a Ponzi-style set-up, where money from new investors was used to pay earlier ones, while organisers took most of the funds.
Police reviewing bank trails said they found no sign of real trading in legitimate markets. Investigators believe it functioned as a pyramid-style fraud and began to unravel when fresh money slowed.
More Than 400 Victims, Life Savings Reportedly Lost
Authorities say at least 400 victims have already been identified, with losses of over 300 million baht. They expect that total to rise as more people come forward. Many complainants are British, Australian, American, and European retirees who moved to Pattaya for a lower cost of living and a relaxed lifestyle, then lost savings they thought were secure.
A 72-year-old British retiree, speaking anonymously, said he invested more than 5 million baht after an introduction by a Thai acquaintance. He said the group showed accounts that appeared to grow each day, and he was able to withdraw small profits at the start. The professional office and the presence of a foreigner helped convince him it was genuine, he said.
The allegations have unsettled local expat groups, with online forums sharing warnings and stories of similar offers. The British Embassy in Bangkok has also urged citizens to be careful with unsolicited investment approaches. A spokesperson said the embassy is aware of the case and is providing consular help to affected British nationals.
Investigators believe the scam operated for at least two years, using Thailand’s strong appeal as a retirement destination to reach older foreigners who may be far from family support.
Who Police Say Was Involved
Six suspects were detained in coordinated raids at homes and offices in Pattaya and Bangkok. Police named them as:
- Mr Bradley (surname withheld pending court proceedings), a British national described as the key organiser and public face, was accused of recruiting foreign victims and adding credibility as a “Western expert”.
- Ms Nathamon (surname withheld), 38, Thai, accused of helping recruit victims and managing client contact.
- Ms Supaporn (surname withheld), 42, Thai, accused of running fake trading accounts and arranging payouts.
- Ms Jiraporn (surname withheld), 35, Thai, accused of handling transfers and money laundering activity.
- Ms Kanokwan (surname withheld), 40, Thai, accused of administrative work and document forgery.
- Ms Pimchanok (surname withheld), 29, Thai, accused of supporting online marketing and social media promotion.
All six were arrested under warrants issued by the Pattaya Provincial Court.
Charges and Possible Penalties
Police say the suspects face several serious offences under Thai law, including:
- Joint public fraud (Criminal Code Section 341, punishable by up to five years in prison and fines)
- Joint public borrowing that amounts to fraud (a more serious charge, with penalties of up to ten years)
- Putting false data into a computer system in a way likely to harm the public (Computer Crime Act, up to five years)
- Money laundering under the Anti-Money Laundering Act
If found guilty on multiple counts, the suspects could face lengthy prison terms. Police said assets seized during the raids, including luxury vehicles, properties in Pattaya, bank accounts, and electronic devices, are worth more than 100 million baht. Authorities say these could be used to help repay victims where possible.
Pol Maj Gen Phutidej said the investigation is ongoing and more arrests may follow, including through international work to track funds. He added that officers are coordinating with Interpol and foreign embassies to trace money believed to have been moved overseas.
Police Warn of Rising Risk for Expats
The Pattaya case follows other well-known investment fraud arrests across Thailand, including in Phuket and Hua Hin. Police say some schemes involve mixed Thai and foreign groups who use personal trust and social connections to draw people in.
Regulators and fraud experts warn that retirees can be easier targets due to isolation, language barriers, and the lure of extra income on top of a fixed pension. Thailand’s Securities and Exchange Commission (SEC) has repeatedly advised the public to check investment firms and platforms through official sources.
With Pattaya’s foreign population estimated at more than 100,000, authorities say they plan tougher enforcement. The ECD commander said police will not allow Thailand to become a safe base for fraud rings.
Support groups are now calling for stronger victim help, including a dedicated hotline and clearer routes to compensation. For many retirees, the loss is not just financial; it can mean the end of a retirement plan built over decades.
The warning from police and embassies remains simple: when returns look unrealistically high, the risk often is too.
