National —
On December 19th, 2024, Thai national media reported that Thai police and immigration officers arrested two suspects, a Malaysian man and his Thai wife, accused of defrauding over 50 victims in a fake investment scheme, causing losses exceeding 800 million baht.
The Malaysian suspect, Mr. Lim Chin, 38, was apprehended at the Sadao Immigration Checkpoint in Songkhla for alleged money laundering. His wife, Ms. Saowalak, was later detained on the same charge.
The duo reportedly spearheaded a complex operation involving fake stock investment applications, luring victims with promises of high returns.
Initially, investors were allowed to withdraw small profits to build trust, but as investments increased, withdrawals were blocked under the pretense of unpaid fees and taxes. Investigations revealed the app was unlicensed, and the syndicate laundered money through multiple bank accounts before converting funds into cryptocurrency.
Thai authorities also launched Operation “GHOST COMPANY” to investigate over 200 shell companies suspected of aiding the syndicate’s money-laundering activities. The operation uncovered ties to call center scams, online gambling, and other illicit ventures across Southeast Asia. The crackdown is ongoing, with warrants issued for more than 50 individuals.
This article originally appeared on our sister website The Pattaya News.
