Police arrest executive in 800 million baht investment fraud case
The Economic Crime Suppression Division arrested a company executive accused of committing a fraudulent investment scheme through an application on Tuesday.
According to the police, the scheme reportedly generated 500 million baht in revenue within three months of the company's registration.
Further investigation is underway as over 50 victims were identified and total damages are estimated at more than 800 million baht, the police said.
The suspect identified as Kritsada (23) said he was hired for a 500 baht wage to open a bank account on behalf of another suspect, identified as Ploy.
He explained that he used the company's registration documents to open bank accounts before handing over the account book and SIM card to Ploy.
Police have filed charges against Kritsada, including involvement in a transnational criminal organisation, establishing an organisation to commit crimes, defrauding the public, inputting false information into a computer system, money laundering and allowing others to use his account book and SIM card for cybercrimes.
