Thai Authorities Dismantle Chinese Syndicate Behind $210m Global Investment Fraud
Three Chinese nationals arrested for running the ‘Jihui Jinfu’ sham app, which promised 12% returns on IPOs but defrauded victims of 1.6 billion Yuan
- Thai authorities arrested three high-ranking members of a Chinese syndicate responsible for a massive investment fraud.
- The syndicate operated a fraudulent mobile app, 'Jihui Jinfu,' which defrauded over 8,000 victims in China of more than $210 million (1.6 billion Yuan).
- The scheme lured investors by falsely promising guaranteed 12% annual returns on Initial Public Offerings (IPOs).
- The suspects had fled to Thailand to escape prosecution and are now being detained for deportation to China to face charges.
Three Chinese nationals arrested for running the ‘Jihui Jinfu’ sham app, which promised 12% returns on IPOs but defrauded victims of 1.6 billion yuan.
The Central Investigation Bureau (CIB) and the Immigration Bureau have announced the arrest of three high-ranking members of a Chinese "grey business" syndicate accused of orchestrating a massive investment fraud totaling over $210 million (approximately 7 billion baht).
The suspects—identified as Yang (41), the alleged ringleader; Wang (46), the financial officer; and Li (46), the marketing lead—were apprehended following coordinated raids at a luxury condominium in Bangkok’s Huai Khwang district and a private residence in Hang Dong, Chiang Mai.
The ‘Jihui Jinfu’ Deception
According to the CIB’s Technology Crime Suppression Division (TCSD), the group operated a fraudulent mobile application titled "Jihui Jinfu."
Since 2015, the syndicate reportedly lured more than 8,000 victims in China by promising "guaranteed" annual returns of 12% through investments in Initial Public Offerings (IPOs).
Investigations by Chinese authorities revealed that the company never actually executed any trades.
Instead, the funds were diverted into private accounts controlled by the trio.
When the investment terms matured, the company defaulted on payments, leaving a trail of financial ruin across China with losses exceeding 1.6 billion Yuan.
Evading the Law
The fugitives fled to Thailand to escape prosecution, with some reportedly using student visas as a cover to deceive immigration officials and remain in the kingdom.
Following a formal request for assistance from Beijing, Thai authorities revoked their residency permits and tracked them to their respective hideouts.
Extradition and Proceedings
During initial questioning, Yang and Wang reportedly acknowledged the charges and admitted they were attempting to evade the Chinese justice system.
Li, however, has denied any involvement in the fraudulent activities.
The trio are currently being detained by the Immigration Bureau as they await deportation to the People’s Republic of China, where they face charges of "illegal collection of public deposits."
The operation was conducted under the direct supervision of Pol Gen Thana Chuwong, Deputy Commissioner General, and Pol Lt Gen Jirabhop Bhuridej, Assistant Commissioner General of the Royal Thai Police.
