Eight-year manhunt ends with arrest in Bt90m stock fraud case

Police have arrested a 39-year-old suspect accused of involvement in a nearly Bt90 million stock fraud case linked to an alleged scheme that deceived investors with false claims of privileged investment access and cut-price IPO shares.

The arrest was announced on March 23 by officers from the Crime Suppression Division (CSD), acting on the orders of Pol Maj Col Pattanasak Bubphasuwan, commander of the division. The suspect, identified only as Sirisak, was taken into custody in Soi Inthamara 45 in Bangkok’s Din Daeng district.

He was wanted under an arrest warrant issued by the Bangkok South Criminal Court on March 13, 2018, on charges of joint theft, importing false information into a computer system in a way likely to cause damage to others, and wrongdoing by a person responsible for the operations of a juristic entity under the Securities and Exchange Act for unlawful gain.

The case dates back to 2013-2016, when Sirisak was allegedly involved with former investment adviser Jasmine, previously employed by Yuanta Securities (Thailand), and two other accomplices in defrauding the brokerage company.

Investigators said the group used a method known as “impersonating clients”, falsely claiming ownership of money transferred into the company’s accounts. In fact, the funds belonged to other clients who had been persuaded to transfer money for investment purposes.

According to the investigation, Sirisak allegedly sent false information via personal email and money transfer applications to the brokerage’s operations staff in order to confirm that the money belonged to him. He then allegedly withdrew the funds. Total losses in the case were estimated at nearly Bt90 million.

Jasmine was arrested and prosecuted in early 2018, while Sirisak is said to have remained at large for more than eight years before investigators finally tracked him down.

During questioning, the suspect admitted that he was the person named in the arrest warrant but denied all charges. He was then handed over to investigators from Sub-Division 1 of the CSD for legal proceedings.

Police also warned the public to exercise caution over all forms of investment solicitation, particularly offers referring to “special portfolios for premium clients” or “IPO share quotas at below-market prices”. They said such claims, along with promises of guaranteed returns or guaranteed share prices, are not consistent with normal investment practice.

They further warned people never to transfer money into the personal bank accounts of investment advisers or other individuals, as this is a serious breach of securities company practice and could make it far easier for fraudsters to exploit victims.