Taiwanese boss of alleged Covid-19 scam arrested in Bangkok, police say
A Taiwanese man has been arrested in Bangkok for allegedly setting up a bogus Covid-19 medicine firm used to swindle about 23 million baht by selling stocks to about 10,000 Taiwanese investors.
The Immigration Bureau tracked and located the suspect, identified as Huang, and arrested him on Friday, following a request from the Taipei Economic and Cultural Representative Office in Bangkok.
Huang was wanted under an arrest warrant issued by a Taiwanese court, Immigration Bureau commissioner General Phakphumpipat Sajjaphan said.
An investigation by the Immigration Bureau found that Huang entered Thailand using a passport issued by Vanuatu, a nation in the South Pacific, on February 5 2022 with a visa obtained via the Thailand Privilege Card promotion.
Huang was living in a luxury condominium in the heart of Bangkok, the investigation by immigration police found.
Police raided the condo and arrested Huang on Friday.
They displayed the suspect at a press conference at the Immigration Bureau.
Police say they seized 1 million baht in cash, five mobile phones, and a fake Singaporean ID card during the raid of the condo.
Huang admitted he had fled Taiwan to Singapore where he obtained the Vanuatu passport and subsequently entered Thailand, police said.
Huang is suspected of setting up a bogus company that claimed to make and sell Covid-19 medicine during the early stage of the pandemic.
After he set up the firm, he listed it on the Taipei Stock Exchange, while associates opened firms abroad to manipulate the company’s share price.
The share price peaked at the equivalent of 500,000 baht per 1,000 shares. About 10,000 Taiwanese investors bought shares equivalent in value to 23 billion baht.
After Huang sold his shares, he shut down the company and fled Taiwan, police said.
Taiwanese police froze Huang’s assets worth the equivalent of 60 million baht and obtained arrest warrants for 29 other suspects. All but two have been arrested.
Huang is also facing legal action for living in Thailand without a legal visa and will be deported to Taiwan.