Bangkok: The National Police Inspector General is intensifying the investigation into a scam where an elderly man was deceived into stock trading, leading to a loss of nearly 40 million baht. The Inspector General has mandated a crackdown on scams involving both individuals and corporations, with stringent penalties for those implicated.
According to Thai News Agency, Pol. Gen. Thatchai Pitaneelabutr, the Inspector-General of the Royal Thai Police, is actively pursuing a fraud case involving joint investment scams. The victim, an 85-year-old man, was swindled by a group of fraudsters into stock investments, incurring losses amounting to nearly 40 million baht. Pol. Maj. Gen. Pallop Aemla, Deputy Commissioner of the Metropolitan Police Bureau, along with other officials, convened at Bang Sue Police Station to deliberate on the case.
The elderly victim, who had a history of regular stock investments, was targeted by a Facebook user named "Hong Sataporn" in July 2015. This individual claimed ownership of a stock market investment platform and enticed the victim with several consultations. Subsequently, the victim was added to a Line group with about 100 members and was instructed to use the "ASP Next" application for stock transactions. The group directed members to transfer funds to specific accounts, purportedly for investment purposes.
The fraudsters further enticed members to invest in Big Lot, a scheme involving substantial stock investments with promises of high returns. Members were guided through the buying process, with funds being transferred to corporate accounts that appeared legitimate. A total of 46 transactions were conducted from August 11, 2025, amounting to 38,465,000 baht.
Upon noticing irregularities in the victim's transactions, the bank alerted him, particularly regarding multiple large transfers. The investigation revealed that the corporate account was newly established, prompting the bank to halt the final transfer. The bank then collaborated with the Investigation Division of the Metropolitan Police Bureau for further inquiry.
Despite initial skepticism, the victim attempted to withdraw approximately 80 million baht from the ASP Next app, only to find the transaction unsuccessful. Realizing the scam, the victim reported to Bang Sue Police Station. Investigators have since identified and frozen 22 corporate mule accounts linked to 20 companies, securing an initial 1.9 million baht from the suspects.
Pol. Gen. Thachchai has directed the Metropolitan Police Bureau to expedite the investigation, capture those involved, and bring them to justice. He emphasized the prevalence of investment fraud cases and urged the public to exercise caution, particularly in stock trading. He advised verifying brokerage firms' registration with the Stock Exchange of Thailand.
Simultaneously, all accounts linked to money laundering activities will face scrutiny and legal action. Severe penalties, including fines and imprisonment, are anticipated for offenders without exceptions.