A Thai woman was arrested following accusations of orchestrating a fraudulent investment scheme through her Facebook group, resulting in losses estimated at 300 million baht.
The alleged scam involved luring individuals into investing in gold savings with promises of genuine 96.5% gold at prices significantly lower than the market rate. Victims were promised substantial returns or tangible gold but many reported receiving neither.
The incident, which first saw complaints filed at Bang Pa-in Police Station in January, drew police attention and spurred an investigation by local law enforcement.
The victims, left feeling betrayed, expressed their anger, with one shouting, “Don’t you feel any remorse? You even attended my father’s funeral!”
The police’s investigation revealed that 37 year old Kanokratda had been enticing people by posting pictures and messages on the Facebook group บ้านออมทองเจ๊แหม่ม, demonstrating the purchase of gold with cash to gain the trust of potential investors.
The enticing offer of gold priced 3,000 to 4,000 baht below market rates attracted numerous investors, primarily colleagues from a factory in Bang Pa-in, Phra Nakhon Si Ayutthaya. Their investment was supposed to yield results within a fortnight, with those referring others receiving a 500 baht commission and additional incentives. This enticing scheme led to widespread participation across the country.
By December last year, complaints from approximately 20 people in Bang Pa-in surfaced, as they had not received their promised returns or gold. This prompted the police to gather evidence and secure an arrest warrant for Kanokratda on charges of public fraud. She was eventually apprehended while heading to work in Pathum Thani.
A 41 year old woman, Patcharaporn, a victim and acquaintance of Kanokratda, was present during the arrest. She expressed her disbelief and hurt, noting how she had invested the life insurance and funeral funds from her late father, funds intended to secure a future in Thailand after her husband’s work abroad.
“I never imagined being deceived by someone I considered a friend, having known her from work. Her Facebook profile seemed reputable, and many others were investing with her.”
Patcharaporn further recounted that she initially invested small amounts in gold savings, which yielded some profits. However, by August, she increased her investment, eventually accumulating over 41 baht worth of gold, hoping for substantial returns.
When communication with Kanokratda ceased in December, suspicions grew, leading to the revelation of the scam. Alongside fellow victims from their workplace, they faced combined losses nearing 30 million baht, with total nationwide damages amassing around 300 million baht.
“The funds were meant for starting anew here. I even considered ending my life but my family, especially my husband and young children, offered me support.”
Patcharaporn also disclosed rumours that Kanokratda had allegedly used the funds to purchase assets for a former partner, raising hopes that some assets might be recoverable.
In her defence, Kanokratda claimed she never intended to deceive her investors. She stated that the funds were used to pay off other investors and manage ongoing investments. However, a sudden surge in withdrawals around New Year led to financial instability, causing the system to collapse.
“I merely wanted to expand the investment cycle. It was never my intention to defraud anyone.”
Police Colonel Direk Potipan of Bang Pa-in Police Station likened the scheme to a pyramid or Ponzi scheme, warning the public against such enticing offers of quick profits from seemingly low-risk investments. He stressed the importance of vigilance, particularly with offers circulated widely on social media platforms.
With 16 individuals officially filing complaints at Bang Pa-in Police Station, the case continues to develop, as more victims are expected to come forward, having been impacted by the widespread fraudulent activities orchestrated by Kanokratda, reported KhaoSod.
If you or anyone you know is in emotional distress, please contact the Samaritans of Thailand 24-hour hotline: 02 713 6791 (English), 02 713 6793 (Thai), or the Thai Mental Health Hotline at 1323 (Thai). Please also contact your friends or relatives at this time if you have feelings of loneliness, stress, or depression. Seek help.
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