Thai Authorities Arrest Three Foreign Nationals in $220 Million Investment Fraud Case

Thai authorities have detained three Chinese nationals accused of defrauding over 8,000 investors of approximately 7 billion THB (over $220 million). The suspects—Yang, 41; Wang, 46; and Li, 46—were apprehended on January 9 at locations in Bangkok and Chiang Mai, local media reported.

The three were wanted by China's Ministry of Public Security for illegally accepting public deposits. They registered Jihui (Hainan) Enterprise Management Consulting Co. in China and promoted unauthorised investment opportunities through an app, Jihui Jinfu, promising guaranteed annual returns of at least 12%. The scheme targeted investments in shares of companies planning IPOs over the next three to five years, attracting more than 8,000 investors and causing losses estimated at 1.6 billion CNY.

The suspects fled China and travelled internationally before entering Thailand, attempting to mislead authorities with student visa applications. Chinese authorities revoked their travel documents and coordinated with Thai authorities, leading to the arrests. Thai officials have revoked their permission to remain in the country and issued deportation orders; the suspects are currently detained pending return to China.