Man held over Bt50m fraud

Around Thailand February 20, 2019 15:19

By The Nation

A man has been arrested for allegedly defrauding around 100 stock market investors of about Bt50 million, police said.



Pol Lt Gen Suchate Hakpal, Immigration Bureau chief who also heads the economic crime centre, said Jittaraphon Nisarat, 25, was arrested on Tuesday at his apartment in Bangkok's Phra Khanong district.

Surachate said Jittaraphon was arrested under a warrant issued by the Criminal Court on Friday.

Jittaraphon was accused of collaborating with two other accomplices to convince over 100 victims to invest in their company with a promise of a 10 per cent yield per month for their investment. The investors were asked to invest at least Bt300,000.

The investors were told that Jittaraphon's company would invest in the Wall Street stock market for profits in short sales.

Surachate said the investors received the promised returns for just the first three or four months but Jittaraphon then stopped paying the yields and closed his company and disappeared.

Surachate said police are still hunting for the two accomplices, Sorachat Klamsaeng, 40, and Pirayuth Arj-amnuay, 34.