Recently, Thai police launched a nationwide raid and dismantled a transnational fraud and money laundering network suspected of using the "Thailand Elite Visa" as a cover. The gang lured victims with promises of high returns from bulk stock trading and siphoned funds through fake investment platforms. Police said one victim alone lost 26.51 million baht.
Investigations show the gang first transferred victims' funds into accounts at multiple companies, then layered the money through underground banks, third-party payment platforms and purchases of USDT, using non-custodial wallets to hide the flow of funds. Police also found that the gang is suspected of using illicit proceeds to buy eight luxury homes in Bangkok and Samut Prakan province (including 30-year long-term lease properties) and several luxury cars, in an attempt to disguise the source of the funds.
During the operation, police searched 27 locations across 11 provinces and seized assets including luxury homes, luxury cars, cryptocurrencies and cash, with a total value exceeding 500 million baht. The court has issued arrest warrants for 71 suspects, including 21 Chinese nationals, 41 Thai nationals and other nationalities. So far, 39 people have been arrested.
During interrogation, some of the arrested Chinese suspects said they had handled funds for senior partners at the Poipet scam compound in Cambodia from 2022, involving money laundering of at least 3 billion baht.
A total of 22 suspects remain at large overseas, and Thai police are continuing to expand the investigation and step up efforts to track them down.
