4 held for running social media gold scam

POLICE arrested a gang of swindlers who tricked people into transferring over 50 million baht to buy gold at cheaper than the market price after convincing them that this was possible because they did not have a shop, Thai News Agency reported today (August 25, 2018).

Pol Maj-Gen Surachet Hakphan, deputy chief of Tourist Police, announced the arrest Miss Pavira Wongphakdi, a member of a Sub-district Administration Organization in northeastern Buriram province’s Pakham district, and 3 associates on the charges of tricking 30 people into investing over 50 million baht in buying gold at lower than market price .

Their strategy was to open a Facebook page where they announced that could sell gold cheaper than the going market rate because they did not have a shop, nor did they have to pay workers or electricity bills.

They claimed that if buyers bought gold from them at 19,000 baht a baht weight they could sell to new members at 19,200 baht.

They offered either to hand over the gold to the victims personally, or if they transferred the money they would get return on investment at 200 to 500 baht within 10 days.

Upon getting a good return, the first few victims invited their friends and relatives to join in.

They got altogether 16 million baht back in the form of return on investment with the gang pocketing the other 34 million baht.

The suspects confessed that the gang leader gave them 50 baht per member they recruited as well as 200,000 to 300,000 baht a month from the gold trade.

Police have filed charges of defrauding the public against the suspects and are chasing the head of the gang.


Top: Police questioning the gold fraud suspects at Phaya Thai police station today. Photo: Thai News Agency