Thai news agencies have reported the arrest of three Myanmar nationals in Mae Sot for conducting fraudulent stock trading operations, during which authorities seized 46 million Thai baht. The suspects allegedly operated a scheme through Facebook, promising investors a 10% monthly return on their investments in stock trading. They instructed interested parties to install the Ulela Max Application on their phones, through which all stock trading activities were conducted.
The fraudsters initially paid returns to their investors but gradually increased the investment amounts required before eventually absconding with the invested funds. According to police investigations, the application allowed for real money transfers, with some investors making up to 18 transactions, transferring as much as 20 million Thai baht. To avoid police detection, the perpetrators converted the fraudulently obtained money into digital currencies and cryptocurrency. Their financial operations were controlled from a city in Cambodia, with the fraud network consisting of 28 members and 24 rented bank accounts. The operation was reportedly handling approximately 1 billion Thai baht per month.
The investigation revealed that the scheme operated as a legitimate-appearing trading platform initially, building trust by allowing early investors to withdraw profits. However, as more people invested larger sums, the fraudsters implemented their plan to steal the accumulated funds. The sophisticated operation included multiple layers of financial transactions and the use of cryptocurrency to obscure the money trail. The group maintained a complex network of accounts and utilized modern digital payment systems to facilitate their fraudulent activities.
Thai authorities seized 46 million baht in cash from the three arrested Myanmar nationals and are preparing to charge them with multiple offenses, including money laundering and online fraud. The case highlights the growing concern over online financial fraud in the region, with Thai authorities increasing their vigilance against such schemes. The investigation continues as authorities work to uncover the full extent of the operation and identify other potential suspects involved in the fraudulent network. This case serves as a reminder of the sophisticated nature of modern financial fraud operations and the importance of exercising caution when engaging in online investment opportunities.
