Bangkok:Police have dismantled a transnational horse farm fraud network, arresting 11 suspects involved in swindling victims out of over 379 million baht.
According to Thai News Agency, the Royal Thai Police's Anti-Online Fraud Center led an operation against the fraudulent network, which operated under the guise of a corporation. The operation was an extension of the "Nong Chan raid and crackdown on illegal Cambodian military warehouses" and was spearheaded by a Malaysian national known as Cheng or Dave, along with a network of Thai and foreign nationals.
The network was engaged in selling fake bank accounts to illegal businesses, enlisting Thais working in Malaysia to recruit others to open bank accounts for compensation. Investigations revealed that the network operated over 1,500 registered companies, defrauding victims through 64 bank accounts linked to 48 companies, resulting in damages exceeding 379 million baht.
Police obtained arrest warrants for 16 suspects and search warrants for 20 locations across 8 provinces. During the operation, 11 suspects, including Malaysian and Thai nationals, were apprehended. Authorities seized evidence, including 239 bank account books, 222 corporate seals, and other crime-related assets, totaling 934 items.