Bangkok: Arrest warrants have been issued for Ben Smith and his wife, Katriya Beaver, amidst evidence of their involvement in a transnational investment scam. The Thai authorities have conducted raids on six locations, including several companies, as they work to expand the investigation into the extensive fraud network.
According to Thai News Agency, the Central Investigation Bureau (CIB), led by Pol. Lt. Gen. Natthasak Chaowanasai, has mobilized an extensive team of law enforcement officials to pursue the case. The team includes Pol. Maj. Gen. Pattanasak Bupphasuwan of the Crime Suppression Division and Pol. Maj. Gen. Tatsaphum Charupraj of the Economic Crime Suppression Division, among others. The investigation has revealed that Ben Smith and his wife orchestrated a scheme that defrauded foreign investors by promising lucrative returns on investments in stocks, real estate, private jets, and energy businesses.
The scam, which reportedly began in 2016, saw Ben Smith posing as an investment expert, convincing foreign investors to commit substantial funds by leveraging his supposed expertise in the Thai stock market. Initial investments were funneled into legitimate Thai companies, gaining the trust of the investors. However, further investigation revealed that the couple used this trust to manipulate victims into investing over 1 billion baht in fraudulent schemes, including a private jet purchase and energy sector ventures.
The investigation uncovered that the couple's actions resulted in significant financial losses for their victims, who were initially convinced by the credibility and connections Ben Smith claimed to possess. The fraudulent activities continued until 2022, when the victims realized the deception after failing to receive promised returns and assets. The Central Investigation Bureau has since issued arrest warrants and conducted searches, seizing numerous electronic devices and documents that could serve as evidence in the case.
The CIB has also enlisted the help of the Anti-Money Laundering Office to track and report additional evidence related to the money laundering aspect of the case, which dates back several years. Authorities warn the public and investors about the sophisticated nature of these scams, urging them to verify investment opportunities through official channels and to remain cautious of schemes promising guaranteed profits.
The Central Investigation Bureau is calling on anyone who suspects fraudulent activity or believes they may be a victim to report the incident to the police immediately. This proactive approach aims to prevent further fraud and increase the likelihood of asset recovery for affected parties.