Bangkok: The Central Investigation Bureau (CIB) has arrested a fraudster who deceived individuals into investing in the M3 DAO cryptocurrency by promising effortless investments and daily payouts, but ultimately obstructing withdrawals. The financial damage from the scheme is reported to exceed 30 million baht.
According to Thai News Agency, the Economic Crime Suppression Police apprehended Ms. Monthira, 55, a Thai national, on charges including conspiracy to defraud, conspiracy to defraud the public, and conspiracy to engage in fraudulent lending. Mr. Chinawat, 22, also a Thai national, was arrested under a warrant issued by the Thanyaburi Provincial Court on March 31, 2026, for similar offenses. The arrests took place at a residence in a village in Prachatipat Subdistrict, Thanyaburi District, Pathum Thani Province.
Five items of evidence were seized during the operation: eight mobile phones, one notebook, a bank passbook, an M3 Investment Plan Presentation Board, and an M3 Membership Discount Coupon. These items are believed to be connected to the fraudulent activities.
The investigation originated from a complaint filed in November 2025 by a group of victims who had fallen prey to the fraudulent investment scheme associated with the M3 DAO project. The scheme resulted in damages exceeding 30 million baht. The Economic Crime Suppression Division (ECSD) of the Royal Thai Police discovered that the suspects lured victims into investing through the platform https://m3mars.io. Ms. Monthira solicited investments via social media and seminars, promoting various investment plans with promises of substantial returns and daily profits. The investigation uncovered a money laundering operation involving digital asset conversion and fund transfers to accomplices.
Ms. Monthira was identified as the primary perpetrator, actively soliciting investments and organizing meetings across provinces to recruit investors. The ECSD officers secured arrest warrants for three suspects, successfully arresting two, while the third, a foreign national, is currently deceased. The suspects reportedly handled over 30 million baht in their bank accounts, and the arrested individuals were handed over to ECSD's Division 4 for legal proceedings.
During questioning, Ms. Monthira partially confessed to investing in the platform and encouraging others to invest but denied involvement with the platform itself. Mr. Chinawat denied any participation in the investment or solicitation, claiming his bank account was used by another party.
The Central Investigation Bureau (CIB) has issued a public alert about potential investment scams. They advise due diligence before transferring funds, as individuals claiming to be investment experts with guaranteed returns may be involved in pyramid schemes or high-risk online investment scams. Warning signs include promises of high profits, displays of wealth, pressure to make quick decisions, and the need to verify business operators through the SEC Check First application.