Bangkok: “Kendo” has taken action to assist over 20 individuals who claim to have been deceived into investing in a fraudulent pyramid scheme masquerading as a legitimate real estate business. These victims, who have reportedly lost all their investments, are appealing to the National Police Chief to expedite the investigation into the matter.

According to Thai News Agency, Mr. Kriangkrai Mas Pochanasunthon, also known as Kendo, led 20 representatives of the victims to submit a formal complaint to Pol. Gen. Kittirat Panphet, the national police chief. The victims were allegedly lured into investing in what was believed to be a real estate venture, only to discover that it was a pyramid scheme. The scam has reportedly impacted over 8,000 people across the nation, resulting in financial losses exceeding 1 billion baht. The case has also been linked to a well-known female complainant identified by the initial K. Tragically, some victims have succumbed to stress, resulting in death due to the financial ruin they
faced. Pol. Col. Chaiporn Oofuwong, deputy commander of the Metropolitan Police Bureau, accepted the complaint on behalf of the police.

Mr. Kriangkrai Mas urged a company based in Chiang Mai Province, with a name beginning with ‘Siam..’, to address the situation publicly, as the losses have surpassed 1 billion baht. Victims invested anywhere from hundreds of thousands to tens of millions of baht, with some losing everything, leading to extreme actions such as suicide. On the day of the complaint, victims symbolically mourned the deceased by lighting an incense stick. The fraudulent company allegedly posed as a shareholder of a reputable real estate firm, which convinced many to invest heavily. Mr. Kriangkrai is calling for the genuine company to take legal action against the impersonators. The scheme reportedly involved victims using their land titles and homes as collateral for investments, only to have these assets seized and auctioned off, leaving victims destitute.

Ms. Aphornthip, known as Aunt Uat, age
d 74, traveled from Songkhla Province to share her story. In 2023, she was persuaded by a known land broker to invest with a reputed share company in Chiang Mai, which promised high returns. Initially investing 300,000 baht in March 2023, she received dividends of approximately 21,000 baht per month. Encouraged by these returns, she invested a total of 1.6 million baht, even mortgaging her land to accumulate over 20 million baht in investments. However, after seven months, the promised returns ceased, leaving her financially ruined. Isolated from her relatives, she now resides with her child in a rented room and often relies on others for food. Despite her hardships, she remains determined to expose the scam to prevent others from falling victim.

Another victim reported that a female complainant, referred to as K., offered to mediate with the company but subsequently disappeared, leaving the victims without resolution. The fraudulent company reportedly opens new entities whenever their current scheme attract
s attention, having already established four such companies. While victims have attempted to file complaints, local police often dismiss them, citing the case’s complexity and media coverage, or instruct victims to file complaints online-a challenging task for many elderly victims scattered across various provinces. The victims are urging the police to accept their complaints to facilitate a comprehensive investigation.