Bangkok: The Technology Crime Suppression Division (TCSD) has broadened its investigation into three investment and online fraud networks, which have collectively caused damages exceeding 149 million baht. This expansion includes the notorious ‘Hi-So Ice’ investment scam network.

According to Thai News Agency, the TCSD has launched ‘Lockstar Season 2’, aiming to dismantle the fraudulent operations led by Nam Kaeng’s right-hand man, who orchestrated a fake app scam resulting in over 23 million baht in losses. During raids on 13 target locations across Bangkok, Chiang Rai, Rayong, and Phuket, police apprehended 13 individuals, including the main perpetrator, Mr. Wang, a Chinese national. The other suspects comprised Thai, Vietnamese, and Singaporean nationals, who were implicated in managing mule accounts and digital wallets. Seized assets, including luxury homes, land, vehicles, and stocks, are valued at over 14 million baht.

Victims were lured by a fake cryptocurrency investment website, promising high retu
rns, leading them to unknowingly invest over 22.4 million baht. Investigations revealed no real investments existed, and the fraudulent website has since been shut down. Operation Lockstar Season 1 had previously apprehended members of a transnational crime organization involved in online investment fraud and hybrid scams, including the arrest of ‘Hi-So Nam Kaeng’, a billionaire businessman.

In another case, a gang deceived individuals into investing, resulting in damages exceeding 46 million baht. This scam involved creating a convincing profile and using AI-generated video calls to gain victims’ trust before encouraging them to invest in a fake app. Police conducted searches across 21 locations in 11 provinces, arresting 20 Thai suspects. Mr. Yutthachai, one of the arrested, acted as an interpreter and gang manager, receiving a salary and commission based on the number of victims.

A third case, Operation ‘Cyber Guardian’, targeted an online stock trading fraud network, causing damages of over 3.8 million
baht. Police raided 7 locations in Nakhon Ratchasima, Tak, Songkhla, and Bangkok, arresting 8 suspects. Seized assets, including luxury properties and brand-name items, are valued over 80 million baht. The gang’s digital wallet was linked to multiple victim cases, involving over 2 billion baht in digital coin transfers, with ties to criminal activities in neighboring countries.