A 29-year-old Indian man and a 41-year-old Thai woman were arrested in Bangkok and Roi Et for scamming a US man. They used a newly formed Thai company, demanded Bitcoin, and funnelled funds through gold, netting ฿20 million from victims worldwide.
A 29-year-old Indian man and a 41-year-old Thai woman were arrested in Bangkok and Roi Et for scamming a U.S. man in Denver. They set up a Thai company, demanded Bitcoin, threatened the victim, and used the funds to buy gold for export to India. Authorities estimate the scheme netted ฿20 million and involved other victims, exposing how easily shell companies are exploited for cross-border fraud.
Thai cybercrime authorities have arrested an Indian man and a Thai woman in connection with a $59,350 fraud scheme. The suspects targeted an American victim who was tricked into transferring funds to Thailand.
Pol. Maj. Gen. Chatchapandakarn Khlaikhlueang, deputy commissioner of the Cyber Crime Investigation Bureau (CCIB), announced the arrests during a press conference on October 14. The suspects were identified as Mr. Gurdeep, 29, and Ms. Wandee, 41.
The victim, residing in Denver, Colorado, initially received an email claiming to be from PayPal. The message demanded $451.99 for a supposed Bitcoin transaction. Moreover, it included a U.S. phone number, prompting the victim to call.
How the victim was tricked into transferring tens of thousands of dollars to Thailand using Bitcoin payments
After calling, the victim was persuaded to transfer $54,350 to a corporate account in Thailand, roughly ฿2 million. Then, the scammers demanded an additional $5,000, warning of unspecified consequences if refused. Consequently, the victim complied, bringing the total loss to $59,350.
The victim became suspicious after realising the Texas phone number was answered by someone with an East Asian accent. Subsequently, U.S. authorities traced the funds to Thailand and alerted local officials.
Investigators discovered that the money had been transferred to a Thai limited partnership named Farm LA. The company was registered at Soi Rat Burana 10 with a capital of ฿2 million. Ms. Wandee was listed as its director.
Significantly, the share capital in such companies does not have to be paid up. It is indeed authorised share capital and can be issued and repurposed as directors’ loans. This is a common practice in Thailand, where company law is in need of reform.
The role of authorised share capital in Thai companies and how it can be misused for fraud purposes
However, reforms in Western countries have made forming and disposing of a limited company easier and more convenient. This may not be appropriate in the current climate, where scammers are presently using Thai firms with bank accounts to perpetrate fraud.
However, police found that Farm LA had been registered for only one month and had never conducted any business. Investigators then traced the money as it moved to an Indian man’s account. Later, the funds were withdrawn to purchase gold bars at a Bangkok shop in Wangburapha district.
Authorities arrested Mr. Gurdeep at a residence in Taling Chan, Bangkok. At the same time, Ms. Wandee was apprehended at her home in Roi Et Province.
Both suspects now face multiple charges, including transnational organised crime, fraud, introducing false data into computer systems, allowing bank account misuse and money laundering.
Police uncover documents and cash showing how funds were diverted to purchase gold for export to India
Police seized critical evidence, including documents, money transfer slips, and ฿200,000 in cash. Furthermore, Ms. Wandee admitted she had been hired to open the corporate account for ฿10,000. She said she then transferred incoming funds to Mr. Gurdeep, who purchased gold.
Mr. Gurdeep confessed to orchestrating the scheme. He explained that gold prices in India are higher than in Thailand. Additionally, he told Bangkok gold shops the money came from Indian customers buying Thai gold. He requested that the gold be converted from bars into ornaments to simplify transport to India.
Pol. Maj. Gen. Chatchapandakarn revealed that approximately 20 victims, mainly from Africa and the United States, were affected by the operation. Authorities estimate that roughly ฿20 million, or $610,600, circulated through the scheme.
Police warn corporate shell accounts are increasingly used in sophisticated cross-border scams
Moreover, investigators warned that scams like this are growing increasingly sophisticated. Criminals now prefer corporate shell accounts over individual accounts to avoid detection. Authorities emphasised that these accounts often appear legitimate but serve only as conduits for illicit funds.
Officials said the arrests highlight the importance of international cooperation. Without coordination between U.S. and Thai authorities, tracing the funds and identifying the suspects would have been far more difficult.
Police urged potential victims to file complaints as soon as possible. They stressed that early reporting increases the chance of recovering funds and stopping similar crimes.
Cybercrime officials also highlighted the need for vigilance in online financial transactions. They advised recipients to verify suspicious messages directly with companies rather than following email instructions.
CCIB investigates how technology and shell companies are exploited for laundering and international scams
Furthermore, the CCIB warned that transnational fraud schemes frequently exploit technology and shell companies to move money across borders. Consequently, authorities are examining patterns of corporate account misuse more closely.
Investigators said the arrests mark a significant step in tackling international financial crime. They noted that the operation involved complex coordination and multiple layers of deception.
The case also illustrates how scammers manipulate victims with technical knowledge and psychological pressure. They used threats, impersonation, and professional communication tactics to gain compliance.
Additionally, officials warned that gold scams targeting international clients are particularly lucrative. Criminals exploit price differences between countries and the relative ease of moving physical gold.
CCIB expands public awareness campaigns while police continue the cross-border pursuit of fraud networks
The CCIB plans to expand its public awareness campaigns to educate individuals and businesses on fraud risks. Authorities are also studying how shell companies facilitate money laundering for online scams.
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Mr. Gurdeep and Ms. Wandee remain in police custody pending a court appearance and criminal legal proceedings. Officials stated that additional charges may be filed if other victims come forward.
Finally, cyber police reiterated that vigilance and prompt reporting are essential. As scammers adopt new techniques, law enforcement is intensifying efforts to track and prosecute these sophisticated schemes.
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