Thai gold scam: Online empire couple arrested for public fraud and false advertising. Police seize assets, deny bail, and continue investigation. Alleged victims urged to come forward as accusations of impure gold sales and financial misconduct escalate.
A highly successful couple who built an online empire selling gold products were led away by police on Monday. The pair are accused of false advertising and public fraud, the latter being an extremely serious charge under Thai law. Their arrest came after days of speculation, during which the pair offered dissatisfied customers a full refund at their gold shop in northeastern Bangkok. Later in the day, a senior officer with the Consumer Protection Police Division said the pair were being held in custody overnight. Furthermore, police plan to oppose bail for the accused at a hearing on Tuesday. This comes as the investigation into the sale of allegedly inferior gold products continues, despite efforts by the couple to alleviate the situation by offering full refunds.
Bangkok police have arrested a couple, known by their aliases Mae Tuck and Pa Bia, on charges related to the sale of impure gold amulets. The suspects, identified as Kornkanok Suwannabut, 37, and her husband Kanpon Rueang-aram, 35, are accused of committing public fraud. In addition, they are further accused of offences under the Computer Crime Act and false advertising.
On Monday afternoon, Police Colonel Kraiwit Saentaweesuk of the Consumer Protection Police Division confirmed the pair were being held overnight.
Certainly, it is understood that they will appear in court on Tuesday, with police requesting extended detention. The two shop owners have so far failed to fully respond to police questioning.
Police arrest couple in Bangkok residence following fraud allegations and mounting public suspicion
The arrests were made at the couple’s residence on Ram Intra 65 Road in Bang Khen district, Bangkok. The operation was led by the Consumer Protection Police Division (CPPD), under the command of Police Major General Withaya Sriprasertparp.
In short, the arrests followed days of mounting speculation. During this period, the couple began offering full refunds to customers who wished to return their gold products. Indeed, during questioning, Kanpon, or Pa Bia, indicated that the refunds would continue.
At length, the comment came during a brief break in the interrogation. The couple were being interviewed at the Crime Suppression Division (CSD) headquarters. The location saw a large media presence as well as a number of supporters for the couple.
Previously, on Monday, the Criminal Court had issued arrest warrants for Kornkanok and Kanpon before their arrest. In addition, two search warrants were issued for their residence and business.
Golden couple accused of defrauding customers by misrepresenting gold products sold through social media
According to Police Major General Withaya, the couple is alleged to have engaged in a fraudulent scheme. This includes inputting false information into computer systems and advertising misleading messages to consumers.
The couple is accused of misrepresenting the quality and content of their gold products. They are further accused of using deceptive labels to create misunderstandings about the authenticity and gold content of their amulets.
These allegations are based on complaints from customers who claim they were misled into purchasing jewellery. In brief, it did not contain the advertised amount of gold.
Following the arrest, the couple was taken to the Crime Suppression Division headquarters for interrogation. Both suspects denied all charges. However, reportedly, they refused to provide adequate answers during questioning. At the same time, police rejected their request for bail and are expected to seek a court order to extend their detention.
Later, this will be decided at a court hearing.
Police report victims of fraudulent gold sales suffered significant financial losses as they seized assets
Police Major General Withaya stated that at least two individuals have already filed formal complaints against the couple. Significantly, they cite significant financial losses due to the fraudulent gold sales.
Afterwards, the Consumer Protection Police Division seized several items from the couple’s residence during the arrest. Certainly, these include gold, safes and four legally registered firearms. These items are being examined as part of the ongoing investigation.
Over the weekend, Police Major General Withaya responded to online photos of the couple dining with two police officers. He confirmed that one of the officers was from the Consumer Protection Police Division. Nonetheless, he insisted he did not influence the investigation.
Meanwhile, at least 16 individuals have lodged initial complaints with the police. This comes despite the couple’s efforts to buy back their gold jewellery from purchasers.
On Monday morning, dozens of people lined up outside the couple’s gold shop in Khlong Sam Wa, northeastern Bangkok. One woman, 32-year-old Ms. Chotika Saosila from Saraburi, arrived at 2 a.m.
She explained that she had purchased a gold Pixiu bracelet for about ฿30,000 as a birthday gift for her mother. However, when her mother attempted to pawn the bracelet, she was shocked to learn that the gold content was substandard.
Concerns about fraudulent gold products escalated as buyers struggled to sell jewellery at market value
Gold is considered a short-term financial asset by many Thai families. For instance, they can borrow money against it at high interest rates. Nevertheless, these rates are often lower than those quoted by money lenders. Shockingly, these can range from 10-20% per month.
This makes gold a highly practical and valuable gift in Thailand. The couple’s business practices came under scrutiny after a wave of buyers complained. At length, they discovered they could not resell jewellery they purchased from the couple’s shop to other gold dealers.
Many gold traders reportedly doubted the actual gold content of the products. Questions were raised about a lack of stamps and certification. In turn, this led to suspicions that the items contained less gold than advertised.
The couple’s K2N Gold Shop, located on Hathairat Road in Khlong Sam Wa district, was also searched by the CPPD. Authorities suspect that the couple had been using their online presence, including live streaming on social media, to sell impure gold amulets to unsuspecting customers.
Anti-money laundering office investigates couple’s sudden wealth linked to their online gold sales scheme
As the investigation unfolded, the Anti-Money Laundering Office (AMLO) announced that it would also examine the couple’s financial records. Authorities are concerned about the couple’s sudden wealth.
Significantly, this includes the ownership of luxury cars. At length, officers suspect this could be linked to their fraudulent gold-selling activities. Investigators are following leads related to the couple’s assets including cash, and other high-value items.
In summary, they will try to determine if they were purchased with proceeds from fraudulent gold sales. Rumours circulated on Monday morning that luxury cars were being transported to Sa Kaeo Province. In particular, near the border crossing at Aranyaprathet. However, police later confirmed that this was purely speculation.
Police continue to investigate fraud case as couple denies charges. More victims urged to file complaints
Despite the gravity of the charges, Police Major General Withaya confirmed that the couple denied all accusations.
He emphasised that the investigation is ongoing. At the same time, authorities are working to gather more evidence to support the case against them. Police are additionally summoning people who helped promote the couple’s products through online platforms for questioning.
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Those found to have knowingly contributed to the fraudulent scheme could face legal charges. On Monday afternoon, Police Major General Withaya therefore urged more victims to come forward and file complaints.
He reassured the public that authorities were taking the case seriously. Certainly, they will work diligently to ensure justice is served.
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