Police revealed that in late February 2024, victims seeking part-time jobs found social media posts offering home-based work, such as packing products. After contacting the advertiser, they were initially recruited for online tasks like liking and following social media accounts. As they received real payments, they trusted the scheme.
Later, the scammers persuaded victims to invest money in “special activities,” promising returns of 30%-50%. Initially, victims received payouts, but over time, they were encouraged to invest more. Eventually, they were unable to withdraw funds, with scammers blaming them for not following procedures. Realizing they were deceived, victims reported the fraud to the police.
Investigations uncovered a sophisticated operation involving both Thai and foreign individuals. Money was transferred through various bank accounts, converted to cash, and withdrawn. Authorities identified about 60 victims, with estimated damages exceeding 10 million baht.
Police obtained arrest warrants for 32 individuals, categorized as follows:
10 Thai nationals acting as mule account holders
2 Chinese nationals running call center scams
20 individuals involved in money laundering (1 Thai, 14 Chinese, and 5 South Koreans)
From February 11-14, 2025, police launched “Operation Grey Dragon,” raiding 20 locations across eight provinces, including Bangkok (7 sites), Chiang Mai (5), Samut Prakan (3), Sa Kaeo (1), Prachinburi (1), Nakhon Si Thammarat (1), Samut Sakhon (1), and Samut Songkhram (1).
Ten suspects were arrested, including five members laundering money for call-centre scams and five mule account holders. Authorities seized 210 assets worth over 14 million baht, including computers, mobile phones, bank books, vehicles, cash, land deeds, luxury watches, and designer bags.
The operation also uncovered high-end properties purchased with laundered money, including luxury homes, condominiums, and valuable items such as luxury watches and branded accessories worth over 440 million baht.
During interrogation, the prime suspect, Achara, a 27-year-old Thai national, denied all charges but admitted to facilitating money laundering. She previously worked as a tour guide and interpreter for Chinese clients. In 2023, she met her Chinese boyfriend and started receiving digital currencies from “grey Chinese” clients who needed Thai cash. She converted these into Thai baht, earning a 0.03%-0.05% commission per transaction.
Her boyfriend coordinated transactions, while Achara and her network received digital assets and sold them via peer-to-peer exchanges. Small transactions were transferred through their accounts, while large sums were withdrawn in cash and delivered as instructed. The operation, active since 2023, enabled Chinese criminals to access illicit funds in Thailand.
Financial tracking revealed transactions involving 187 million USDT (approximately 6.5 billion baht), with 2.9 billion baht converted into cash. Funds were also used to purchase real estate, which is now under legal investigation.
Four additional Chinese suspects denied all charges but admitted to converting digital assets into cash for clients.
Police also found links to shell companies used to purchase Thai properties. Thai nationals were listed as nominees to acquire homes, but control was later transferred to Chinese individuals. Most of these companies had no real business activity.
Authorities are expanding their investigation, seizing additional assets, and prosecuting all involved.
Preliminary findings indicate that illicit funds were funnelled through 10 real estate companies in Bangkok’s Bang Na, Ekkamai, and Thonburi areas. These firms were fronted by Thai nominees but managed by Chinese nationals.