A woman of Thai nationality was arrested in Bangkok for allegedly duping people into investing in fraudulent real estate investments with a total financial damage of more than 100 million baht, according to police.
The suspect was arrested on the Pattaya court’s arrest warrant issued on December 28th, 2022. She was also wanted on 11 other warrants, the arresting police on Saturday, September 9th, said.
Only identified as Mrs. Warinnicha, or Khun Ao, the 46-year-old Thai woman was accused of conspiring to deceive the public and providing false information into a computer system, as stated on the Pattaya court’s warrant. She had been described in various real estate articles about the project as the CEO of the development and company, although her actual position was unclear, said police.
She was arrested at a condo in Bangkok’s Rat Burana district.
Warinnicha was reportedly involved in multiple investment scams dated back in early 2020, amidst the peak of the COVID-19 pandemic.
Allegedly seizing advantage from economic challenges generally faced by businesses and people in the country, she and her associates founded a condominium construction company called “The Rhine Condominium” by the Wealth Assets Group in Jomtien, Hua Hin, and Cha-am, aiming to offer investment opportunities to the public. Additionally, the suspect marketed her company by receiving payment in various digital currencies, presenting it as a novel opportunity with high returns.
However, it later emerged that the actual returns did not align with the promised ones, said the IDMB. Furthermore, all advance compensation checks issued by the suspect’s company were allegedly rejected by banks, resulting in a large number of affected individuals. The total estimated damages amounted to nearly 100 million baht, according to police.
As a result, many victims filed complaints and pursued legal action against the suspect in various provinces, such as Bangkok, Samut Prakan, and Chonburi.
The suspect is currently in custody, while police are hunting for her accomplices, some of whom are reportedly Chinese nationals. Warinnicha did not immediately release a plea or statement to the press about the allegations.
Rhine’s Facebook and Instagram have not been updated for over a year and their website now redirects to a Chinese education website about wills, leaving investors out of their money and relying on court action, say Thai police. As a result, Rhine representatives, if there are any, were unavailable for comment for this story.
Source: Thai Government IDMB Facebook. All allegations and accusations are from the IDMB.
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Source: The Pattaya News