Investors conned into fake jewelry business

Economic Crime Suppression Division police serve Samrit Buapa, standing left, with a warrant for his arrest, at his house in Ubon Ratchathani’s Nam Yuen district on Sunday. (Photo supplied)

Economic Crime Suppression Division (ECD) police have arrested a man accused of deceiving 25 people into investing in a non-existent jewelry business, defrauding them of around 10 million baht.

ECD commander Pol Maj Gen Putidet Boonkrapue said that Samrit Buapa, 54, was taken ito custosy at his house, No.105 at Moo 2 village in tambon Bu Puay of Nam Yuen district, Ubon Ratchathani province, on Sunday by officrs with an arrest warrant. 

He said 25 people filed complaints with the ECD between October 2016 and May 2017. They alleged they were lured by Mr Samrit and his accomplices via LINE groups with five different names to invest in a jewelry business. They were promised a high return, 15-200% per month.

Later an explaination was posted on “Hong Setthi Pan Lan”, one of the LINE groups, saying they would not get any return because their money had been invested in a jewelry business which did not actually exist.

The complainants said they suffered a total losses of 10,556,150 baht.

A police investigation led to the arrest of Mr Samrit on Sunday.