Chinese Man Arrested for Fleeing 50 Million Baht Investment Scam
A 41-year-old Chinese man was arrested in Bangkok after fleeing China with a 50 million baht investment scam involving a parking rental business that couldn't pay promised dividends to investors.
On August 13, Police Region 1 Commander Prasarn Khemaprasit ordered Deputy Commander Kiratsakdi Kongkiattisiri and Investigation Chief Polsit Sutthiart to launch an operation against undesirable foreign criminals. The operation targeted He (alias), a 41-year-old Chinese national with a foreign arrest warrant from China who had fled to Thailand. He was living in a luxury condominium in the Huay Kwang area of Bangkok.
The suspect is accused of illegally raising deposits from the public by establishing a private company to finance a parking rental business. In Shenzhen and Guangzhou, major economic zones in China where parking is scarce and expensive, he developed an hourly and monthly parking rental business that grew rapidly. He then raised over 50 million baht from investors to expand the operation.
However, the suspect encountered difficulties paying dividends to investors. As the business ran into liquidity problems, he fled and went into hiding in Thailand, renting a luxury condominium in the Huay Kwang area where he lived a quiet, low-profile lifestyle before his arrest.
