Police Dismantle Multi-Level Marketing Network Promoting AI IOTA Cryptocurrency Trading Robot; Victims Lose Over 23 Million Baht
Police arrested two men running a multi-level marketing scheme that defrauded investors of over 23 million baht through a fake AI cryptocurrency trading robot promising guaranteed returns.
On April 30, 2025, Deputy Police Colonel Tat Phoomi Jarupprachya, commander of the Anti-Money Laundering Office, ordered the arrest of Anantakorn, age 46, and Krokamol, age 39, according to criminal court warrants 2352 and 2353/2569 issued on April 24, 2025. They face charges including conspiracy to defraud, fraud, fraudulent loan solicitation, and falsifying computer data with intent to cause harm.
The operation targeted Core X Company in Chiang Mai's Santhrai Noi subdistrict and Neo International in Samut Prakan province. Officers seized commercial rental agreements, 15 cryptocurrency trading robot service contracts, computers, bank passbooks, investment guides, land deeds, passports, and recruitment documents.
The scheme operated as follows: victims were deceived into investing in "AI IOTA," marketed as advanced UK-based robot technology capable of generating 12% profits every 28 days with principal guarantees. Suspects invited victims to lavish offices in Bangkok's Prawet district and Chiang Mai, displaying fake investment portfolios with fabricated profit statements and false money transfer receipts. A website (www.iotawse.com) was created allowing victims to view fake investment and profit balances. Communication occurred through Line groups that continuously pressured victims for additional funds. After investment contracts were signed, victims transferred money to the suspects' bank accounts. When payment deadlines arrived, suspects began making excuses, eventually shutting down operations and fleeing with office equipment. Total verified damages exceed 23 million baht.
Investigators obtained court-approved arrest warrants and search warrants from courts in Chiang Mai, Sukhothai, and Samut Prakan provinces. Anantakorn, identified as company director and programmer, and Krokamol, former director and account administrator, were arrested. Both denied all charges during initial interrogation. The case has been forwarded to prosecutors for legal proceedings.
