CHIANG MAI: Two suspects have been arrested in connection with a crypto investment scam that caused losses of more than 23 million baht.
The Economic Crime Suppression Division (ECSD) detained Anankorn, 46, and Konkamol, 39, on Thursday on charges of public fraud, illegal fundraising and inputting false computer data.
Officers arrested the pair at a company in San Sai district and searched additional sites in Sukhothai and Chachoengsao provinces, seizing computers, bank books, contracts and investment documents linked to the scheme.
The suspects allegedly operated an "AI IOTA" investment platform, claiming to use UK-based AI trading systems to generate 12% returns per cycle with guaranteed capital. Victims were shown fake trading dashboards, luxury offices and forged profit records to encourage investment.
Police said the scheme caused losses exceeding 23 million baht before payments stopped and the company was closed, with assets removed before the suspects fled. Both deny the charges and remain in custody for legal proceedings.
