Thirteen people, including five Australian citizens, have been arrested in Thailand after authorities dismantled a scam operation accused of fleecing Australians out of millions of dollars through a fake investment bond scheme.
Thai police raided the illicit operation—a so-called “boiler room” set up in a six-bedroom house on the outskirts of Bangkok—on Monday, 16 June, following an investigation launched under Operation Firestorm, a joint effort between the Australian Federal Police (AFP) and the Royal Thai Police (RTP).
The arrested individuals include five Australians, six British nationals, one Canadian, and one South African. They were charged under section 210 of the Thai Criminal Code with conspiracy to commit an offence, which carries a maximum penalty of five years in prison.
Authorities allege the group operated a highly sophisticated investment scam, pretending to represent international financial firms and using fake high-yield fixed-income bonds to lure Australian victims. Investigators believe the syndicate stole over $1.9 million from Australians in just two months of operation, having set up shop in April this year.
Assistant Commissioner Richard Chin of the AFP described the scam as one of the most elaborate investment frauds the AFP has encountered.
“This will be the first takedown in Thailand under Operation Firestorm, and it’s a significant disruption to a criminal network that preys on Australians.”
According to authorities, the scammers used forged documentation, high-pressure sales scripts, and even face-to-face online meetings to convince their victims of the scam’s legitimacy. A real financial services licence was fraudulently used to bolster their credibility.
“These syndicates do not care about their victims and are only interested in the profits this crime type can bring in,” said Assistant Commissioner Chin.
“Unfortunately, Australia is a big target for cybercriminals—we’re relatively prosperous and tend to be very trusting.”
The operation’s success followed a tip-off that Australians had been recruited into the scam. The AFP passed the intelligence to the RTP through its international network, which led to the raid and arrests. Dozens of phones and laptops were seized, and initial forensic examinations uncovered a digital spreadsheet with thousands of potential Australian targets.
Authorities say the group moved victim funds into cryptocurrency before transferring them to other accounts, complicating recovery efforts. Officials are now reviewing seized documents to trace and possibly recover the stolen funds.
Assistant Commissioner Chin stressed the importance of global cooperation in tackling transnational cyber fraud. “Cybercrime has no borders,” he said.
“It is vital law enforcement agencies work together across jurisdictions to disrupt these scam centres and the criminals that operate them.”
Operation Firestorm, led by the AFP’s Joint Policing Cybercrime Coordination Centre (JPC3), was launched in August 2024 to dismantle offshore scam hubs targeting Australians. Since then, three scam centres in Manila have been shut down. This week’s bust in Bangkok marks its first takedown in Thailand.
In the last four years, Australians have reported more than $4.45 billion in losses from cyber-enabled fraud. In 2024 alone, Australians lost $945 million to investment scams.
Assistant Commissioner Chin issued a stark warning to the public:
“If an investment opportunity seems too good to be true, then it probably is.”
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