Police arrested 39 suspects and seized assets worth more than 500 million baht in raids across 11 provinces targeting a transnational scam and money-laundering network.
The operation, dubbed "Anti-Scam Matrix", was conducted by the Anti Cyber Scam Centre (ACSC) and the Central Investigation Bureau (CIB), assistant national police chief Jirabhop Bhuridej said on Tuesday.
The suspects comprise 30 Thais, eight Chinese nationals and one Myanmar national.
They face charges including public fraud, impersonation, importing false information into computer systems and money laundering.
Pol Lt Gen Jirabhop, deputy director of the ACSC, said the investigation began when the centre cross-checked the names of foreign holders of Thailand Privilege visas against online fraud complaints. Investigators found that bank accounts belonging to Chinese visa holders had received money from suspected fraudsters.
The searches covered Bangkok and the 10 provinces of Chiang Mai, Chiang Rai, Samut Prakan, Saraburi, Sing Buri, Nakhon Pathom, Chon Buri, Kalasin, Narathiwat and Ranong.
Assets seized included eight luxury properties worth more than 330 million baht, land title deeds and condominium units in the Rama 9 area worth over 90 million baht, a luxury house in Krungthep Kreetha worth more than 60 million baht, and 10 luxury cars.
Investigators said victims were lured through Facebook advertisements promising high returns from block-trading investments. They were then directed to Line groups where accomplices posing as investors encouraged them to open trading accounts through eto-th.com and download a fake ETO TH application.
Victims who tried to withdraw their profits were told to pay additional fees. One case resulted in losses of 26.5 million baht, while investigations into 13 corporate bank accounts linked to the scheme identified 74 victims who lost a combined 173 million baht.
Authorities are expanding the investigation and tightening screening of Thailand Privilege visa holders.