Combat Fraud with Quick Action – Bangkok Post

It seems like there have been some pretty high-profile cases of economic or financial crime popping up recently, involving some big names like celebrities and doctors. The iCon Group, for example, has faced complaints from over 8,100 investors with damages totaling a whopping 2.4 billion baht. Turns out, this company was operating more like a Ponzi scheme than a direct marketing company, focusing on recruiting new investors rather than selling actual products. The numbers looked great for a while, with profits hitting 813 million baht in 2021 and 188 million baht in 2022. But things took a nosedive in 2023 when profits plummeted to just 19.7 million baht as new membership numbers dwindled and problems started to surface.

Then there’s the case of Dr. Boon Vanasin, the founder of Thonburi Healthcare Group, who’s been accused of defrauding over 200 investors of about 7.5 billion baht in five healthcare projects that didn’t even exist in Thailand, Laos, or Vietnam. Charges like public fraud, money laundering, and violations of the Cheque Act have been brought against him, his family, and six associates. The police are on the hunt for Dr. Boon, who reportedly fled to China to avoid capture.

These cases highlight the need for more specific laws to tackle economic crimes in Thailand. While the police are doing their best with the laws they have, they don’t cover all the different types of financial crimes out there. Creating an economic crime act that deals with all kinds of fraud, market manipulations, and Ponzi schemes could be a game-changer in catching and convicting these scammers quickly and effectively.

It’s clear that economic crimes are becoming more sophisticated and harder to uncover, leading to significant financial losses each year. Even though it’s been over four decades since the infamous “Mae Chamoy” Ponzi scheme, Thailand still lacks an economic crime act to handle these crimes specifically. Relying on outdated laws like public fraud and money laundering isn’t cutting it anymore.

That’s why it’s time for our lawmakers to step up and make a change. By enacting a comprehensive economic crime act, we can not only protect the public from these fraudsters but also ensure that those who commit financial crimes face serious consequences. Let’s hold these “white-collar” criminals accountable and make sure justice is served.