Three Irish people are believed to be among 81 foreign nationals who have been arrested in Thailand on suspicion of money laundering. Police have said that they raided several investment companies in Bangkok and those arrested will be charged initially with working illegally in the country. If found guilty, they could be jailed for up to five years. Police said that they will not yet release their names.
Assets worth an estimated 260 million baht (US$5.5m) were confiscated in the raids on two "boiler room" stock trading companies. Officers from the US Federal Bureau of Investigation and the Australian Federal Police joined Thai officers in the raid on the offices of the Brinton Group and Benson Dupont Capital Management in the Thai capital's central business district.
The companies employed more than 70 foreigners to cold-call potential investors, mostly in Australia and New Zealand. Police said that more than 100 investors, mostly Australians, had been solicited over the telephone by sales people to buy shares of bogus Bangkok-based US companies.
