Ten Irish men who were arrested in Thailand as part of a fraud investigation have appeared in court today. Police forces in Thailand, Australia and the US uncovered the scam, which was operating out of six offices in Bangkok. The identity of another Irish man who is believed to be behind the scam has yet to be confirmed. The men were arrested following a raid on the offices of an unlicenced brokering firm in Bangkok.
Securities regulators in Australia, New Zealand and Hong Kong had spent two years investigating the fraud, which involved workers at the firm cold calling clients, and persuading them to buy non-existent stocks. The money would then be transferred to an account in Hong Kong. Hundreds of thousands of dollars have been lost by investors in the scheme. "We think this type of operation has been very widespread in a number of countries, not just Thailand," said a Thai police spokesman.
The ten Irish men appeared along with 68 others in court in Bangkok today. The charges against them have not yet been confirmed, but it is believed that they have been fined around US$110 for working without a permit. Six of the 78 are believed to have been given suspended sentences for working on expired work permits, and were fined an extra US$66.
The Irish Honorary Consul in Thailand said that the Irishmen were in good spirits and were being treated well. It has been reported that one of the men behind the company was also Irish, and will face charges of embezzlement, but this has not been confirmed.
