Cross-Border 'Boiler Room' Scam Syndicate Busted in Thailand, 13 Arrested

The organised criminal syndicate operated a high-pressure “boiler room” scam, selling bogus high-yield fixed-income bonds.

Thirteen foreign nationals have been arrested in Thailand after authorities raided a scam centre on the outskirts of Bangkok, which allegedly defrauded Australians of over $1.9 million in just two months.

The organised criminal syndicate, including five Australians, six Britons, one Canadian, and one South African, was disrupted on 16 June 2025 following a joint investigation by the Australian Federal Police (AFP) and the Royal Thai Police (RTP). The scammers had been operating a high-pressure “boiler room” scam by posing as representatives of global financial institutions.

The suspects are accused of using a well-orchestrated and detailed script, forged documents, and a fraudulently used financial services licence to sell bogus high-yield fixed-income bonds. Authorities found that the scammers even conducted online face-to-face meetings to bolster credibility. The suspects allegedly transferred funds provided by victims into cryptocurrency before moving it to other accounts.

During the operation, authorities seized dozens of mobile phones and laptops, uncovering sales scripts and a spreadsheet listing thousands of potential Australian targets. All 13 suspects have been charged by the RTP with conspiracy-related offences, which carry a maximum penalty of five years in prison.

Authorities continue to examine the digital evidence to trace stolen funds.

This case highlights the growing threat of cross-border financial crimes. Investors are advised to exercise extreme caution when approached by someone online offering an investment opportunity and report suspicious activities to police or regulatory authorities.

A “boiler room” scam is a high-pressure investment fraud that typically relies on cold calls and aggressive sales tactics to promote worthless or fictitious products, posing serious financial risks to investors. The New Zealand FMA issued a warning against suspected boiler room scam DRG-T, while Belgium’s FSMA flagged several unauthorised entities linked to boiler room operations.