Cannabis Fraud Caused THB 100 Million in Loses

Over 30 victims gathered at Chiangmai Provincial Police Office as a scam stole over 100 million baht from a cannabis farm project which is finally up in the air.

In January 2022, Scammer company announced to invest in a cannabis plantation with an option jointly raise funds for the project. They allegedly enticed people into investing in a cannabis farm with promised returns of 12,500 Baht/month during the first 14 months and then 4,000 Baht/month between 15-60 months period. Initially, investors received payments as promised. They then invested more money in the scheme.

“The company has posted trustworthy photo and video advertisements for investor invitations. Then the company organizes a big MOU event with a large company in Chiangmai to build credibility such as international partners, farm development, and product export. Then the result is victims invested more money in the scheme”

“Victims were guaranteed a 100% return on their investment. In the initial phase, they received consistent dividends. However this company subsequently stopped paying their returns and shut down the company along with all communication channels have been blocked, More than 100 victims had transferred their money already. That allegedly caused 100 million baht in losses to its victim, Which does not include victims from other provinces.”
The victim said in the statement.

Pol. Lt. Gen. Thawatchai Pongwiwattanachai, The police chief in Chiangmai revealed that police officers will establish an investigation committee for the incident as well as accelerate the investigation of offenders, prosecuting them, and return as much money as possible to the victims, However, a police officer warned investor about being lured into such fraudulent schemes, saying that investors should keep up their guard against the elevated risk of financial crime, Especially rapid growth business is frequently associated with increased risks of fraud.