Police have arrested three South Korean nationals suspected of fraud causing losses of 1.6 billion baht in their homeland and will extradite them.
Pol Lt Gen Pakphumpipat Sajjapan, commissioner of the Immigration Bureau, said on Friday that police received a request from the Police Consulate of the Korean embassy in Bangkok to extradite the three men, who are wanted in their country and subject to an Interpol Red Notice.
Only identified as Kim, 54, Yang, 60, and Ye Jun, 51, they are believed to have manipulated stocks and were charged with fraud in South Korea before they fled to Thailand. Their victims claim to have lost 6 billion won, or about 1.6 billion baht, Pol Lt Gen Pakphumpipat said.
The Investigation Division of the Immigration Police arrested Mr Ye Jun in early December for overstaying his visa. He was sent to Bang Lamung police station in Chon Buri province, and the case is now being processed in court.
Police searched the immigration database and found Mr Kim entered Thailand on July 25 and Mr Yang on Aug 3. Both of their tourist visas expired at the end of October.
Police from the Immigration Bureau's Investigation Division found the two suspects lived in a luxury apartment in the Sukhumvit area. Police later tracked them down at a golf course in Pathum Thani.
On Jan 10, police arrested Mr Kim and Mr Yang for overstaying their visas.
According to a police investigation, the three suspects were businessmen in the textile industry in South Korea. They had taken over five major companies and presented false business profits to attract investors.