South Korean man arrested in Hua Hin over B147 million property fraud case

A 67-year-old South Korean national identified as Mr Han has been arrested in Hua Hin over alleged property investment fraud involving losses of more than B147 million, police said.

The Crime Suppression Division arrested Han at a residence in Hin Lek Fai, Hua Hin district, Prachuap Khiri Khan, under a warrant issued by the Criminal Court on 16 October 2024. He was then handed over to investigators from the Economic Crime Suppression Division for prosecution under Thai law.

Authorities said that, from 2020, Han and associates persuaded fellow South Koreans to invest in condominiums and land in Cha-am, Phetchaburi, and Hua Hin. Victims initially bought a condominium valued at B8.4 million and transferred the money to a company linked to Han’s former wife.

Han later persuaded investors to establish Han Korea Co., Ltd., telling them they would receive shares and rights in property investments. Victims subsequently transferred another B89 million, but investigators found that no actual investments had been made, authorities said.

Police initially estimated the losses at B97.4 million. Further inquiries linked Han to three additional fraud cases, bringing the total losses to more than B147 million. Authorities also said he faces nine pending criminal cases in South Korea.

During the arrest, Han acknowledged that he was the subject of the warrant and said he had not previously been detained, according to police.