THE Thai Central Investigation Bureau (CIB) today (March 2) issued arrest warrants for Mr. Ben Smith, aka Benjamin Mauerberger, and his wife Ms. Katriya Beaver on charges of transnational investment fraud with losses amounting to over 1 billion baht, Amarin TV and PPTVHD36 said.
Ben Smith is a foreign businessman classified by the United States as a high-risk individual involved in international scams and money laundering while his, Katriya, is a major shareholder in several Thai listed companies, particularly Bangchak Corporation Plc (BCP). In December 2015, relevant authorities seized and froze Katriya’s assets under money laundering laws. It is believed that this network may have committed other offenses.
CIB’s investigation shows that Ben Smith and his wife had jointly lured several foreign investors into investing in many ongoing projects, including stocks, real estate, private jet, and energy business, using various methods to build credibility with the victims having collectively lost over 1 billion baht.
The investigation revealed that the scheme began in early 2016. Foreign investors who sought to expand their investments in Thailand and met Ben Smith, who posed as an expert and adviser on Thai stock market investments. Initially, he introduced businesspeople and politicians to invest in QTC Energy Plc, and as this was a genuine investment, he gained their trust.
Subsequently, Ben Smith exploited this opportunity to deceive the victims into investing 700 million baht in Pace shares. He had the owner of Pace sign loan agreements and issue cheques guaranteeing returns of 7% and 11%, totaling over 762 million baht, to build confidence. He then appointed Katriya to manage the investment for over a year, police said.
During this period he and associates travelled to visit various projects in several countries and he convinced the investors to buy a private jet for 255 million baht for rental and personal use but allegedly pocketed the 21 million baht deposits, police added.
He then allegedly exploited the victims’ interest in the electricity sector, telling them he would partner Thai investors to conduct business with the Electricity Generating Authority of Thailand (EGAT) and got them to channel 126 million baht for this scheme.
However when the victims discovered that their Pace shares were not moving as agreed upon, someone in Ben Smith’s network offered them a deposit of 144 million baht for seven condominium units plus the built-in furniture, promising that they would recoup their investment with a higher return than initially agreed.
By 2022, the victims had not received their units as agreed. When they enquired they received an evasive response, and it was later discovered that all the units had been transferred to other individuals. They then realised they had been scammed, police said.
At this stage, the court approved arrest warrants for Ben Smith and his wife on charges of conspiracy to commit fraud and money laundering. Search warrants were also authorised for six locations in the central region to find relevant documents, witnesses, and legal entities related to the case. On February 27 the investigative team conducted these searches and seized 13 additional items that could be used as evidence.
These included two desktop computers, one notebook, two laptop computers, one MacBook ,two iPads, five mobile phones, two Kingston flash drives and various documents such as financial statements, daily payment records, and company seals.
These items are currently being examined, and further investigations are underway.
CAPTIONS:
Top, second and third inserted and Front Page – Police searching various locations to gather evidence for this case. Photos – PPTVHD36
First inserted – Mr. Ben Smith, aka Benjamin Mauerberger. Photo Amarin TV
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