Victims File Lawsuit Against Clean Energy Company for Deceptive Investment Practices.

Bangkok: Representatives of the Lawyers Council brought more than 20 victims to file a complaint with the Technology Crime Suppression Division against a clean energy company that deceived them into investing. Mr. Kittikhun Saenghiran, a representative from the Lawyers Council under Royal Patronage, along with Ms. Aphantree, aged 55, and more than 20 victims, met with investigators to file charges against a clean energy power generation company that deceived investors, with more than 70,000 victims nationwide. According to Thai News Agency, Ms. Aphantree, a representative of the victims, explained that at the end of 2019, most victims received an invitation from the company to invest their retirement funds into clean energy generators. The company advertised that these machines could be sold both domestically and internationally and promised dividends for 50 weeks, followed by lifetime dividends. Many victims, persuaded by these promises, invested by purchasing shares at 100 baht each. The dividends were pur portedly subject to a 10% deduction for the Revenue Department, with additional dividends promised for those who recommended others to invest. The investment commenced in different phases, with the first group starting in September 2019, the second from December 2019 to April 2020, and the last group in May 2020. These investors received a 3% dividend over 30 weeks. During the period between the second and third groups, victims invested large sums, transferring money ranging from hundreds of thousands to millions of baht to a bank branch at Ram Intra. However, the investment scheme was abruptly halted in May 2020 when the government seized the company's assets. The company's administrators then attempted to dissuade victims from filing complaints by claiming governmental harassment and promising a share buyback, which never materialized. The victims initially sought justice through the civil court, which dismissed their case, leading to an appeal that is currently ongoing. Meanwhile, assets worth 400 millio n baht seized by the Anti-Money Laundering Office (AMLO) could potentially become state property, but victims not in the first compensation group have a window of one year to file complaints. Efforts have been made to involve the Attorney General, but discussions are still in progress. The victims are now turning to the Technology Crime Suppression Division for assistance, as there are reports of 60 victims with pending cases there. Mr. Kittikhun highlighted that the criminal case involves charges of fraud against the public, including violations of the Act on Borrowing Money that is Fraudulent to the Public and Entering False Information into the Computer System. While 60 victims have previously filed complaints, progress has been stymied due to changes in public prosecutors over three years. The Lawyers Council is coordinating with the Office of the Attorney General, Economic and Resources, and relevant agencies to advance the case. They have also established a complaint center for victims seeking justice in this matter.