Investors accuse the company of false promises, halted construction, and failure to deliver ownership despite heavy payments. PATTAYA, Thailand – Over 70 victims of a major property investment scam involving a company abbreviated as “H” have come forward, seeking justice after losing billions of baht in 11 real estate projects located in Bangkok and Pattaya. The victims submitted a petition to the Department of Special Investigation (DSI), requesting the case be classified as a special investigation. Tankhun Jitisara, chairman of the Santitham Club, who led the group of victims, explained that the company registered multiple legal entities for its 11 projects, collectively worth over 20 billion baht. The complainants reported four main types of grievances: -Buyers who paid for houses or condos but never received ownership or title transfers. -Owners who held units but were unable to sell them or were sold fractional ownership with promised annual returns of 7%, which ceased being paid since July 2024 due to alleged cash flow problems. -Investors who contributed more than 500 million baht in pooled funds that were never actually invested. -Participants in fractional ownership schemes who were promised a lump-sum refund after two years but have yet to receive payment, even after three years past the due date. Tankhun urged the DSI to take the matter as a special case and investigate the company executives, project agencies, and sales agents on charges including fraud against the public, fraudulent borrowing under the relevant act, and computer crimes related to falsified information. Additional victims who purchased homes but did not treat it as investment intend to file complaints under consumer protection laws. Victims who came to the DSI included individuals paying monthly mortgage installments exceeding 200,000 baht, with total payments surpassing 5 million baht on properties valued at around 18 million baht. Others faced contract changes forcing them into different projects, leading to unresolved debts and financial hardship. Many investors in pooled schemes have yet to receive the promised lump sum returns. The company “H” is not listed on the stock exchange. It promoted itself online and through agencies, boasting projects worth tens of billions of baht. Out of the 11 projects, only two have been completed, while nine others remain unfinished, some halted at 70% construction. This ongoing situation has prompted growing numbers of affected investors to file complaints, with total estimated losses exceeding 5 billion baht. (TNA)