Thai Consumer Council Sues Meta, LINE, Apple, Google, and 9 Banks Over Investment Fraud
The Thai Consumer Council has filed a civil lawsuit against the parent companies of four global digital platforms and nine related financial institutions over alleged negligence in preventing online investment fraud. The scams have resulted in losses exceeding 230 million baht (approximately £5.3 million).
The lawsuit was registered at the Civil Court in Bangkok on Monday, with ten victims of investment fraud acting as plaintiffs. The first case management hearing is scheduled for 3 August 202<0xC2>6. According to the Thai Consumer Council, this represents the first lawsuit in the country to directly demand accountability from foreign parent companies that control global digital platforms.
The first group of defendants includes companies managing digital platforms, namely Meta (parent company of Facebook), LINE, Apple (via the App Store), and Google (via the Play Store). The Council argues that these companies maintain control over systems, advertising policies, and security mechanisms that were allegedly exploited by fraudsters to ensnare victims.
“We are suing the parent companies because they are the ones who set the policies and derive revenue from the systems used by scammers,” said Saree Ongsomwang, Secretary-General of the Thai Consumer Council Office.
In addition to the digital platforms, the lawsuit targets nine banks and financial institutions suspected of being linked to the flow of fraudulent funds. The plaintiffs allege that these banks failed to detect suspicious transaction patterns or halt the transfer of funds to ‘mule accounts’ used by fraud syndicates.
One victim reportedly suffered losses of up to 165 million baht due to fake stock investments, while another victim from Nong Bua Lamphu Province lost over 3 million baht. The Council noted that perpetrators used psychological manipulation techniques, including providing fake stock investment training, to build trust before soliciting large sums of money.
Saree stated that the lawsuit aims not only to secure compensation for victims but also to drive higher security standards for digital platforms and increase the accountability of financial institutions.