Finnish-Thai Company Under Investigation for Fraud
Image: YLE
Police are investigating whether Thailand-based Finnish investment company Ikaros has defrauded clients of millions of euros. The two Finns who run Ikaros Groupare being investigated for aggravated fraud.
Ikaros collected around five million euros in investments for night clubs and palm oil production in Thailand, promising 900 percent returns.
In March 2008 a Tampere man invested 200,000 euros in an Ikaros subsidiary, IG Entertainment, to help bankroll a night club in Phuket, Thailand. However the funds were allegedly paid directly into the personal accounts of the subsidiary's director.
When in spite of the promised massive returns, no profits were yielded, the disappointed investor filed a criminal complaint, reported the daily Aamulehti. The man was also unable to recover his original investment.
The financial crimes unit of the Tampere regional police is currently investigating the case as one of aggravated fraud. The Ikaros front men have allegedly managed to entice more than 200 investors in Finland to part with their money in exchange for promises of high returns from night club or palm oil projects.
Meanwhile police are considering the option of requesting official assistance from Thai authorities to track down the two men. The daily Ammulehti did receive a comment from an Ikaros representative, who reportedly said that the matter was not worthy of a police investigation.
YLE