NBTC Revokes K4 SIM’s MVNO License Amid Fraud Investigation

The decision comes after the company and its executives were implicated in a large-scale public fraud and pyramid scheme investigation.

Mr. Trirat Viriyasirikul, Acting Secretary-General of the NBTC, announced today (March 26, 2025), that the NBTC meeting resolved to terminate the Type 1 telecommunications business license granted to K4 Communication Co., Ltd. (K4), which allowed the company to operate a mobile virtual network operator (MVNO) service under the “K4 SIM” brand.

This move follows the Economic Crime Suppression Division’s issuance of arrest warrants for K4’s executives on charges of public fraud and fraudulent lending.

The investigation stemmed from numerous complaints filed by victims who were lured into investing in a suspected pyramid scheme.

K4’s business activities extended beyond SIM card sales. The company also operated “Kathy Pun Suk” top-up kiosks, facilitating recharges for K4 SIM cards.

While the SIM card operations fell under the NBTC’s regulatory purview, the top-up kiosk business did not.

Concerns arose from the company’s aggressive marketing tactics, which included enticing individuals to invest in the top-up kiosks with promises of high returns. Many investors reported either not receiving the kiosks or experiencing delayed payments.

The NBTC issued a public warning in July 2024, cautioning against investing in K4’s top-up kiosk scheme. However, at that time, widespread financial losses had not yet surfaced.

By late 2024, as more investors reported losses and payment delays, the police initiated a formal investigation, culminating in the arrest warrants and the NBTC’s license revocation.

The state enterprise telecom operator, National Telecommunications Company (NT), the only mobile network operator in Thailand to host MVNOs, will continue providing services to K4’s users.

According to NT, by the end of 2024, K4 had approximately 46,000 SIM users, with total top-up amounts reaching around 1.7 million baht, or an average of 37 baht per user.