Major Forex Trading Scam Busted: Woman Arrested for B300m Fraud

In a surprising disclosure, a 51-year-old lady has been detained in Songkhla's Sadao district for her role in a major forex trading scheme involving 300 million baht. The arrest, made on Sunday by Thailand's police Economic Crime Suppression Division (ECD), concludes a nearly three-year investigation. The Bangkok South Criminal Court issued a warrant to seize the woman, whose name is currently unknown, in March 2021.

The suspect is said to have been part of a four-person group that planned a deceitful scam aimed at investors. They reportedly duped 250 people into investing in what they advertised as profitable foreign currency trading possibilities with huge returns. The initiative attracted a wide spectrum of investors, with sums ranging from 20,000 baht to 6 million baht.

The ECD's head, Pol Maj Gen Putthidej Boonkrapheu, outlined the gang's actions. They allegedly persuaded investors to send cash to their firm by fraudulently stating that the money would be invested in two major forex brokers, IronFX and FXPrimus. Initially, the program looked to produce fruit, with investors receiving returns for the first three months. However, the situation gradually deteriorated as the gang started making excuses for late payments. They eventually stopped their business and fled, leaving the investors stuck.

The group consisted of another Thai lady and two Malaysian guys. The ECD head said that the Thai lady, only identified as Kanokratch, had been captured, but the Malaysian males had departed the country. The whereabouts of these people are still under investigation.

The detained 51-year-old lady, however, has rejected the accusations, according to Pol Maj Gen Putthidej.

In a similar event, another instance of forex-related fraud has emerged. In Pathum Thani's Khlong Luang District, police arrested Chatchai, 42. He is accused of deceiving individuals into investing in forex, gold, and digital currency businesses. Chatchai and his friends are presently sought on arrest warrants for allegedly forming three firms to swindle 158 investors out of 31 million baht. They had attracted investors by promising a payout of up to 300%.

These instances reflect the rising concern in Thailand about investment frauds, especially those using forex and digital currency. Investors should take care and do rigorous due diligence before investing cash in such companies. The Thai police, via the ECD, continue their watchful efforts to combat economic crime and bring the criminals to justice. As these investigations continue, further developments are likely.

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