Bangkok: The Department of Special Investigation (DSI) launched an extensive operation across 24 locations in Bangkok and its surrounding areas, targeting a Forex trading network and confiscating a significant amount of assets.
According to Thai News Agency, the operation was announced by Police Lieutenant Colonel Yutthana Praedam, Director-General of the DSI, alongside key officials including Police Major General Tinkorn Rangmat and Dr. Chutharat Chintakanon. They revealed the results of the crackdown on an illegal Forex trading network, following investigations into cybercrime that linked a vast amount of circulating money to the Forex business. The Bank of Thailand confirmed that no Forex business operators were legally licensed, and complaints were filed by victims against several brokers, including QRS Global and HFM GOFX, among others.
The investigation unveiled that these brokers falsely claimed to be licensed, enticing clients with lavish lifestyles and high-profit promises. However, they imposed restrictive conditions and fees, making withdrawals difficult. Notably, prominent individuals, including politicians and celebrities, were implicated in the network, which operated unlawfully in Thailand.
Through coordinated efforts, the DSI, in collaboration with multiple agencies, conducted simultaneous raids across Bangkok, Pathum Thani, Samut Prakan, and Samut Sakhon. These raids targeted unlicensed companies and brokers involved in illegal Forex trading, leading to the seizure of substantial assets, including luxury vehicles, cash, gold, and digital assets.
Evidence of trading system interference, such as price manipulation, was also uncovered, suggesting potential fraud. The DSI is committed to a thorough investigation to prosecute all involved parties, urging the public to verify business authorizations before investing to avoid financial fraud. Victims of such schemes are encouraged to contact the DSI for assistance.