Bangkok: The Department of Special Investigation (DSI) has revealed the dismantling of a fraudulent Forex network involving a Member of Parliament from the People's Party, with 28 million baht transferred to various accounts linked to the scheme.
According to Thai News Agency, the operation was announced by Police Colonel Yutthana Praedam, Director-General of the DSI, along with Police Lieutenant Colonel Khemachat Prakaihongmani and Police Major General Tinkorn Makrong. They detailed the six-month investigation that targeted scammers and online gambling groups. The investigation uncovered intricate financial transactions connected to the Forex Ponzi scheme, involving multiple payment companies. By collaborating with the Bank of Thailand, the DSI's Technology Crime Division divided the investigation into three groups: brokers, investment advisors, and payment companies, leading to raids on 24 related locations.
Police Lieutenant Colonel Khemachat disclosed that a payment company, Alp FX, is linked to Spark Digital, which transferred funds to Mr. Pawut Pongwitthayaphanu, a People's Party MP. The transactions totaled 28 million baht, with 14 transfers of 2 million baht each. Mr. Pawut has not been summoned or arrested yet due to his parliamentary duties, but he will be required to clarify his involvement once the session concludes.
In a related case, Film Rattapoom is implicated in a group associated with a broker. Both Film Rattapoom and Mr. Pawut have the opportunity to present evidence to prove their innocence. The DSI's investigation into the Forex scam has identified over 500 victims, and the number may rise as the case develops. The Cyber Police have pinpointed over 60 suspects, with the total damages reaching billions of baht.
The crackdown on the illegal Forex trading network was a joint effort by the DSI, Cyber Police, Forensic Science Institute, and the Bank of Thailand. They raided a network involving both Thai and foreign nationals who had set up 15 brokerage firms and raided 9 residences in Bangkok and surrounding areas. The authorities seized luxury cars, cash, gold, jewelry, designer items, foreign currencies, and computers, all of which will be used as evidence in the ongoing investigation.