Thai court overwhelmed with evidence in Forex-3D fraud case

UPDATE #2

Thailand’s Criminal Court summoned famous actress “Pinky” and 23 other defendants in the Forex-3D fraud case to court today. Defendants gave testimony and the court examined evidence submitted by victims.

However, there are so many documents from victims that the court will need to reconvene on November 29, 2022, to make further progress in the case.

Among the 24 defendants who were summoned out of prison into court today include famous actress Savika “Pinky” Chaiyadej, her mother and brother, and CEO of Forex 3D Apirak Kotthi.

The defendants are accused of defrauding victims of an estimated 2,489,820,321 baht in total. All 24 were denied bail.

SOURCE: CH7

UPDATE #1

Famous actress “Pinky” faces up to 20 years in prison for fraud for her involvement in a Forex-3D “Ponzi” scam that defrauded over 14,000 victims. Pinky, her mother, and her brother are still detained as they await trial.

Committing fraud carries up to five years imprisonment for each victim in Thailand, causing speculation in Thai media that Pinky could face a 50,000-year prison sentence if she is found guilty of defrauding say, 10,000 victims.

However, Thai law stipulates that fraudsters can be imprisoned for a maximum of 20 years in Thailand, no matter the number of victims.

Pinky, her mother, and her brother are accused of committing fraud as well as other charges violating the Computer Crimes Act (2007). All three were denied bail.

SOURCE: Sanook

ORIGINAL STORY

Famous Thai actress Savika “Pinky” Chaiyadej, her mother Sarinya Chaiyadej, and her elder brother Surayuth Chaiydej were among 19 people arrested yesterday for allegedly defrauding people of money via a “Forex-3D scam.”

Thailand’s Criminal Court denied Pinky and her relatives’ bail requests, fearing the defendants would flee if they were granted temporary release.

Pinky, Sarinya, and Sarayuth are accused of committing fraud under the Computer Crimes Act for their involvement in a Forex-3D scam, or, “Ponzi” scheme. The scam persuades people to invest their money in foreign exchange through the website forex-3d.com, claiming that they will make 60-80% profit on their investment.

However, once people invested, they didn’t get any profits in return as promised. According to the DSI, around 14,000 people were duped into the scam, investing an estimated 1.9 billion baht in total.

In October 2019, the Department of Special Investigation (DSI) began investigating Forex-3D after receiving a complaint from an investor who claimed Forex-3D was a scam. A number of well-know celebrities in Thailand were summoned to testify alongside the founder and CEO of Forex-3D Apirak Kotthi.

Yesterday, the DSI handed over assets worth around 230 million baht which were seized from the investment company and its alleged ring leader Apirak. The assets consist of 173 items including 14 cars, 12 land title deeds, 11 go-karts, nine expensive number plates, luxury watches, gym equipment, and gold.

Pinky and her family presented land title deeds as surety for their bail applications, but the court rejected the applications yesterday for fear they would attempt to flee. Pinky, her mother, and her brother were escorted to a prison to be held on remand.

Alleged ring leader Apirak was the first of 19 people under investigation by the DSI. He was arrested on January 15, 2021, under suspicion of committing fraud by promoting the public to invest through online platforms such as a website and Facebook.

Pinky, her mother, and her elder brother began advertising Forex-3D in January 2020. Pinky was a good friend of Tangmo, the famous Thai actress who drowned in the Chao Phraya river in February.

SOURCE: Sanook