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Thai police seize another 743 million in Ponzi scheme assets

Jack Burton

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PHOTO: newtv.co.th

“About 3000 victims have reported losses to the DSI, which expects to wrap up its investigation by the end of the year.”

Police have seized assets valued around 743 million baht from suspects in the Forex-3D Ponzi scheme. Confiscated were a Maserati SUV, a Porsche Boxster, a Ferrari Spider, three Ford Mustangs and a Toyota Vellfire passenger van, with a combined value of about 743 million baht, according to the Justice Department.

This is the third round of confiscations in the ongoing case.

Read more about how the Forex-3D Ponzi impacted its victims HERE and HERE.

In November the Department of Special Investigations seized 11 Bangkok properties estimated at 600 million baht in value. A second seizure yielded four more properties valued at around 100 million baht.

The Forex-3D scam started as an invitation-only brokerage company, splitting profits at a rate of 60/40 with 60% to the investor. Members (investors) started with a minimum investment of US$2,000 (about 60,000 baht).

The company advertised that investments would be repaid at an extremely high dividend rate within a short period. But it began having problems repaying investors in April and didn’t respond to their queries. Victims became so confused and angry that they joined in a cursing ceremony at the company’s headquarters, aimed at the directors and those involved.

The assets confiscated so far amount to only half of the losses reported by investors in the scam.

Forex-3D has been exposed as a Ponzi scheme. Thousands of victims invested in what they believed to be foreign exchange trades, with promises of high returns. About 3000 victims have reported losses to the DSI, which expects to wrap up its investigation by the end of the year.

Total losses are estimated at 1.58 billion baht.

SOURCE: Bangkok Post

 

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Jack Burton is an American writer, broadcaster, linguist and journalist who has lived in Asia since 1987. A native of the state of Georgia, he attended the The University of Georgia's Henry Grady School of Journalism, which hands out journalism's prestigious Peabody Awards. His works have appeared in The China Post, The South China Morning Post, The International Herald Tribune and many magazines throughout Asia and the world. He is fluent in Mandarin and has appeared on television and radio for decades in Taiwan, Mainland China, Hong Kong and Macau.

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