Forex trading fraudster detained in Songkhla after three-year evasion

A 51 year old woman has been detained in Songkhla’s Sadao district, suspected of defrauding investors out of 300 million baht (US$ 8,354,220) via a deceptive foreign exchange trading scheme. The arrest, conducted by the Economic Crime Suppression Division (ECD) police, brings to an end her near three-year evasion of justice. The warrant for her arrest was issued by the Bangkok South Criminal Court in March 2021.

The woman is believed to be part of a four-strong group that successfully enticed 250 individuals to invest in what they were led to believe was a legitimate forex trading venture promising significant returns. The ECD head, Police Major General Putthidej Boonkrapheu, confirmed that the victims had filed complaints with the DSI, having transferred amounts ranging from 20,000 baht (US$ 556) to 6 million baht (US$ 167,084) to the criminals’ company.

The fraudulent gang asserted that these funds would be invested through two renowned forex brokers, IronFX and FXPrimus. Initially, the investors did see returns in the first three months, which gave the scam an appearance of legitimacy. However, the situation progressively worsened as the group began to delay payments, ultimately closing their company and disappearing, reported Bangkok Post.

The remaining members of the scam, a Thai woman named only as Kanokratch and two men of Malaysian nationality, are also implicated in this case. The Thai woman has been apprehended, but the Malaysian individuals have fled the country. All of them are facing charges of fraud and acquiring loans under pretences.

Despite the allegations and evidence against her, the woman arrested on Sunday maintains her innocence, according to Pol. Maj. Gen. Putthidej. The case continues to unfold as ECD police work to bring all involved to justice.

In related news, a high-profile gold trader in Saraburi has been arrested on fraud charges stemming from her operation of a gold investment scheme that allegedly defrauded hundreds of investors out of over 100 million baht.