BANGKOK – A group of Forex traders have petitioned Thailand’s Department of Special Investigation (DSI) after being scammed out of more than one billion baht (US$32,691,500.00) by an illegal finance company.
The Forex traders decided to invest the huge amount of money after the firm promised high returns from currency trades on the foreign exchange (forex) market.
According to the Bangkok Post the firm allegedly backed its claims with photos of celebrities and its participation in well-known financial events, Samart Jenchaijitawanit, president of the Stop Money Game Association told DSI officers.
“But a check found the pictures of Hong Kong actors posing with the firm’s logo were doctored,” Mr Samart said.
The company “Share Forex”, also displayed photos of its booth at a Money Expo.
He did not go into more details of the expo or when it took place.
Share Forex scammers allegedly took part in the event but later left after the Securities and Exchange Commission warned visitors against being fooled by unlicensed investors.
2,400 Forex trading investors fell prey to the Forex scam, losing Bt1 Billion, US$32,691,500.00 with one victim losing up to 10 million baht.
According to the victim’s accounts, each of them had to pay a minimum of US$100, or around 3,850 baht, for a profit of 40 baht a day.
The returns would go up if they paid more or introduced more people to the trade.
“The petition matches criteria to treat it as a special case,” Piyasiri Wattanavarangkul, the DSI’s chief of Bureau of Illegal Financial Business Crime, said.