Connect with us

Crime & Legal

Five Chinese Nationals Busted Running Forex Brokerage in Phuket

Advertisements

As the Forex trading is gaining popularity by the day we see that the scams and frauds in the Forex trading have risen. These frauds are getting bigger and more frequent all over the globe the recent victim is Thailand.

Published

on

Authorities in Phuket, Thailand have arrested 5 Chinese Forex brokers at their rented house after a tip off from an informant. Police said they raided the house and found the five Chinese were trading in the Chinese yuan and US dollar, acting as brokers.

They also told investigators they entered Thailand with a travel visas. They said they were hired to run the Forex brokerage with various duties. Such as foreign exchange trading, posting ads on websites and mobile applications. Also luring new members via the Line app.

The five were charged with working without a work permit. Their assets, including five laptops, 15 mobile phones and transaction documents were seized.

The Chinese Embassy has been made aware of their actions and they will be deported and blacklisted from the Kingdom.

Forex Scams on the Rise

As the Forex trading is gaining popularity by the day we see that the scams and frauds in the Forex trading have risen. These frauds are getting bigger and more frequent all over the globe the recent victim is Thailand.

There was a Ponzi scheme that was popularized in the nation that was offering 10 percent interest per month to the investors. Almost 30,000 people have fallen for this scheme and now are scammed of their investments.

While this was a basic theme, there was also higher interest offers made that are yet to be made clear by the victims. Current losses on the scheme have so far accumulated to around 4 billion baht.

This fraud has been done by a company named Forex 3D, which started off as an invitation-only brokerage firm. Giving the investors a whopping 60 percent of the profits of their investments made in the scheme.  The Minimum investment started at 2,000 US$ or about 50,000 baht.

The victims are now asking the Department of Special Investigations (DSI) to consider the “Forex-3D” Ponzi scam case as one with ‘special status.’ This was revealed by the Thai Justice ministry that is still investigating the issue.