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Police Arrest Woman Over US$8.35 Million Forex Trading Scam

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Forex Trading Scam

Economic Crime Suppression Division Police have detained a 51-year-old lady for allegedly defrauding investors of 300 million baht ($8.35 million dollars) through a forex trading scam.

On Sunday, Economic Crime Suppression Division (ECD) officers captured the 51-year-old lady, whose identity was suppressed, on a warrant issued by the Bangkok South Criminal Court in March 2021, bringing an end to an almost three-year investigation.

The defendant was allegedly part of a four-person gang that duped 250 people into participating in what they thought was foreign currency trading, with promises of big returns.

According to Economic Crime Suppression Division (ECD) police, the 250 victims submitted complaints with the DSI after paying between 20,000 and 6 million baht to the gang’s company.

The gang claimed that the money would be put in two major forex brokers, IronFX and FXPrimus.

The investors received returns for the first three months before the gang began to make excuses for late payments, closed their business, and then vanished.

The ECD chief identified three accomplices: a Thai woman and two Malaysian men. The woman, known only as Kanokratch, has been arrested, but the Malaysians have departed the country.

They are facing charges of fraud and acquiring loans that constitute public deception and fraud. The 51-year-old lady arrested on Sunday has disputed the charges, according to police.

forex trading scam

Second Forex Trading Scammer Arrested

In a separate case, police arrested a 42-year-old man known only as Chatchai for allegedly duping individuals into investing in forex, gold, and digital currencies.

Investigators informed CTN News that Mr Chatchai and his accomplices, who are wanted on arrest warrants, founded three companies to defraud 158 investors of 31 million baht by promising to provide a payout of up to 300%.

Thailand has seen a boom in forex trading scams that have left investors distraught. Fraudsters have abused the promise of quick riches through foreign currency trading, causing financial disaster for countless people, including popular YouTubers and celebrities.

Scammers frequently use sophisticated strategies to trick victims into investing in bogus currency scams. They employ social media platforms, glitzy marketing, and phoney testimonials to establish a veneer of credibility.

Scammers take advantage of people’s hunger and desire for financial independence by using emotional triggers and false promises to trap them in a web of deceit.

The damaging effects of forex scams go beyond financial loss. Victims frequently experience mental distress, destroyed trust, and feelings of helplessness.

Many people spend their life savings or borrow money in the expectation of securing a brighter future, only to be left empty-handed by unscrupulous scammers who put their own interests before of the welfare of others.

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