A married couple who offered online Forex foreign currency exchange classes in the northern province of Chiang Rai have been arrested for allegedly duping people into investing over 24 million baht in a fake Forex investment scheme.
A combined team of officers from the Metropolitan Police Bureau’s Investigation Division (IDMP) and the Police Cyber Taskforce (PCT) arrested Kanok, 36, and his wife Thanyachanok, 37, in front of a house in Chiang Rai’s Muang district, according to IDMB commander Pol Maj Gen Teeradet Thammasuthee. The surnames of the suspects were withheld.
The arrests were made in response to several complaints from victims who claimed Mr. Kanok and his wife had posted video clips on social media offering advice on Forex foreign exchange investment and speculating. Under the moniker “K1FX Trader Club,” the pair offered online financial classes, with the husband functioning as a main instructor. Many others had applied to learn from them.
In August 2019, the club announced on LINE and Facebook that it had established a fund firm that guaranteed a minimum monthly return of 5% on the principal with 100% capital protection. This enticed many victims to invest with the firm, resulting in approximately 24 million baht invested before the firm was closed down.
The pair, both Chiang Rai residents, were arrested when police initiated an inquiry.
Ms. Thanyachanok was wanted for public fraud, placing false information into a computer system, and fraudulent borrowing, according to an arrest warrant issued by the Nakhon Pathom Provincial Court on August 26, last year. According to Pol Maj Gen Teeradet, Mr. Kanok was wanted in an arrest warrant issued by the same court on March 17 this year on the identical charges.
During her interrogation, the woman rejected all charges, alleging that her husband used her bank account to receive money transfers from victims.
Mr. Kanok admitted to all counts. He informed investigators that he worked as a government servant before becoming interested in currency speculating. He later resigned from the federal service to operate a Forex trading firm.
He claimed that he had not planned to deceive the victims, but that he had suffered losses as a result of his own currency trading activity.
Ms Thanyachonok also has a criminal record and was wanted for fraud on another arrest order issued by Thanyaburi Provincial Court on August 17, 2021. According to Pol Maj Gen Teeradet, she was wanted for another offence in an area under the jurisdiction of Khu Khot police station.
The process of buying and selling currencies in the worldwide foreign exchange market is known as forex trading, sometimes known as foreign exchange trading. It is the world’s largest and most liquid financial market, with an average daily trading volume in the trillions of dollars.
Banks, financial institutions, corporations, governments, and individual traders are the key participants in the forex market. Forex trading is often carried out through a decentralised network of financial centres located in several time zones, allowing trade to take place 24 hours a day, five days a week.
Forex trading scams are fraudulent activities that attempt to dupe people into investing money in bogus or illegal forex trading schemes. These frauds can take many different forms and can affect both skilled and new traders. Here are some examples of popular forex trading scams:
1. Ponzi Schemes: Ponzi schemes promise great returns on investments while using funds from new participants to repay previous investors. When there aren’t enough new investors to keep the plan going, it eventually fails.
2. Scam Signal Sellers: Scammers promise to offer profitable trading signals or methods that guarantee success in the forex market. These signals are frequently provided for a price, however they may be based on erroneous or altered data, resulting in losses for buyers.
3. Fake Forex Brokers: Scammers may set up phoney brokerage firms that appear authentic but are set up to steal money from investors. They may manipulate trading systems or refuse to enable withdrawals, trapping cash.
4. phoney Investment Funds: Scammers may set up phoney forex investment funds that claim to be managed by skilled traders and provide huge returns. However, these funds may not exist, and the crooks will just take your money.
5. Scam Trading Software: Scam trading software is frequently offered as a strategy that can make automatic gains in forex trading. These programmes typically involve an upfront investment, but they rarely deliver on their promises and may even result in losses.
Consider the following actions to protect yourself against forex trading scams:
1. Conduct extensive research: Before investing any money, confirm the legitimacy of brokers, investment firms, or trading systems. Examine for regulatory licences, user reviews, and independent evaluations.
2. Be wary of unrealistic promises: If an offer appears to be too good to be true, it most often is. Avoid investment programmes that promise large returns with little or no risk.
3. Be aware of unwanted offers: Be suspicious of unsolicited emails, phone calls, or social media messages advertising forex trading prospects. Legitimate brokers and financial firms rarely use aggressive marketing tactics.
4. Understand the risks: Forex trading is fraught with danger, and there are no surefire tactics or systems that can guarantee profits. Learn about forex trading, risk management, and common trading strategies.
5. Use regulated brokers: Select trustworthy brokers who are governed by respected financial bodies. Regulatory control ensures that brokers follow specific requirements while also protecting investors.
If you feel you have been a victim of a forex trading fraud, contact your local financial authority or police enforcement. It is critical to act fast in order to enhance your chances of recovering your monies and preventing others from becoming victims of the scam.