(CTN News) – A cryptocurrency trading firm based in Chiang Mai has been sued by more than 50 people for damage of some 1 billion baht, according to the Department of Special Investigation (DSI).
DSI operation center Area 5 received the complaints.
DSI officials declined to name the company until formal charges are filed against it.
Based in Chiang Mai Crypto Trading, the company was registered in 2019 as a limited partnership with a fund of 500,000 baht. Just this year, it became a company.
Acting DSI Area 5 director Kittikhom Kongsomphote explained that clients were believed to have been lured into a pyramid scheme by the firm.
The affected clients were promised yields of 15% per month on their investments, Kittikhom said.
A client who filed a complaint on Thursday said he was lured by promises of a 15% yield per month to increase his investment.
Initially, the client invested only a few thousand baht, then more than 100,000 baht, and finally 1.5 million baht.
Approximately 2.4 million baht were lost by another client. On Facebook, she saw advertisements and was invited by friends.
She said she paid the “entry fee” of 19,000 baht and invested 300,000 baht before increasing it to 2.4 million baht.
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