Probe into forex fraud raises questions

Opposition party claims probe designed to undermine credibility, writes Wisawaporn Jukgoljun

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A sweeping investigation into an alleged foreign exchange (Forex) investment scam has widened to include politicians, influencers and online trading personalities, with People’s Party (PP) list MP Pawoot Pongvitayapanu among those whose financial transactions are being scrutinised.

Although Mr Pawoot has not been named as a suspect and denies any wrongdoing, the case has expanded beyond alleged investment fraud to include suspected illegal forex businesses, pyramid schemes, transnational criminal networks, and unlawful investment solicitation.

THE ALLEGED NETWORK

The forex investigation began in mid-June when the Department of Special Investigation (DSI), the Cyber Crime Investigation Bureau (CCIB), the Central Institute of Forensic Science and the Bank of Thailand (BoT) launched a coordinated operation codenamed “Shutdown the Laundering” targeting 24 locations in Bangkok, Nonthaburi, Pathum Thani, Samut Prakan and Samut Sakhon.

Authorities seized more than 65 million baht in cash, luxury vehicles, gold, electronic devices, hardware wallets and other luxury items.

Investigators allege the network manipulated forex trading by delaying transactions, causing trading errors and, in some cases, freezing clients’ trading orders altogether.

The DSI said authorities have frozen 77 bank accounts linked to the network.

The investigation centres on the alleged fraudulent activities of brokerage firms QRS Global, HFM, GOFX and Eterwealth, as well as introducing brokers known as “Ajarn Phi” and “Coach James”.

Authorities said more than 500 people had allegedly been defrauded, with losses estimated at about 70 million baht.