DSI eyes special-case status for major Forex fraud cases

The Department of Special Investigation (DSI) will decide within this week whether to accept foreign exchange (Forex) fraud cases as special cases under the executive decree on lending cases deemed public fraud or Ponzi schemes.

DSI officials investigating Forex fraud cases said complaints from most victims suggest they were duped into investing in Forex trading through brokers operating foreign-based websites, whose credibility was enhanced by local sales agents.

Each investor was assigned a sales agent who advised them on when and how to trade, resulting in profits at the initial stage. This gave investors confidence and encouraged them to increase their investments.

In the end, however, they began to incur losses and were unable to recover their remaining funds, according to DSI officials.

The amounts invested in Forex trading ranged from tens of thousands of baht to as much as 70 million baht in some cases.

The alleged offenders include brokerage firms, brokers, and companies responsible for electronic payments and money transfers. Those named include Arjarn Phi, Coach James and Ackmee.

In the case of Pawoot Pongvitayapanu, a People’s Party MP implicated in the Forex fraud case for allegedly receiving 14 payments of two million baht each into his bank account from Spark Digital Company, DSI officials said he is being given an opportunity to defend himself before charges are filed.

Regarding former actor Rattapoom Tokongsup, who has been named among those linked to brokerage firms implicated in the fraud, DSI officials said that, so far, there is no hard evidence proving his involvement.