Thailand Nabs Major Forex Fraudster

The Financial Commission / Media posts / Thailand Nabs Major Forex Fraudster

Thai law enforcement authorities are indicating that they have arrested the alleged mastermind of a Forex-3D ponzi scheme that totaled a whopping $66 million. The Bangkok Post reported last week that Apiruk Kothi has been captured after nearly a year on the run.

The alleged scheme kingpin was in the process of selling property and luxury goods obtained with funds purportedly generated by the scheme, including a blue Lamborghini, which “he had repainted the orange supercar and planned to sell it on the grey market for 10 million baht.”

The newspaper indicated that “the DSI has received more than 8,400 documented claims from victims of the foreign-exchange scheme since the first group sought help from the Justice Ministry in November 2019. Most victims claimed they had not received the returns that were promised by the company. The damages are estimated to total 2 billion baht.”

As such, this is one of the biggest Forex-related Ponzi schemes in the world to be uncovered and highlights a success at bringing those responsible to justice. While it remains to be seen how victims of this fraud will be compensated in the near future, it is nonetheless a somewhat positive ending to a saga that started in November 2019.

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