Another set of victims of a fraudulent Ponzi scheme-like forex investment management fund have taken action to look for their funds after filing a police report. The 30 victims of Wealthy-Plus which have turned to the police state that about 1000 people have been cheated out of their savings.
The forex scheme was impersonating an investment management company with its website currently being offline. The scheme was providing to investors a set of “investment packages” where promised returns were as high as 60 per cent.
The first bracket was looking for clients willing to invest between 1,000 and 5,000 THB ($30 – $150) and promised 30 per cent. With the amount of the packages being classified into silver, gold, platinum and diamond, the latter was looking for clients who can afford to commit between 50,000 and 120,000 THB ($1400 – $3400).
Ponzi Scheme was Active a Touch Over 2 Months
Ranging from very poor families which committed their life savings, to relatively well off individuals by Thai standards, the investors filed complaints with the Technology Crime Suppression Division at the government complex in Bangkok earlier today.
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The total amount of funds which have been confirmed by the victims who filed the complaint is about $2.8 million (100 million THB).
Wealthy-Plus has been actively advertising on social media, including a Facebook page and an account on online chat service LINE, which is particularly popular in South-East Asia. The scheme appears to have been operating in a multi-level marketing manner with clients being promised more returns if they bring in clients.
The website and the Facebook page disappeared on July 22nd with the website being registered since the end of May. The clients have been contacted by other victims from a neighboring country to Thailand, stating that they have been duped into a similar scheme.
Investors in managed funds should be weary of companies which are promising fixed returns regardless of market conditions. Ponzi schemes can also be recognized if they promise bonuses provided that the client brings in new clients or invests a particularly large amount of money.