Scams within the foreign exchange (forex) industry continue to plague Thailand, with the Department of Special Investigation (DSI) seizing assets worth more than 12 million baht (around $395,400) from affiliates of online broker Forex-3D, according to reports from local news outlets.
In particular, the department seized assets from Apiruk Kothi, the owner of Forex-3D, and his network members involved in the alleged fraud, the Bangkok Post reported. The DSI and Central Institute of Forensic Science searched four locations in Bangkok and Nonthaburi earlier this week on Wednesday.
Overall, according to the Chief of the DSI, Pol Col Paisit, the authority seized assets worth 15.3 million baht from the locations. A 9.5-million-baht Porche car, Harley-Davidson motorcycle worth 1.3 million baht, a Toyota Alphard van, and several documents and valuable items were among the items seized by the DSI.
Plus500 Reaffirms its Commitment to Social ResponsibilityGo to article >>
This is the second raid conducted by authorities against members of Forex-3D. Last month on November 22, the DSI also seized millions of baht worth of assets from Apiruk and affiliates during raids on six locations across Bangkok and Chiang Mai.
Thailand officials arrest 5 Chinese brokers
At the same time, over in Phuket, five Chinese brokers have been arrested following a tip-off from an informant. According to a report from Chiang Rai Times, police said they raided the house and found five people acting as brokers trading in the Chinese yuan and US dollar.
The brokers have been charged for working a forex brokerage without holding the proper authorization. Because of this, their assets were seized, including five laptops, 15 mobile phones, and transaction documents.
Reportedly, the charged brokers told investigators they initially entered Thailand with travel visas and were hired to run the brokerage and perform duties such as FX trading, and advertising, which included posing ads on websites and mobile applications.