Thailand Police Nab $66 Million Forex-3D Ponzi Scheme Kingpin
- The police already confiscated 1 billion baht-worth Forex-3D-liked assets.
The authorities in Thailand arrested the mastermind of Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Read this Term-3D Ponzi scheme, Apiruk Kothi on Monday over a year after issuing a warrant against him, local media Bangkok Post reported.
The scheme defrauded over 8,400 documented victims, according to Thailand’s department of special investigations (DSI), with total estimated damages of around 2 billion baht (over $66 million), making it one of the largest forex frauds.
The fraudulent scheme alarmed the authorities when the first group of victims sought help in November 2019 after the Forex-3D failed to provide the promised returns.
Millions of Dollars Worth of Properties Seized
Kothi was nabbed from a condominium in Bangkok and during the raid, the police also seized his Lamborghini, which he was planning to sell in the black market; several land ownership documents; gold jewelry; and luxury watches and bags.
In the first raid on Forex-3D-linked premises in December 2019, the police found around $395,400 in cash, along with a 9.5-million-baht Porche car, Harley-Davidson motorcycle worth 1.3 million baht, a Toyota Alphard van, and several documents and other valuable items. In another raid, the police confiscated a 27-million-baht Aston Martin Vanquish car.
However, Kothi earlier slipped from the authority’s hands and went into hiding in Singapore and Malaysia. According to the local officials, the perpetrator is believed to have re-entered Thailand where the land borders with Cambodia last October.
The alleged perpetrator claimed that Forex-3D operated three forex exchanges in Dubai, Singapore and Hong Kong, but could not provide any proof to the authorities, the report outlined.
Though the details of the charges on Kothi are not clear yet, he denied some of the allegations brought by the authorities and has decided to fight the legal battle.
Meanwhile, Thai authorities are focusing on refunding the victims by selling around 1 billion baht worth of seized properties and other assets.
The authorities in Thailand arrested the mastermind of Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Read this Term-3D Ponzi scheme, Apiruk Kothi on Monday over a year after issuing a warrant against him, local media Bangkok Post reported.
The scheme defrauded over 8,400 documented victims, according to Thailand’s department of special investigations (DSI), with total estimated damages of around 2 billion baht (over $66 million), making it one of the largest forex frauds.
The fraudulent scheme alarmed the authorities when the first group of victims sought help in November 2019 after the Forex-3D failed to provide the promised returns.
Millions of Dollars Worth of Properties Seized
Kothi was nabbed from a condominium in Bangkok and during the raid, the police also seized his Lamborghini, which he was planning to sell in the black market; several land ownership documents; gold jewelry; and luxury watches and bags.
In the first raid on Forex-3D-linked premises in December 2019, the police found around $395,400 in cash, along with a 9.5-million-baht Porche car, Harley-Davidson motorcycle worth 1.3 million baht, a Toyota Alphard van, and several documents and other valuable items. In another raid, the police confiscated a 27-million-baht Aston Martin Vanquish car.
However, Kothi earlier slipped from the authority’s hands and went into hiding in Singapore and Malaysia. According to the local officials, the perpetrator is believed to have re-entered Thailand where the land borders with Cambodia last October.
The alleged perpetrator claimed that Forex-3D operated three forex exchanges in Dubai, Singapore and Hong Kong, but could not provide any proof to the authorities, the report outlined.
Though the details of the charges on Kothi are not clear yet, he denied some of the allegations brought by the authorities and has decided to fight the legal battle.
Meanwhile, Thai authorities are focusing on refunding the victims by selling around 1 billion baht worth of seized properties and other assets.