A 51-year-old woman, Kanokratch, was arrested in Songkhla’s Sadao district for allegedly leading a massive forex trading scam that defrauded investors of 300 million baht. The arrest, made by the Economic Crime Suppression Division (ECD), ends almost three years of investigation following a warrant issued by the Bangkok South Criminal Court in March 2021.
Kanokratch, a key member of a four-person gang, lured 250 victims into investing in foreign currency trading through two major forex brokers, IronFX and FXPrimus. Investors were promised high returns, contributing amounts ranging from 20,000 baht to 6 million baht.
While victims initially received returns, the gang began providing excuses for delayed payments, eventually disappearing with the funds after closing their operation.
Along with Kanokratch, two Malaysian men and another Thai woman were involved in the scam. The two Malaysians are currently fugitives, and charges of fraud and public cheating have been filed. Kanokratch denies the charges, according to Pol Maj Gen Putthidej Boonkrapheu, the ECD chief.
In a separate case, police also arrested a man named Chatchai, 42, for another scam involving forex, gold, and digital currency investments. Chatchai, along with his associates, deceived 158 investors out of 31 million baht, promising returns as high as 300%. Investigators are still searching for his accomplices.
