Thailand’s Department of Special Investigation (DSI) has unveiled on 19 June 2026, the results of a major nationwide operation targeting an illegal Forex investment and pyramid-style fraud network, following coordinated raids at 24 locations across Bangkok, Pathum Thani, Samut Prakan and Samut Sakhon. The operation led to the seizure of substantial assets, the freezing of dozens of bank accounts and the discovery of financial links that investigators say may extend to prominent public figures. More than 500 victims have already filed complaints directly with the DSI, while over 60 additional cases have been reported through the Cyber Crime Investigation Bureau’s online system. Get today's headlines by email The crackdown was the result of a six-month investigation conducted jointly by the DSI, the Cyber Crime Investigation Bureau (CCIB), the Central Institute of Forensic Science and the Bank of Thailand. Investigators initially traced financial movements connected to scam syndicates and online gambling operations before uncovering unusually large volumes of money flowing through suspected illegal Forex investment schemes. The Bank of Thailand reiterated during the operation that no individual or company has ever been granted a licence to operate a Forex trading business in Thailand. According to investigators, the network was structured into three key groups. The first consisted of unlicensed Forex brokers operating investment platforms including QRS Global, HFM, GOFX and Eterwealth, many of which claimed registration in offshore jurisdictions to avoid Thai regulatory oversight. The second group comprised introducing brokers, or IBs, who promoted investment opportunities through social media, training courses and displays of wealth designed to attract new investors. The third group involved payment gateway companies that allegedly acted as financial intermediaries, receiving funds from investors before transferring or converting them into cryptocurrency. Companies identified by investigators included Rainny Corporation Co., Ltd. and Pay Solution Co., Ltd. Authorities said investors were initially able to withdraw profits successfully, creating confidence in the schemes. However, withdrawals later became delayed, restricted or blocked entirely, leaving many investors unable to recover their funds. Following court approval, investigators searched 15 companies and nine private residences linked to the network. Authorities froze 77 bank accounts, including 20 corporate and 57 personal accounts, and moved to restrict access to associated cryptocurrency wallets. Seized assets included 65.27 million baht in cash, foreign currency valued at 600,000 baht, five luxury cars, 15 additional vehicles, four motorcycles, gold weighing 50 baht, 12 kilograms of silver bars, 113 luxury watches, more than 40 designer handbags, 55 computers, 30 mobile phones, four cryptocurrency hardware wallets and three firearms with ammunition. One of the most significant developments from the investigation was the discovery of financial transfers linked to the payment gateway network. DSI stated that funds moved from ALPFX through Spark Digital before being transferred into the personal account of Pavut Pongvitayapanu, a People’s Party list MP. Investigators identified 14 transactions of approximately 2 million baht each, totalling around 28 million baht, all conducted within a single day in July 2024. Officials noted that the rapid succession of large transfers differed from normal salary or dividend payments and warranted further examination. Pictures courtesy of The Standard Investigators also cited evidence linking actor Ratthaphum Tokongsub, known as Film, to Eterwealth in a role involving business promotion and consultancy. However, DSI stressed that neither Pavut nor Ratthaphum has been named as a suspect. Officials emphasised that the discovery of financial links does not automatically indicate criminal wrongdoing and that both individuals will be given the opportunity to explain the transactions and their involvement. DSI further stated that the investigations involving Pavut and Ratthaphum concern separate branches of the wider network and that no direct connection between the two has been established. Officials also rejected suggestions of political interference, insisting that the investigation is based solely on evidence gathered during the six-month inquiry. The Standard reported that the investigation is continuing as authorities work to trace additional assets, identify further victims and examine the full extent of the network’s financial operations. DSI estimates total losses may ultimately reach several billion baht and has urged anyone affected to submit evidence to assist with asset recovery and compensation efforts. Related story DSI-raids-forex-network-across-Bangkok-region Join the discussion? Already a member? Adapted by ASEAN Now TheStandard 20 June 2026
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