Investors fear B40bn forex operator is another ponzi

Investors fear B40bn forex operator is another ponzi

Lawyer Ronnarong Kaewphet, centre, and complainants who invested in Forex-3d, which purports to be a foreign exchange operation and offers a 10% monthly return, file their complaints at the headquarters of the Department of Special Investigation in Bangkok on Friday. (Photo by King-oua Laohong)
Lawyer Ronnarong Kaewphet, centre, and complainants who invested in Forex-3d, which purports to be a foreign exchange operation and offers a 10% monthly return, file their complaints at the headquarters of the Department of Special Investigation in Bangkok on Friday. (Photo by King-oua Laohong)

About 100 people visited the Department of Special Investigation on Friday and complained they suspect a foreign exchange company they invested with is a 40-billion-baht pyramid scheme.

They were accompanied by lawyer Ronnarong Kaewphet, who said they were clients of "Forex-3d",  and they wanted the DSI to accept the case for investigation due to feared huge damage.

The company appeared to operate like a real entity because it required its customers to file written requests for "dividends" and wait for its "board of directors" to approve the payment, Mr Ronnarong said. However, payments to its customers stopped in April and May.

Mr Ronnarong said according to the Forex-3d website it had about 30,000 members living in Thailand and abroad, and a revolving fund of about 40 billion baht. It required each member to invest a minimum 50,000 baht and offered a 10% monthly return.

"These people asked the DSI to help by verifying the business of the company... Some stars who posed for photos with its CEO should clarify if they know him personally, or were hired for promotion. Fans of the stars invested in it, following their favourite stars," Mr Ronnarong said.

A woman who gave her name as Peeraporn said she had not thought the company was a ponzi scheme because it had been operating for four years. She invested a six-digit sum in it.

DSI director-general Paisit Wongmuang said officers would quickly ferret out the facts in the case, and then decide whether to take up the complaints for further investigation.

Forex-3d promotes itself as a privately owned online broker.


Do you like the content of this article?
COMMENT (43)

Iraq jails YouTuber, TikToker over 'indecent' videos

A court in Baghdad has sentenced two Iraqis to prison time over "indecent" videos on social media that "undermine modesty and public morality", the judiciary said Wednesday.

8 Feb 2023

Sontaya 'group of 12' to join Pheu Thai

A group of 12 politicians led by veteran Chon Buri politician and former Pattaya mayor Sontaya Kunplome will contest the general election under the Pheu Thai Party banner.

8 Feb 2023

Putin 'likely approved MH17 missile supply'

THE HAGUE: There are "strong indications" that Russian President Vladimir Putin personally approved the supply of the missile that shot down Malaysia Airlines flight MH17 in 2014, international investigators said on Wednesday.

8 Feb 2023