Thailand's Department of Special Investigation (DSI) has launched a multi-agency operation targeting a suspected forex pyramid scheme, raiding 24 locations across Bangkok and surrounding provinces. The action, codenamed "Shutdown the Laundering," aims to dismantle a network that allegedly used unauthorised forex trading operations to defraud investors.
During the coordinated raids, authorities seized roughly 65 million baht (US$1.8 million) in assets, including cash, gold bullion, luxury vehicles, hardware crypto wallets, and firearms. Investigators also moved to disrupt the scheme's financial flows by freezing 70 bank accounts linked to the investigation.
Unlicensed Forex Firms and Supporting Infrastructure
Following a public call for information, the DSI identified several forex firms that victims said were operating without authorisation from the Bank of Thailand. These entities include QRS Global, HFM, GOFX, and Eterwealth, which is also listed as Etherwell. The investigation extends beyond these client-facing brands to the wider infrastructure that allegedly enabled the movement of funds.
Authorities are examining two introducing brokers operating under the names "Coach James" and "JP Global," along with two electronic payment companies, Rainy Corporation Co., Ltd. and Pay Solution Co., Ltd. The focus on brokers and payment providers indicates that investigators are assessing the entire network that facilitated deposits, transfers, and withdrawals associated with the suspected pyramid scheme.
Alleged Scheme Operations and Victim Impact
According to investigators, the operation attracted victims by portraying itself as a legitimate investment opportunity and promoting an image of wealth through social media. Early participants were reportedly allowed to make small withdrawals, which may have reinforced perceptions of legitimacy. However, larger deposits were later blocked and allegedly misappropriated, leaving investors unable to access their funds.
Political Money Transfers Under Review
The DSI also disclosed that 14 transfers totaling 28 million baht had been made into accounts belonging to a member of the People's Party. Authorities emphasised that these transfers do not constitute evidence of wrongdoing, and the politician has not been charged.
In a public statement, the politician denied any involvement in the scheme and said the funds were related to online gold trading activity that ended several years ago. The investigation remains ongoing as authorities continue to analyse financial records, evaluate the role of intermediaries, and identify the full extent of potential losses to victims.
