Over 50 people file complaints against Chiang Mai crypto trading firm
More than 50 people have filed complaints with the Department of Special Investigation (DSI) against a cryptocurrency trading firm based in Chiang Mai, registering damage of some 1 billion baht.
The complaints were filed with DSI operation centre Area 5.
DSI officials declined to name the company pending formal charges against it.
The Chiang Mai centre said the company was registered as a limited partnership in 2019 with a fund of 500,000 baht and a goal to develop websites and register domain names for clients. It registered as a company just this year.
Pilot Officer Kittikhom Kongsomphote, acting director of the DSI’s Area 5 operation centre, said it was believed that clients were lured to invest in the firm in a pyramid fund scheme.
Kittikhom said the affected clients were promised yields of 15 per cent per month on their investments.
One client who filed a complaint on Thursday said he was lured with promises of a 15 per cent yield per month to increase his amount of investment with the firm.
The client said he initially invested only some “tens of thousands” of baht before increasing the investment to more than 100,000 baht and then 1.5 million baht.
Another client complained that she lost about 2.4 million baht to the firm. She was invited by friends and saw advertisements on Facebook pages.
She said she paid the “entry fee” of 19,000 baht and started with an investment of 300,000 baht, before increasing this to 2.4 million.