DSI detects THB28m transfers to People's Party MP in Forex probe

A joint press conference was held at the Ministry of Justice to announce the crackdown on an illegal Forex business network on June 19 2026.

The operation was detailed by Department of Special Investigation (DSI) Director-General Pol Maj Yutthana Praedam, Cyber Crime Investigation Bureau (CCIB) Deputy Commissioner Pol Maj Gen Thinnakorn Rangmat, Central Institute of Forensic Science (CIFS) Deputy Director Dentist Chutarut Chintakanont, and DSI Bureau of Technology and Cyber Crime Director Pol Capt Khemmachart Prakaihongmanee, alongside other relevant officials.

The DSI's investigation into cybercrime revealed that massive financial flows within the system were tied to Forex trading.

Upon verifying the legal authorisation of these operations with the Bank of Thailand, it was confirmed that no Forex business operator is legally authorised by the central bank.

Additionally, victims lodged complaints after being defrauded by Forex brokers identified as QRS Global, HFM, GOFX, and Eterwealth (also referred to as Etherwell).

The complaints also implicated Introducing Brokers (IBs) known as Ajarn P, Coach James, JP Global, and Acme, as well as two electronic payment and remittance companies: Rainy Corporation Co., Ltd. and Pay Solution Co., Ltd.

The syndicates operated by masquerading as authorised brokers with credible websites, flaunting luxurious lifestyles featuring overseas holidays and sports cars, and displaying highly profitable portfolios to entice victims into depositing funds.

Personal sales representatives were assigned to monitor clients.

While early withdrawals were successful, the brokers later imposed stringent conditions, forced victims to buy courses, demanded further deposits, or levied arbitrary fees, ultimately preventing withdrawals.

Investigations revealed the involvement of high-profile figures, including a politician who established a company through nominees, a prominent influencer, and an individual in the entertainment industry.

These individuals were linked to trade payment businesses, investment consulting, and the promotion of the offshore-registered broker Etherwell, which operated illegally in Thailand.

Following the revocation of the company’s overseas licence, victims suffered severe financial damages due to delayed or halted withdrawals, whilst the offshore registration complicated legal proceedings.

Khemmachart explained that the DSI intervened after discovering that online payment gateways used by scammer gangs and online gambling networks were also facilitating these illegal Forex trades.

Over the past six months, one victim reported losses of THB70 million, representing just one of approximately 500 victims in this specific group.

Coordination with the CCIB led to the execution of search warrants across 24 locations, targeting both brokers and payment groups.

The investigations revealed complete interconnectedness among these locations, with funds moving through multiple payment companies, some of which were mere shell entities.

Crucially, a financial trail from one company led to Pawoot Pongvitayapanu, a Party-list MP for the People's Party.

Investigators detected 14 transfers of THB2 million each, totalling THB28 million.

However, Khemmachart emphasised that these transfers might not necessarily stem from illicit activities, stating that the DSI is completely open to hearing his explanation.

He clarified that Pawoot is not yet considered an offender, but rather an individual linked to the financial trail, much like a certain actor who previously drove another company linked to victim complaints.

Khemmachart firmly stated, "I confirm this is not related to politics. There has been no political pressure because we have been investigating this for some time. We had to execute the search warrants now, as we feared the victims would suffer further damage, so we had to put a stop to it."

Yutthana further clarified the identities, stating that the actor involved is

Rattapoom Tokongsup, whose connection lies with the broker group, whereas Pawoot is linked to the payment gateway group.

The network actively lured the public to invest in offshore brokers by using sales agents to provide close support.

Unlike traditional mutual funds, this scheme did not focus on scheduled dividends but on price difference speculation through foreign broker systems.

The IBs earned commissions, or IB Rebates, from every transaction rather than from the investors' actual profits.

This structure incentivised IBs to aggressively push investors to trade frequently to inflate transaction volumes.

To avoid Thai legal jurisdiction, most brokers were registered offshore in locations such as Saint Vincent and the Grenadines, Mahé, the Republic of Seychelles, the United Kingdom, the Cayman Islands, and the Comoros.

These brokers often exploited investors by initially offering high returns before altering conditions, restricting massive withdrawals, and using deceptive images of wealth that did not genuinely originate from trading profits.

The recent raids on 16 June saw the DSI, CCIB, CIFS, and the Bank of Thailand sweep 24 locations across Bangkok, Pathum Thani, Samut Prakan, and Samut Sakhon, targeting 15 companies and 9 residential properties run by Thai and foreign nationals.

Authorities seized 5 luxury vehicles, 15 standard vehicles, 4 motorcycles, THB65.27 million in cash, gold bars and ornaments weighing approximately 50 baht-weight, diamond and gold jewellery, over 40 brand-name bags, 113 watches, 12 kilograms of silver bars, THB600,000 in foreign currency, 3 firearms with ammunition, 55 computers, 2 tablets, 30 mobile phones, 4 hardware wallets containing Bitcoin and USDT, and operational documents.

Technical examinations by investigators uncovered evidence of system manipulation, including price controls, delays, locked trading orders, and deliberate system crashes, all pointing towards severe fraud.

These actions constitute multiple offences, including violations of the Emergency Decree on Borrowings, which are Cheating and Fraud 1984, the Securities and Exchange Act 1992, the Derivatives Act 2003, the Computer-Related Crime Act 2007, and public fraud under Section 343 of the Penal Code.

The DSI has committed to expanding the investigation into the financial trails to prosecute all involved parties strictly.

Finally, the DSI warned the public to exercise extreme caution regarding online Forex and gold trading platforms, noting that some operators attempt to bypass laws by switching to gold or other assets, which still require stringent legal authorisation.

Citizens are urged to verify licences with relevant authorities prior to investing to mitigate the risk of financial fraud.