DSI raids at 24 locations have uncovered an alleged forex fraud network tied to luxury assets, crypto wallets and money flows linked to a People’s Party MP and actor Film Rattapoom. More than 500 victims may have lost billions of baht.
Thailand’s Department of Special Investigation has unveiled what could become one of the country’s largest recent forex fraud investigations after a six-month probe led to raids at 24 locations, the freezing of 77 bank accounts and the seizure of millions of baht in cash, luxury assets and cryptocurrency holdings. Investigators say more than 500 people have come forward, with potential losses running into billions of baht. The inquiry has also uncovered money flows linked to a serving People’s Party MP and actor Film Rattapoom Tokongsub, both of whom deny wrongdoing and remain outside the suspect list. As authorities trace funds through brokers, promoters and payment gateways, the case is casting a spotlight on the risks behind Thailand’s fast-growing retail trading market.
Thailand’s Department of Special Investigation (DSI) on Friday revealed a major crackdown on an alleged forex investment fraud network after a six-month investigation uncovered extensive money flows, luxury assets and links to prominent public figures.
The operation culminated in coordinated raids across 24 locations in Bangkok, Pathum Thani, Samut Prakan and Samut Sakhon. As a result, investigators seized millions of baht in assets, froze dozens of bank accounts and blocked access to cryptocurrency wallets.
At the centre of the case are financial transactions linked to a serving People’s Party MP and actor Film Rattapoom Tokongsub. However, DSI officials stressed both men remain outside the list of suspects. Furthermore, investigators said both will be given an opportunity to provide evidence and explain their involvement.
Investigation expands from scam and gambling probes to suspected forex investment network activity
The case was unveiled during a press conference led by Police Lieutenant Colonel Yutthana Praedam, Director-General of the DSI. Joining him were representatives from the Cyber Crime Investigation Bureau, the Central Institute of Forensic Science and the Bank of Thailand. Together, they outlined what investigators believe was a sophisticated operation built around illegal forex trading, investment promotion and money movement services.
The investigation began with a review of financial transactions linked to online scammers and gambling networks. Over time, investigators detected unusually large sums moving through businesses connected to forex trading. Significantly, the transactions involved a sector where domestic retail licences do not exist.
The Bank of Thailand has repeatedly stated that it does not issue retail forex brokerage licences inside Thailand. Consequently, investigators viewed the scale of the transactions as a serious warning sign. In response, the inquiry expanded beyond its original scope.
Authorities said the operation uncovered a three-tier structure designed to attract investors, collect funds and process payments.
DSI outlines a three-tier structure linking brokers, recruiters and payment gateway operators
The first tier consisted of forex brokerage operators. According to investigators, these businesses presented themselves as professional trading platforms while promoting foreign exchange investment opportunities.
Frequently, they cited offshore registrations to enhance credibility. In many cases, companies were established in island jurisdictions beyond direct Thai oversight.
Investigators identified several platforms during the inquiry. These included QRS Global, HFM, GOFX and Eterwealth. According to authorities, such platforms were used to attract investors seeking access to global currency markets.
The second tier consisted of Introducing Brokers, commonly known as IBs. These individuals acted as recruiters and promoters. More importantly, they became the public face of many investment programmes.
Investigators said this group relied heavily on social media. Through Facebook, Instagram and other platforms, they projected images of financial success and luxury lifestyles. Notably, expensive cars, luxury watches and designer goods featured prominently in promotional material.
Social media influencers allegedly promoted trading schemes through wealth and lifestyle displays
Authorities identified several well-known figures operating in this sphere. These included individuals known as Ajarn P, Coach James, JP Global and Acme. According to investigators, they offered trading courses, mentoring programmes and investment guidance to attract new participants.
The third tier involved payment gateway operators. According to the DSI, this group played a critical role in handling investor funds. These companies allegedly received deposits before moving money through various channels.
Subsequently, some funds were allegedly converted into cryptocurrency or transferred through other financial routes.
Investigators identified Rainey Corporation Co., Ltd. and PaySolution Co., Ltd. among the companies under examination. Separately, financial records linked these businesses to wider money flows now under investigation.
Authorities said the network followed a pattern seen in previous investment fraud cases. Initially, investors were allowed to withdraw profits. This created confidence and encouraged larger deposits. Thereafter, investors often increased their commitments significantly.
Investors allegedly faced delays and restrictions before losing access to deposited funds entirely
However, withdrawal conditions allegedly changed over time. According to investigators, participants encountered delays, additional requirements and transaction restrictions. Eventually, many investors could no longer access their funds.
As part of this process, investigators believe fresh investor money helped sustain confidence among existing participants. Meanwhile, recruitment efforts continued through social media channels and trading communities.
After gathering evidence of suspected public fraud and money laundering, investigators sought court approval for search warrants. Once granted, officers moved simultaneously against companies and residences connected to the network.
The resulting seizures were extensive.
Authorities froze or seized 77 bank accounts. These included 20 corporate accounts and 57 personal accounts. In parallel, investigators blocked access to associated cryptocurrency wallets believed to contain digital assets.
Luxury assets, cash, digital evidence and cryptocurrency wallets seized during nationwide raids
Cash seizures alone exceeded 65 million baht. Officers recovered 65.27 million baht in cash and approximately 600,000 baht in foreign currency.
Investigators also uncovered substantial luxury assets. These included five luxury vehicles, 15 passenger cars and four motorcycles. Additionally, officers seized gold bars and gold jewellery weighing 50 baht weight.
On another front, authorities recovered 12 kilograms of silver bars. They also confiscated 113 luxury watches and more than 40 designer handbags.
Digital evidence featured heavily in the operation. Investigators seized 55 computers and 30 mobile phones. Moreover, officers recovered four hardware cryptocurrency wallets. Authorities also seized three firearms and ammunition.
All seized assets remain under examination. For now, investigators are working to establish ownership and determine the origin of the funds used to acquire them.
The most sensitive findings emerged from the financial investigation.
DSI examines transfers totalling over 28 million baht into the People’s Party MP account
According to the DSI, money from legal entities connected to the payment gateway network flowed into the personal account of Pawawut Pongwitayapanu, a party-list MP from the People’s Party.
Investigators disclosed that 14 separate transfers entered the account. Each transaction was worth approximately 2 million baht. Collectively, the transfers exceeded 28 million baht.
Notably, every transaction occurred on a single day in July 2024.
Investigators described the transfers as an important lead. Nevertheless, officials stressed repeatedly that the transactions alone do not establish criminal conduct.
Instead, investigators want to determine the purpose of the payments and the circumstances surrounding them. Accordingly, the DSI plans to seek clarification directly from those involved.
Police Lieutenant Colonel Yutthana stressed that fairness would remain central to the inquiry. Likewise, he emphasised that the investigation would proceed without political pressure.
Actor Film Rattapoom linked to the company but remains outside the formal suspect list for now
The DSI also disclosed evidence linking actor Film Rattapoom Tokongsub to a company associated with the brokerage side of the operation. According to investigators, he served as a consultant and acted as a driving force behind the business.
However, officials again stressed that Film Rattapoom has not been charged. Equally, he has not been designated a suspect. Instead, investigators intend to provide him with an opportunity to explain his role and submit evidence.
The involvement of a sitting MP creates additional legal considerations.
Currently, Pawawut enjoys parliamentary immunity while parliament remains in session. Consequently, investigators intend to issue a summons after the session concludes.
Alternatively, he may voluntarily contact investigators and provide information earlier. Meanwhile, Pawawut has publicly denied wrongdoing.
Beyond the political dimension, the case highlights the rapid expansion of forex trading in Thailand.
Rising retail forex participation has widened investors access to global markets across Thailand
Although household debt remains high, interest in retail trading has surged. At the same time, smartphone technology has transformed access to global markets.
Today, investors can open accounts and trade currencies through mobile applications. Consequently, participation has expanded well beyond traditional financial circles.
Applications such as MetaTrader 4 and MetaTrader 5 have helped drive this trend. Meanwhile, social media has accelerated participation further.
Trading communities now operate across Facebook, Instagram and TikTok. Through these channels, trading educators and influencers attract large audiences. In turn, thousands of new participants enter the market each year.
Many investors seek additional income opportunities. Others pursue diversification or inflation protection. As a result, forex trading has become increasingly popular among middle-class and upper middle-class investors.
Gold remains a favourite investment. However, major currency pairs also attract significant attention. These include USD/THB and EUR/USD.
Investigators warn that visible wealth and trading success claims can attract vulnerable investors
Investigators believe this environment creates opportunities for fraudulent operators.
The presentation of wealth remains a powerful marketing tool. Luxury vehicles, expensive watches and designer goods often feature prominently. Consequently, potential investors may associate visible wealth with trading expertise.
According to investigators, confidence-building formed an important part of the network’s strategy. Investors were introduced to professional-looking trading environments and encouraged to believe substantial profits were achievable.
Initially, successful withdrawals reinforced trust. Subsequently, larger deposits followed. Eventually, however, access to funds allegedly became increasingly restricted.
The DSI also highlighted another target group.
Alongside affluent Thai investors, expatriates living in Thailand frequently possess significant investment capital. Therefore, they can become attractive targets for investment promoters.
More than 500 complaints have been filed as investigators expect victim numbers to keep rising
Investigators noted that approaches often occur within social and business circles. In some cases, foreign promoters recruit fellow foreigners through trusted relationships and expatriate networks.
The scale of the case continues to expand.
Currently, more than 500 victims have filed complaints directly with the DSI. Separately, more than 60 complaints have been submitted through the Thai Embassy’s online reporting system.
Investigators believe those figures may represent only part of the picture. Consequently, additional complaints are expected.
Financial losses could also prove substantial. Although no final figure exists, investigators believe damages may ultimately reach billions of baht.
For that reason, asset tracing has become a major priority. Investigators are examining bank records, company structures, cryptocurrency transactions and electronic communications. Simultaneously, forensic specialists continue reviewing evidence seized during the raids.
The case also highlights important legal distinctions surrounding forex trading.
Legal forex trading differs sharply from unlicensed brokerage and fund collection activities
Individual forex trading remains legal when investors use their own money. Likewise, Thai residents may access internationally regulated brokers operating under overseas licences.
However, operating an unlicensed forex brokerage inside Thailand is illegal. Similarly, collecting money from others without proper authorisation is prohibited. Promising guaranteed investment returns is also unlawful.
In addition, speculation directed specifically at the Thai baht remains restricted under Bank of Thailand regulations.
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For now, investigators remain focused on following the money trail. Financial records continue to be analysed. Digital evidence remains under review. Meanwhile, preparations are underway to question individuals linked to the network.
The next stage will focus on explaining how funds moved through brokers, payment gateways and related companies. Ultimately, the answers may determine the scope of one of Thailand’s most significant recent forex investigations.
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