People’s Party MP Pawut Pongwitayaphanu denies links to a ฿6 billion forex fraud probe after DSI traced ฿28 million to an account associated with him. The lawmaker says the money came from past online gold trading as investigators pursue 500 complaints and 24 raids.
A People’s Party MP has been thrust into the centre of a massive DSI fraud probe after investigators linked a disputed ฿28 million transaction to an account associated with him during an investigation into an alleged forex and pyramid-style scheme tied to 500 complaints, 24 raids and losses estimated at up to ฿6 billion. Within hours, Pawut Pongwitayaphanu hit back, denying any link to fraud, scam networks or online gambling, insisting the money came from historic online gold trading, challenging parts of the DSI’s evidence and vowing full cooperation with investigators without invoking parliamentary immunity.
A People’s Party list MP on Friday mounted a robust defence after Thailand’s Department of Special Investigation (DSI) linked him to a financial trail uncovered in a sprawling forex fraud investigation.
The response came within hours of a high-profile DSI briefing that detailed a widening probe into an alleged investment and pyramid-style scheme with estimated losses reaching ฿6 billion.
Earlier in the day, DSI officers outlined the scale of the operation during a press conference in Bangkok. Investigators revealed that coordinated raids had taken place at 24 locations across the capital and nearby provinces.
DSI raids uncover cash, hundreds of complaints and a financial trail linked to a sitting MP
During those operations, officers seized assets and recovered approximately ฿65 million in cash. Meanwhile, investigators said they had already compiled around 500 complaints from alleged victims. Additional complaints are still being assessed as the investigation develops.
At the centre of Friday’s controversy was a financial presentation shown by DSI officers. Investigators said they had traced transactions worth ฿28 million to an account associated with Pawut Pongwitayaphanu, a party-list MP from the People’s Party. As a result, attention quickly shifted from the raids themselves to the lawmaker’s response.
In response, Mr Pawut issued a detailed clarification through Facebook at 3.10pm on June 19. The statement addressed allegations arising from the DSI briefing held at 11am. He firmly denied any involvement in investment scams, fraud networks, scam operations or online gambling activities.
At the same time, he challenged aspects of the information released by investigators. He also pledged full cooperation with authorities and publicly ruled out relying on parliamentary immunity.
MP rejects fraud links and pledges full cooperation while challenging details released by DSI
Mr Pawut began by setting out his professional background before entering politics. Before becoming an MP, he operated several businesses in the technology sector. Those activities included online commerce, online payment systems and technology service providers.
In addition, he worked as a consultant to a broad range of businesses. His clients included both domestic and internationally registered companies. According to the MP, such arrangements were common within the online business sector.
However, he stressed that those business interests belonged to an earlier stage of his career. Before entering politics full-time, he said he resigned from all directorships and disposed of all shareholdings in the companies now under discussion.
Consequently, he maintained that he no longer had any connection with those businesses. Therefore, he said he could not comment on their current operations or affairs.
The MP then turned to the transaction that triggered the controversy. According to investigators, ฿28 million was transferred into an account associated with him. However, Mr Pawut said he believed the money may have originated from online gold trading activity conducted several years ago.
Pawut points to historic online gold trading activity as the source of the disputed ฿28 million transfer
According to his explanation, he opened a gold trading account through a broker around three years ago. He described the investment as similar to online gold trading undertaken by many individual investors.
As part of this activity, money regularly moved into and out of the trading account. Funds were deposited, trades were executed and withdrawals followed. Therefore, he said multiple transactions naturally occurred over time.
Notably, Mr Pawut argued that the transaction highlighted by investigators should be viewed within that context. He said deposits and withdrawals were a routine feature of active trading accounts. Consequently, substantial sums could pass through an account without indicating any unlawful activity.
“The money that entered the account in this case is believed to be from this gold investment,” Mr Pawut said.
He added that the investment ultimately performed poorly. According to his account, he incurred losses and later abandoned the trading activity. Afterwards, he stopped investing and closed that chapter of his financial affairs.
MP says transaction details remain unclear and questions the accuracy of the released information
Even so, the MP said key details surrounding the alleged transaction remain unclear. He stated that he still does not know exactly when the ฿28 million entered his account. Likewise, he said he does not know which account was the source of the transfer. For that reason, he has undertaken his own preliminary review of the matter.
According to Mr Pawut, that review raised concerns regarding information released by investigators. In particular, he suggested that some of the DSI’s publicly disclosed information may be inaccurate. However, he stopped short of identifying specific details he believed were wrong. Instead, he said the matter should be resolved through further examination of financial records.
“If the DSI requires further investigation, I am ready to provide all necessary information for verification and confirmation of the truth,” he said.
Separately, the MP acknowledged the growing public attention surrounding the issue. He said the allegations had generated suspicion and intense discussion. Nevertheless, he maintained that he had no involvement in criminal activity.
“I confirm that I have no involvement in any investment solicitation or fraudulent schemes, scams, or online gambling,” he said.
Lawmaker repeats immunity pledge and rejects reports linking him to scammer networks
Moreover, he repeated his commitment to cooperate with investigators. He also reaffirmed that he would not invoke parliamentary immunity.
“I affirm that I will not be using my parliamentary immunity and am prepared to provide information to the relevant authorities to ensure transparency and clarity for the public,” he said.
Later in the afternoon, Mr Pawut issued a second clarification. The statement largely reinforced points made earlier in the day. Once again, he denied any connection to scammer gangs or fraudulent investment operations. He also addressed reports linking an account associated with him to a forex payment gateway referenced during the DSI presentation.
On another front, the MP again highlighted his previous gold trading activities. He argued that frequent fund movements were normal within such investment arrangements. Accordingly, he said investigators should examine the full transaction history before reaching conclusions. He also repeated that the trading activity occurred years before the current controversy emerged.
DSI continues expanding the probe as complaints mount and estimated losses reach ฿6 billion
In addition, Mr Pawut reiterated that he had already severed ties with the companies mentioned in the investigation. He stressed that he no longer held management positions, directorships or shareholdings in those entities. As such, he said he could not provide commentary on their current business activities.
For investigators, however, the wider fraud probe remains the primary focus. The DSI’s operation has already produced one of the largest complaint volumes seen in a recent financial crime investigation.
Hundreds of alleged victims have come forward. Meanwhile, officers continue reviewing additional complaints. Investigators believe total losses may eventually reach ฿6 billion.
Against that backdrop, the appearance of a sitting MP’s name in the financial trail attracted immediate attention. Yet Mr Pawut insists there is no connection between him and any fraud operation. Instead, he maintains that the disputed funds likely originated from legitimate gold trading transactions undertaken years ago.
Focus remains on disputed funds as investigators examine records and competing explanations
As scrutiny intensified throughout Friday, the MP continued to challenge parts of the DSI’s presentation. Nevertheless, he stopped short of accusing investigators of misconduct. Rather, he said some information may simply be inaccurate and should be verified through further investigation.
For now, the dispute centres on the source of the ฿28 million identified by investigators. The DSI maintains that the transaction forms part of its broader inquiry.
Forex trading network scam smashed by DSI police. Billions of baht in losses as People’s Party MP denies culpability
Mr Pawut, meanwhile, insists the money is linked to historical gold trading activity. He also maintains that he has no involvement in investment fraud, scam operations or online gambling.
As the investigation continues, the People’s Party lawmaker says he stands ready to provide documents, records and explanations. In the meantime, he has publicly committed to cooperating with investigators and has ruled out seeking protection through parliamentary immunity. The outcome will depend on the financial records now under examination by investigators and the explanations that follow.
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