People’s Party MP Pawut Pongwitayaphanu has been summoned by the DSI in Thailand’s biggest forex fraud probe as investigators examine 70,000 transactions. Courts will rule on his videos while Pawut denies wrongdoing and vows to clear his name.
A Department of Special Investigation summons requiring People’s Party MP Pawut Pongwitayaphanu to appear for questioning on July 2 has pushed Thailand’s biggest foreign exchange fraud investigation into a critical stage, with investigators reviewing up to 70,000 financial transactions, evidence from 24 raids and the legal status of videos that courts will decide amounted to investment promotion or not. Pawut rejects any link to investment scams and says he will cooperate fully with investigators. Meanwhile, Justice Minister Rutthaphon Naowarat has ordered regular updates on the case for the public.
The Department of Special Investigation (DSI) has summoned People’s Party list MP to appear for questioning on July 2 as its investigation into a major foreign exchange investment scheme intensifies.
Justice Minister Police Lieutenant General Rutthaphon Naowarat confirmed the summons on Thursday and said the courts would ultimately decide whether video clips featuring the opposition politician amounted to advertising or solicitation encouraging forex trading.
Rutthaphon spoke at Government House at 8.15am on Thursday after being questioned about the DSI’s decision to classify the case as a special investigation. He said investigators were moving quickly. However, he stressed that the inquiry remained highly complex. Between 60,000 and 70,000 financial transactions must be examined before prosecutors can consider charges.
DSI expands forex probe after 24 raids as investigators sift through up to 70,000 financial transactions
The minister said the investigation accelerated after coordinated DSI raids on June 16. Officers searched 24 locations in Bangkok and neighbouring provinces. They recovered a substantial volume of evidence. The seizures included documents, computer files and digital records. As a result, the DSI established a larger investigative team. Additional officers have been assigned to prevent delays while preserving the integrity of the evidence.
In response to public interest, Rutthaphon said he had instructed investigators to provide progress reports every 15 days. He said the public should receive regular updates while the inquiry continues.
Asked about Pawut’s role, the minister confirmed that summonses had already been issued to several people. Pawut is scheduled to meet investigators on July 2. Nevertheless, the summons also states that anyone called may appear earlier if ready to provide information.
Reporters questioned Pawut’s claim that his videos neither advertised nor promoted forex trading. Rutthaphon declined to comment on that defence. Instead, he said investigators must first complete the evidence-gathering process. Only afterwards can the legal issues be considered. The courts, he added, will determine whether the videos constituted advertising, solicitation or investment promotion.
Courts to decide legality of Pawut’s videos as DSI focuses first on gathering evidence and witness accounts
Notably, Rutthaphon stressed that investigators are not responsible for making that legal judgment. Their role is to assemble evidence, interview witnesses and establish the facts before presenting the case through the judicial process.
In parallel, the DSI is working closely with the Bank of Thailand throughout the investigation. The Anti-Money Laundering Office (AMLO) has also joined the inquiry after receiving material from the DSI several days ago. The agencies are sharing information as investigators continue analysing financial records.
However, Rutthaphon said investigators have not yet begun tracing the money trail. The immediate priority remains examining the huge volume of transactions. Tens of thousands of payments must first be analysed. Consequently, he said, investigators require time to complete the work properly. He added that fairness remains essential throughout the investigation.
Separately, reporters asked whether rumours that Pawut might resign as a party-list MP would affect the inquiry because parliamentary protections could change. Rutthaphon said he had no information about any resignation. He also rejected suggestions that political developments would alter the investigation. Instead, he said the timetable would remain in the hands of the DSI, AMLO and the Bank of Thailand.
DSI, AMLO and the Bank of Thailand coordinate the investigation as money trail analysis remains on hold
On another front, reporters asked about conflicting claims surrounding QRS Global. One broker reportedly told investigators that its business was lawful. However, the Bank of Thailand has maintained that the operation was illegal. Rutthaphon confirmed that representatives of QRS Global had already appeared before investigators to provide clarification.
The minister said investigators listened carefully to every explanation. According to Rutthaphon, the interview produced valuable information that investigators previously did not possess. It also helped identify individuals connected with the case. In addition, information circulating on social media has generated fresh investigative leads. That material is now being examined alongside documentary and digital evidence.
Later on Thursday, Rutthaphon was due to answer an urgent interpellation in the House of Representatives. He said lawmakers would receive a detailed explanation of the investigation and the progress already achieved.
QRS Global interview and social media evidence provide investigators with fresh leads in forex inquiry
The DSI accepted the case because of its scale and complexity. Investigators are examining up to 70,000 financial transactions. They are also reviewing evidence seized during the June 16 raids. Those operations resulted in major asset seizures.
Officials confiscated 65 million baht in cash. They also seized gold and silver bullion, jewellery, luxury handbags, firearms, cryptocurrency hardware wallets, luxury vehicles and computer equipment.
Even so, investigators have repeatedly stressed that appearing in the inquiry does not amount to criminal wrongdoing. Pawut’s name emerged during the investigation. However, officials have emphasised that he has not been formally accused of any offence.
Speaking at Parliament on Thursday, Pawut rejected any connection with investment scams or Ponzi schemes. He said he was collecting evidence covering the previous five years to demonstrate his innocence. According to the MP, assembling that material will take four to five days. Once complete, he said, he will meet DSI investigators.
Major asset seizures mount as Pawut denies wrongdoing and prepares five years of records for investigators
Before entering politics, Pawut was a well-known technology and e-commerce businessman. He said he traded gold futures only as an individual investor. Moreover, he insisted he had never persuaded anyone to invest through any investment platform.
Attention has also focused on reports that 28 million baht entered Pawut’s accounts through 14 transfers worth 2 million baht each. The MP said he would explain those transactions after receiving complete banking records. Until then, he said, any explanation would be incomplete.
Pawut also addressed a video showing him discussing QRS Global, one of the companies under investigation. He said the recording simply described his personal trading experience. He denied promoting the company. Likewise, he denied encouraging anyone to invest through its platform.
Investigators are expected to compare those explanations with banking records, digital evidence and witness statements. Financial records will also be examined alongside material seized during the June raids. Rutthaphon again stressed that investigators would collect evidence while the courts determine the legal significance of the videos.
Pawut rejects promotion claims as investigators compare videos with banking records and witness statements
Meanwhile, Pawut remains one of the People’s Party’s most prominent parliamentarians. He has led the opposition’s scrutiny of the government’s 1.6 billion baht AI Passport project. His criticism has focused on transparency, costs and technical merit.
The government has rejected suggestions that naming the opposition MP in the forex investigation amounts to political persecution. However, even some frustrated members of the People’s Party have publicly argued that Pawut should resolve the issue quickly and remove any lingering doubts.
People’s Party MP says DSI claims are not right and vows to co-operate despite parliamentary immunity
Forex trading network scam smashed by DSI police. Billions of baht in losses as People’s Party MP denies culpability
For now, the investigation continues to widen. Investigators are analysing tens of thousands of financial transactions. They are reviewing digital evidence, computer files and financial records. They are also conducting further interviews while coordinating with AMLO and the Bank of Thailand. The DSI says that work will continue until the evidence review is complete and investigators determine whether criminal charges should follow.
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