Judges refused an arrest warrant for People’s Party MP Pawut Pongwitayaphanu as the Justice Minister defended the DSI’s forex fraud probe. Investigators allege an ฿833 million money trail in a case involving alleged investor losses of up to ฿6 billion.
Justice Minister Pol Lt Gen Rutthaphon Naowarat has mounted a robust defence of the Department of Special Investigation after the Criminal Court refused to issue an arrest warrant for People’s Party MP Pawut Pongwitayaphanu in a sprawling forex fraud investigation involving alleged losses of up to ฿6 billion. While judges approved warrants for only two of 24 suspects, court filings reveal investigators are examining an alleged ฿833 million money trail linked to accounts associated with the opposition MP as the DSI presses ahead with one of Thailand’s biggest financial crime prosecutions, involving at least 500 complainants and an alleged network of unlicensed forex brokers, payment companies and digital asset transactions.
Justice Minister Pol Lt Gen Rutthaphon Naowarat has defended the Department of Special Investigation’s handling of one of Thailand’s biggest forex investment fraud investigations after the Criminal Court rejected an arrest warrant for People’s Party list MP Pawut Pongwitayaphanu.
Instead, the court approved arrest warrants for only two suspects from the DSI’s application covering 24 individuals.
The ruling marks the latest development in a case involving alleged investor losses of up to ฿6 billion. Investigators believe the suspected operation centred on an organised network of unlicensed forex brokers, introducing agents and payment-processing companies.
According to the DSI, the network accepted funds from hundreds of investors while promising exceptionally high returns. So far, at least 500 victims have lodged complaints.
Minister rejects claims DSI rushed forex investigation after court approves warrants for only two suspects
In response to criticism, Pol Lt Gen Rutthaphon rejected suggestions that investigators had rushed the case. Instead, he said the inquiry had proceeded under normal legal procedures from the beginning.
According to the minister, investigators steadily assembled forensic, financial and documentary evidence before seeking arrest warrants. He said the investigation had progressed continuously rather than through any accelerated process.
The DSI sought warrants for 24 suspects. However, the Criminal Court approved warrants for only two. Judges declined to issue a warrant for Mr Pawut. Instead, investigators will issue him with a summons requiring him to acknowledge the allegations. Likewise, the remaining 21 suspects not covered by arrest warrants will also receive summonses.
Meanwhile, the minister said he did not know the identities of the two suspects for whom arrest warrants had been approved. At the same time, DSI sources said investigators had already begun issuing summonses to the remaining suspects following the court’s decision.
Court filings outline alleged payment network, digital asset transfers and an ฿833 million money trail
Court documents submitted in support of the warrant applications provide further detail about the alleged financial network. According to those reports, several companies allegedly acted as payment channels and intermediaries before funds reached personal accounts. Investigators also traced transactions involving digital asset service providers between 2021 and 2024. Those transactions now form part of the wider financial investigation.
Notably, the reports allege that Mr Pawut received 14 transfers of ฿2 million each on July 18, 2024. Investigators further allege that cumulative transactions linked to accounts associated with him exceeded ฿833 million. Those financial movements remain under examination as investigators continue tracing the alleged money trail.
Nevertheless, the DSI stressed that its investigation remains ongoing. The agency also emphasised that every individual and company under investigation remains presumed innocent unless proven guilty in court. No findings of criminal liability have yet been made against any suspect.
The case has attracted national attention because of its scale. Investigators estimate investor losses could total as much as ฿6 billion. According to the DSI, the suspected operation involved unlicensed forex trading, introducing agents and multiple payment-processing companies. Investigators believe those entities handled investor funds before money moved through additional financial channels.
Pawut denies wrongdoing as police expand forensic examination of records and investor money flows
Furthermore, investigators say at least 500 people have already filed complaints. The DSI believes the alleged operation affected investors across a wide network. Financial records, banking documents and electronic evidence continue to be examined as investigators seek to establish the movement of funds and the roles of individual suspects.
For his part, Mr Pawut has consistently denied every allegation. He insists he had no involvement in any fraudulent investment scheme. Instead, he says transactions linked to him arose from legitimate online gold trading activities conducted several years ago. He also disputes any suggestion that he participated in an unlawful forex operation.
Earlier this month, the investigation entered a decisive stage. Then Justice Minister Pol Col Tawee Sodsong confirmed that the DSI had applied for arrest warrants covering an initial group of suspects that included Mr Pawut. That announcement intensified political interest in the case because Mr Pawut serves as a People’s Party list MP.
After learning of the warrant application, Mr Pawut voluntarily travelled to DSI headquarters at Bangkok’s Government Complex. There, he said he wanted to demonstrate that he had no intention of fleeing. He also declared that he remained fully prepared to cooperate with investigators throughout the legal process.
Court cites cooperation in refusing warrant as prosecutors prepare for the next phase of the case
Subsequently, the Criminal Court ruled that an arrest warrant was unnecessary in his case. Judges found that Mr Pawut had cooperated with investigators. They also found no evidence suggesting he would evade legal proceedings. However, the court approved arrest warrants for two other suspects after finding stronger supporting evidence in their cases.
Looking ahead, the prosecution now enters its next phase. The DSI is expected to continue gathering documentary, financial and electronic evidence. Afterwards, investigators will submit a completed case file to public prosecutors for consideration. Prosecutors will then decide how the case should proceed under the normal legal process.
In parallel, Pol Lt Gen Rutthaphon addressed the DSI’s separate investigation into alleged criminal association and money laundering linked to Senate election collusion. He said investigators are awaiting the Election Commission’s final ruling.
That follows directions issued by the special public prosecutor. The prosecutor instructed the DSI to incorporate the commission’s findings into its own case file before taking further action.
DSI awaits Election Commission findings before advancing separate Senate election collusion inquiry
The minister also said the DSI had brought charges against only eight suspects in that investigation. According to him, the available evidence currently supports action against that group alone.
For the forex investigation, Mr Pawut remains under investigation and is expected to answer the allegations through the normal legal process.
People’s Party MP races to police headquarters to avoid arrest before Criminal Court rejects a warrant
People’s Party’s Pawut faces questioning as a witness on July 2 by the DSI in a complex forex fraud case
He continues to deny every accusation. The DSI, meanwhile, maintains that the inquiry concerns an organised financial network that allegedly operated outside the Bank of Thailand’s regulatory framework for forex activities.
Ultimately, no verdict has been reached. Accordingly, Mr Pawut, together with every other suspect and company under investigation, remains presumed innocent unless and until a court rules otherwise.
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