Saturday, May 25, 2024
HomethailandgeneralHigh-profile broker accused of B1bn fraud

High-profile broker accused of B1bn fraud

About 100 people have accused a well-known stockbroker with political connections of swindling them out of at least one billon baht through a foreign-exchange trading scam and have asked the Department of Special Investigation to investigate.

Lawyer Ronnarong Kaewphet on Friday led the victims to lodge a complaint with DSI chief Suriya Singhakamol against the accused, who was not named.

The complainants chose to take their case to the DSI as they feared there might be interference given the accused’s connections. Mr Ronnarong noted that the man had had his picture taken with some well-known figures and a minister from a major political party, in what was seen as a way to boost confidence among those wanting to invest with him.

The DSI accepted the investment fraud complaint as a special case as the damages exceeded 100 million baht and the number of victims was also over 100, said Arunsri Wichawut, director of the Special Case Management Bureau. Others can still lodge complaints via the DSI website, and investigators will set dates for victims to give statements and submit evidence, she said.

A representative of the victims said the accused broker was a high-profile PhD holder who used Dhamma teaching to show people to trade currencies. He also claimed to have the most intelligent tools to help predict exchange rates of foreign currencies, said the group’s representative, who asked not to be named.

During the Covid-19 pandemic, many people who had suffered a loss of income wanted to earn money. Given the broker’s profile and reputation, they decided to invest with him. Some sold houses and mortgaged title deeds to raise cash to invest in forex trading but they ended up being cheated. Some victims wanted to commit suicide, said the representative.

A recent photo circulating online shows the accused stockbroker still living a normal, happy life and dining with a cabinet minister, said the representative.

He called on the DSI to help track down hidden assets of the accused and seize them to compensate the victims.

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