Forex Investment Scheme
A couple in Chiang Rai was recently apprehended for their involvement in a fraudulent Forex investment scheme, which reportedly deceived people into investing a total of around 24 million baht. Kanok, 36, and his wife Thanyachanok, 37, were arrested by a joint team of officers from the Investigation Division of the Metropolitan Police Bureau (IDMP) and the Police Cyber Taskforce (PCT) in front of their residence in tambon Tha Sai, Muang district.
Online Forex Courses
The couple allegedly posted video clips on social media platforms, providing online foreign currency exchange courses. Operating under the name “K1FX Trader Club,” they attracted numerous individuals interested in learning about Forex investment and speculation. Kanok was the primary instructor for these courses.
False Promises and Guarantees
In August 2019, the club advertised via LINE and Facebook that they had established a fund company. They guaranteed a minimum monthly return of 5% on the principal, along with 100% capital protection. This enticing offer led many people to invest in their scheme, amassing over 24 million baht in investments before the firm was shut down.
Investigation and Arrest
Numerous complaints filed by victims prompted the police to launch an investigation, ultimately leading to the couple’s arrest. Both suspects are natives of Chiang Rai. Thanyachanok was already wanted under an arrest warrant issued by the Nakhon Pathom Provincial Court for alleged public fraud, providing false information to a computer system, and fraudulent borrowing. Kanok faced similar charges under a warrant from the same court.
Confessions and Denials
During questioning, Thanyachanok denied all charges, claiming that her husband had used her bank account to receive money transfers from the victims. Kanok, however, confessed to the charges. He stated that he had previously worked as a civil servant and developed an interest in currency speculation. After resigning from the civil service, he started a business focused on Forex trading. Kanok claimed he had no intention of defrauding the victims, but losses from his own currency trading activities led to the situation.
It’s worth noting that Thanyachanok had an existing criminal record. She was wanted on another arrest warrant issued by the Thanyaburi Provincial Court for fraud and faced an arrest warrant for another offense under the jurisdiction of Khu Khot police station.