Thai authorities seize 24.5 million USD worth of assets from fraudulent dealings by unlicensed online broker

Source: Xinhua| 2019-12-10 23:44:06|Editor: Mu Xuequan
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BANGKOK, Dec. 10 (Xinhua) -- In the third round of confiscation, Thailand's Department of Special Investigation (DSI) has further seized assets worth about 743 million baht (24.5 million U.S. dollars) from suspects involved in alleged fraudulent dealings by fake and unlicensed online broker called Forex-3D.

Thai Justice Minister Somsak Thepsuthin on Tuesday told the media that the latest confiscation involved seven sports cars estimated at 43 million baht (1.4 million U.S. dollars) in value.

The DSI last month seized 11 properties in Bangkok city estimated to be at 600 million baht (19.7 million U.S. dollars), and then a second seizure of four properties estimated at 100 million baht (3.3 million U.S. dollars) in total.

The DSI however told reporters that the properties and assets seized so far only account to half of the estimated financial losses reported by investors in the Forex-3D ponzi scam.

Forex-3D, run by Apiruk Kothi, turned out to be a Ponzi scheme that deceived thousands of investors in what they believed to be foreign exchange trading with false promises of high returns, with 3,000 victims who have already reported financial losses to the DSI, said the police.

DSI said it expects to wrap up its investigation before year-end.