However, Khemmachart emphasised that these transfers might not necessarily stem from illicit activities, stating that the DSI is completely open to hearing his explanation.
He clarified that Pawoot is not yet considered an offender, but rather an individual linked to the financial trail, much like a certain actor who previously drove another company linked to victim complaints.
Khemmachart firmly stated, “I confirm this is not related to politics. There has been no political pressure because we have been investigating this for some time. We had to execute the search warrants now, as we feared the victims would suffer further damage, so we had to put a stop to it.”
Yutthana further clarified the identities, stating that the actor involved is
Rattapoom Tokongsup, whose connection lies with the broker group, whereas Pawoot is linked to the payment gateway group.
The network actively lured the public to invest in offshore brokers by using sales agents to provide close support.
Unlike traditional mutual funds, this scheme did not focus on scheduled dividends but on price difference speculation through foreign broker systems.
The IBs earned commissions, or IB Rebates, from every transaction rather than from the investors’ actual profits.
This structure incentivised IBs to aggressively push investors to trade frequently to inflate transaction volumes.
To avoid Thai legal jurisdiction, most brokers were registered offshore in locations such as Saint Vincent and the Grenadines, Mahé, the Republic of Seychelles, the United Kingdom, the Cayman Islands, and the Comoros.
These brokers often exploited investors by initially offering high returns before altering conditions, restricting massive withdrawals, and using deceptive images of wealth that did not genuinely originate from trading profits.
The recent raids on 16 June saw the DSI, CCIB, CIFS, and the Bank of Thailand sweep 24 locations across Bangkok, Pathum Thani, Samut Prakan, and Samut Sakhon, targeting 15 companies and 9 residential properties run by Thai and foreign nationals.
Authorities seized 5 luxury vehicles, 15 standard vehicles, 4 motorcycles, THB65.27 million in cash, gold bars and ornaments weighing approximately 50 baht-weight, diamond and gold jewellery, over 40 brand-name bags, 113 watches, 12 kilograms of silver bars, THB600,000 in foreign currency, 3 firearms with ammunition, 55 computers, 2 tablets, 30 mobile phones, 4 hardware wallets containing Bitcoin and USDT, and operational documents.
Technical examinations by investigators uncovered evidence of system manipulation, including price controls, delays, locked trading orders, and deliberate system crashes, all pointing towards severe fraud.
These actions constitute multiple offences, including violations of the Emergency Decree on Borrowings, which are Cheating and Fraud 1984, the Securities and Exchange Act 1992, the Derivatives Act 2003, the Computer-Related Crime Act 2007, and public fraud under Section 343 of the Penal Code.
The DSI has committed to expanding the investigation into the financial trails to prosecute all involved parties strictly.
Finally, the DSI warned the public to exercise extreme caution regarding online Forex and gold trading platforms, noting that some operators attempt to bypass laws by switching to gold or other assets, which still require stringent legal authorisation.
Citizens are urged to verify licences with relevant authorities prior to investing to mitigate the risk of financial fraud.
