Opposition MP denies illegal trading links

DSI sheds more light on illegal forex-trading network after series of raids

People’s Party list-MP Pawoot Pongvitayapanu has denied any links to illegal trading schemes after the Department of Special Investigation (DSI) identified suspicious transactions totalling 28 million baht to accounts in his name.

Mr Pawoot said he welcomed further inquiries from the DSI, which held a briefing on Friday on its investigation into a major network suspected of illegal foreign exchange trading.

The briefing followed raids earlier this week on 24 locations in Bangkok, Pathum Thani, Samut Prakan and Samut Sakhon, and the impounding of millions of baht in cash and luxury assets from multiple suspects.

Pol Maj Yutthana Praedam, the DSI director-general, attended the briefing along with officials from the police Cyber Crime Investigation Bureau and the Central Institute of Forensic Science.

Large flows of money connected to forex businesses in Thailand were found during the crackdown, the DSI said. The Bank of Thailand confirmed that none of the firms targeted was licensed to operate in the country, it added.

DSI officials said complaints had been filed against several forex brokers, including QRS Global, HFM, GOFX and Eterwealth, as well as brokers who provided their clients with introductions to the companies.

The suspects allegedly lured victims by posing as licensed brokers, showing off luxurious lifestyles online, along with screenshots of highly profitable trading accounts.

Investors were initially allowed to withdraw money but later encountered various fees and trading conditions that prevented them from accessing their funds, the DSI said. Influencers, entertainment figures and politicians were also allegedly involved in the establishment of these firms, it said.

Vehicles seized during raids at 24 locations across Bangkok, Pathum Thani, Samut Prakan and Samut Sakhon are displayed at the Department of Special Investigation (DSI) headquarters on Chaeng Watthana Road on Friday. (Photo: Pattarapong Chatpattarasill)

Investigators have examined payment transactions over the past six months and identified about 500 victims, who lost 70 million baht in total, the DSI said.

The searches led to the discovery that these entities are all connected, and that 28 million baht was transferred to Mr Pawoot through 14 transactions.

However, authorities stressed that the transfers alone do not prove wrongdoing and that the MP has not been named as a suspect.

Mr Pawoot, in a post on Facebook, said the 28 million baht came from his investment in gold, which he started trading online three years ago. However, he later stopped trading due to losses, he said.

He also said he wanted to know more details about the transfers of 28 million baht to him, asking when exactly they were made and from which accounts the money was sent.

He added that he is open to further investigation, while denying any links to scammers or fraudulent schemes.

Mr Pawoot, a well-known digital entrepreneur before he entered politics, has been one of the leading figures scrutinising the government’s controversial TH-AI Passport project.

Cash and other valuables seized during raids in Bangkok and three other provinces are displayed during a briefing at the DSI headquarters on Chaeng Watthana Road on Friday. (Photo: Pattarapong Chatpattarasill)