Attention focuses on a Forex network connected to influential figures, involving the opening of over 70 bank accounts. There is speculation about involvement from celebrities and politicians, but investigations never seem to reach the source.
On 16 Jun 2021 GMT+7, the Department of Special Investigation launched the "Shutdown the laundering" operation, targeting unauthorized Forex investment and foreign currency trading networks at 24 locations. Authorities seized assets worth large sums, including over 65 million baht in cash, five supercars, gold bars, silver bars, jewelry, branded bags, firearms, hardware wallets, computers, electronic devices, servers, and key documents. More than 70 related bank accounts were frozen.
The latest report states that on 19 Jun 2021 GMT+7 at 10:00 a.m., in front of the Department of Special Investigation building, Pol. Lt. Gen. Ruttapon Naowarat, Minister of Justice, will lead a team from the Department of Special Investigation and related agencies to hold a press conference presenting the operation's results. They will disclose a chart listing involved individuals, including prominent politicians, entertainment figures, private companies, and key evidence obtained from the network's raids.
Associate Professor Pol. Lt. Col. Dr. Krisanapong Putrakul, criminologist and subcommittee member on National Police Policy for Organizational Development, analyzed with Thairath Online's special news team that these networks involve many individuals—possibly over 50—due to the massive sums of money and division of roles among multiple parties. The network clearly separates organizational roles into distinct levels:
The back-office team manages accounting systems, finances, and programmers who set up the system.
The client acquisition team relies on trusted individuals or celebrities to build confidence among victims.
The scam mechanism typically promises unusually high returns to attract new investors, employing a Ponzi scheme where money from new participants pays returns to earlier ones to create an illusion of legitimacy.
Trust-building occurs when victims receive initial payments, encouraging them to recommend the scheme to close contacts such as relatives, expanding the scam's reach.
Dr. Krisanapong noted that social media platforms like Facebook, Line, TikTok, and Zoom meetings enable rapid deception of large numbers of people.
The psychology of greed is exploited, creating stories that urge people to invest quickly to get rich fast, triggering fear of missing out.
Legal obstacles arise because perpetrators often register domains and host servers abroad, complicating coordination between Thai and foreign law enforcement agencies.
Connections to influential individuals and money laundering: officials and politicians are often involved, especially in laundering money.
Hidden objectives include using proceeds from these gray-area businesses for illicit activities such as political vote-buying.
Government delays: officials may be aware of suspicious financial activity but fail to act until damage widens or influential victims report it.
Solutions and prevention: government agencies must clearly inform and communicate with the public about scam patterns. Personnel responsible should be professional and specialize in investigating technology-related crimes.
Penalties: laws should be strengthened to impose harsher punishments, particularly through clear application of anti-money laundering laws, to deter offenders by increasing risks beyond potential rewards.
Pol. Maj. Gen. Suphisarn Phakdinanart, former commander of the Crime Suppression Division, observed that many celebrities participate mainly to evade taxes by converting their high progressive tax incomes into digital money or cryptocurrency.
Politicians use these channels to conceal illicit income, such as bribes or money from political activities, since digital currency is easy to hide and facilitates money laundering.
However, those groups often end up being deceived themselves through scams like "Forex Swift," involving fictitious money swaps.
Victims come from diverse groups, including ambitious young people, politicians seeking quick money, online gamblers, and wealthy heirs.
Vulnerable groups: the government lacks protection for segments like homebound elderly or even remote PhDs, who are frequently scammed by gangs posing as tax or audit officials to trick them into transferring money.
The solution: Digital prevention requires experts who truly understand digital structures to help safeguard virtual spaces.
The government must develop prevention and warning systems to block false information from reaching consumers and assess risks among vulnerable groups to prevent damage.