Thailand’s Department of Special Investigation has seized approximately $1.8 million in cash, gold, luxury vehicles, and crypto wallets during raids on 24 locations across Bangkok and neighboring provinces. The operation, targeting an alleged forex pyramid scheme, also resulted in 70 frozen bank accounts. Authorities identified unauthorized forex operators including QRS Global, HFM, GOFX, and Eterwealth following victim reports.
The probe extends beyond the forex brands themselves to scrutinize introducing brokers “Coach James” and “JP Global,” plus payment processors Rainy Corporation and Pay Solution. Investigators discovered 14 transfers totaling 28 million baht to a People’s Party member’s accounts, though no charges have been filed and the politician denies involvement.
The crackdown signals Thailand’s shift toward examining the entire support infrastructure behind unauthorized forex operations, not just the platforms. This enforcement approach places payment partners, affiliates, and local distribution networks under equivalent regulatory scrutiny as the brands themselves.
FXnCO Insight
Forex firms operating in Southeast Asia should immediately audit their introducing broker relationships and payment provider partnerships, as regulators are now targeting the entire ecosystem infrastructure.
Source: Finance Magnates