Couple Arrested in Thailand for FX Scam

In the northern province of Chiang Rai, a couple has been taken into custody under suspicion of operating an online foreign currency exchange scam. The arrest was executed by a joint effort of officers from the Investigation Division of the Metropolitan Police Bureau (IDMP) and the Police Cyber Taskforce (PCT). The couple, identified as Kanok, 36, and his wife Thanyachanok, 37, were apprehended in front of their residence in tambon Tha Sai of Chiang Rai's Muang district on Wednesday. Pol Maj Gen Teeradet Thammasuthee, who heads IDMB, disclosed the arrest on Thursday but chose not to reveal the surnames of the suspects.

The arrest comes in response to several complaints filed by individuals who have accused Mr Kanok and his wife of distributing video clips on social media platforms. These videos allegedly offered guidance on foreign exchange investment and speculation. Operating under the name of “K1FX Trader Club”, the couple conducted online investment courses, with Mr Kanok acting as the primary instructor. Their offerings attracted a noteworthy number of individuals seeking to learn from them.

In August 2019, the couple utilized platforms like LINE and Facebook to promote their fund company. They promised a guaranteed minimum monthly return of 5% on the principal amount and full capital protection. This appealing proposition enticed many investors, resulting in a collective investment of over 24 million baht before the company was shut down.

The arrest follows a thorough police investigation that led to the apprehension of the couple, both of whom originally hail from Chiang Rai.

Thanyachanok had an outstanding arrest warrant issued by the Nakhon Pathom Provincial Court in August 2022. The charges against her include colluding in public fraud, inserting false information into a computer system, and engaging in fraudulent borrowing. Meanwhile, Kanok was the subject of an arrest warrant from the same court, dated March 17 of this year, with similar charges, as confirmed by Pol Maj Gen Teeradet.

During the course of the investigation, Thanyachanok refuted all charges brought against her. She maintained that her husband was solely responsible for utilizing her bank account to facilitate money transfers from the victims.

In contrast, Kanok admitted to all the charges levied against him. During his interrogation, he divulged that he had previously worked as a civil servant, during which time he developed an interest in currency speculation. This intrigue eventually prompted his departure from the civil service and his transition to establishing a business focused on Forex trading.

He clarified that his actions were not driven by an intent to defraud the victims. Instead, he explained that his currency trading activities resulted in personal losses.

Thanyachanok also had a previous criminal record and was wanted under an arrest warrant from the Thanyaburi Provincial Court, issued on August 17, 2021, for fraud-related charges. Furthermore, she faced yet another warrant for an offence under the jurisdiction of Khu Khot police station, according to Pol Maj Gen Teeradet.