Key Suspect in Major Forex Fraud Apprehended in Bangkok

Thailand — Ekhbary News Agency

Thai authorities have apprehended a key suspect in a major foreign exchange investment fraud. Malika Maksalud, an executive at QRS Education Co Ltd, was arrested Wednesday morning in Bangkok's Rama IX area by the Department of Special Investigation. Justice Minister Rutthapon Naowarat confirmed the arrest, executed under a Criminal Court warrant, stating Maksalud allegedly acted as a broker for a similarly named entity, QRS Co Ltd.

Allegations and Deceptive Practices

Maksalud faces severe charges, including conspiracy to defraud the public, operating an unlicensed securities brokerage, and money laundering. Police accuse her of luring investors with aggressive advertising campaigns, falsely claiming regulatory licensing and guaranteeing unrealistic returns of 20-30% within seven days. Victims were reportedly drawn into exclusive online groups offering trading signals. Authorities revealed the company manipulated price charts and delayed order execution, resulting in significant financial losses for many. Crucially, when investors attempted withdrawals, they were met with demands for additional taxes or fees, or informed of non-existent technical problems.

Broader Investigation Continues

This arrest follows the Tuesday apprehension of Teerapong Kongkaew, known as 'Coach James,' at Suvarnabhumi airport, also implicated in promoting high-return forex schemes. He allegedly trained investors and recruited new participants. The investigation extends further, with Justice Minister Rutthapon noting that 22 other suspects, including People's Party MP Pawoot Pongvitayapanu, have received summonses for questioning. The court, for what it's worth, declined to issue arrest warrants for these individuals, indicating a nuanced legal approach.