The authorities in Thailand arrested the mastermind of Forex-3D Ponzi scheme, Apiruk Kothi on Monday over a year after issuing a warrant against him, local media Bangkok Post reported.
The scheme defrauded over 8,400 documented victims, according to Thailand’s department of special investigations (DSI), with total estimated damages of around 2 billion baht (over $66 million), making it one of the largest forex frauds.
The fraudulent scheme alarmed the authorities when the first group of victims sought help in November 2019 after the Forex-3D failed to provide the promised returns.
Millions of Dollars Worth of Properties Seized
Kothi was nabbed from a condominium in Bangkok and during the raid, the police also seized his Lamborghini, which he was planning to sell in the black market; several land ownership documents; gold jewelry; and luxury watches and bags.
In the first raid on Forex-3D-linked premises in December 2019, the police found around $395,400 in cash, along with a 9.5-million-baht Porche car, Harley-Davidson motorcycle worth 1.3 million baht, a Toyota Alphard van, and several documents and other valuable items. In another raid, the police confiscated a 27-million-baht Aston Martin Vanquish car.
However, Kothi earlier slipped from the authority’s hands and went into hiding in Singapore and Malaysia. According to the local officials, the perpetrator is believed to have re-entered Thailand where the land borders with Cambodia last October.
The alleged perpetrator claimed that Forex-3D operated three forex exchanges in Dubai, Singapore and Hong Kong, but could not provide any proof to the authorities, the report outlined.
Though the details of the charges on Kothi are not clear yet, he denied some of the allegations brought by the authorities and has decided to fight the legal battle.
Meanwhile, Thai authorities are focusing on refunding the victims by selling around 1 billion baht worth of seized properties and other assets.