Ponzi scheme Forex-3D creator Apiruk Kothi was seized by authorities in Thailand this Monday, after more than a year of the issuance of his arrest. The news was first reported by the Bangkok Post.
The Ponzi scheme was able to scam an estimated 8 400 users. The Thai department of special investigations (DSI) estimated that the damages amount to around 2 billion baht, or some $66 million. These numbers make the Kothi Ponzi scheme one of the largest FX scams in history. The scam was first noticed by authorities, November 2019, when the first group of scammed individuals came for help from the police, claiming that Forex-3D did not pay its dues to them.
The arrest happened in a condo in Bangkok, where the police not only seized the perp but also his car – a Lamborghini-, some land ownership documents, jewelry, luxury watches, and other expensive items.
It was believed that Kothi went into hiding in Singapore and Malaysia soon after the complaints started piling up, but he returned to Thailand last October. Kothi alleged that his company, Forex-3D operated three separate exchanges located in Dubai, Hong Kong, and Singapore. However, he failed to provide written proof when authorities requested it.
Currently, Kothi has denied some allegations, while the full details of the charges are yet unknown. All we know thus far is that Kothi has entered into a legal battle.
For now, Thai authorities are concentrated on refunding the defrauded individuals. This will partly be achieved by selling Kothi’s seized assets.