HFM Among Forex Firms Probed as Thai DSI Seizes $1.8M in Ponzi Raid

Thailand’s Department of Special Investigation (DSI) has raided 24 locations in Bangkok and surrounding provinces in a multi‑agency operation targeting a forex pyramid scheme. Codenamed “Shutdown the Laundering,” the sweep seized roughly 65 million baht ($1.8 million) in cash, gold, luxury cars, crypto wallets, and firearms, and froze 70 bank accounts.

Victims named several unlicensed forex brands – including QRS Global, HFM, GOFX, and Eterwealth (also listed as Etherwell) – as operating without Bank of Thailand authorisation. The probe also covers two introducing brokers (“Coach James” and “JP Global”) and two payment firms (Rainy Corporation and Pay Solution), indicating authorities are looking beyond the scheme itself into the local payment infrastructure that enabled fund flows.

Investigators say the operation lured victims via social media, allowing small withdrawals while blocking larger deposits. Separately, DSI disclosed 28 million baht in transfers to a People’s Party member, but stressed this does not imply wrongdoing; the individual denied involvement, citing past gold trading activity.

The case signals a broader enforcement trend: Thai regulators are now scrutinising not just offshore forex brands, but also local introducers, payment providers, and fund‑movement networks that support them.