One of the Largest Investment Scams in Thailand: Fake Trading Platforms 'FINNIXMAX' and 'CGS International' Busted

Thai authorities recently dismantled a large-scale investment fraud group involving US$20.5 million and linked to 265 separate local fraud cases. This is reportedly one of the largest online investment scams in Thailand.

On September 11, Thai police conducted raids in Bangkok, Nonthaburi, Pathum Thani, and Chiang Mai, arresting 15 suspects. Among those arrested were a 40-year-old Chinese national, Wang, and his 33-year-old Thai ex-wife, Rinyaphat.

Thai police also seized assets worth over $660,000 during the raids, including luxury vehicles, handbags, jewelry, cash in multiple currencies, phones, and electronic devices. Additionally, authorities found hundreds of bank accounts and ATM cards.

According to media reports, the fraudsters promoted fake investment opportunities through trading platforms named ‘FINNIXMAX’ and ‘CGS International,’ while posting advertisements on Facebook. They invited potential victims into LINE groups containing hundreds of fake accounts posing as successful traders and financial advisors.

Thai police believed this fraud group operated like a company with specialized departments. “Workers” received pay based on victims' withdrawal amounts or earned rewards ranging from 1,000 to 10,000 baht per completed job.

The group's accounting department gathered business bank accounts to receive victims' funds. Once the money was deposited, it was immediately withdrawn, laundered, and converted into cryptocurrency before being transferred abroad.

Thai police revealed that fraudsters initially allow small withdrawals to gain victims' trust. However, once victims invest a larger amount, the fraudsters seize opportunities to sever contact. Additionally, the fraudsters impersonated public figures in the investment industry.

BrokersView reminds you

Before making an investment decision, people should not only focus on the returns promised by the broker but also pay attention to the financial license of the trading platform. In addition, be cautious about clicking on unfamiliar links.

If your broker has no financial authorization from the local watchdog, you are probably encountering an investment scam.

Investors can check the regulatory details of forex brokers through BrokersView before investing to reduce risks.