QRS Global Executive Detained as Thai DSI Alleges Trade Manipulation and Forex Investment Fraud

Thailand's crackdown on an alleged Forex investment fraud has intensified after authorities arrested a senior executive linked to QRS Global, while investigators revealed an expanding network involving multiple brokers, introducing agents, and cross-border money flows.

On July 15, Thailand's Department of Special Investigation (DSI) arrested Mallika Maksalud, executive and director of QRS Education Co., Ltd., the company operating QRS Global's business in Thailand. She was taken into custody at Rama IX Hospital in Bangkok under a Criminal Court arrest warrant after reportedly seeking medical treatment hours before her scheduled discharge.

Executive Faces Multiple Criminal Charges

According to the DSI, Mallika has been charged with multiple serious offenses, including:

Public fraud;

Fraudulent public borrowing;

Operating a securities brokerage business without a license;

Conducting derivatives trading without authorization;

Importing false computer data likely to cause public damage;

Conspiracy to commit money laundering; and

Money laundering.

While being escorted for questioning, Mallika refused to answer reporters' questions.

Her arrest came just one day after investigators detained another key suspect, Theerapong Kongkaew, better known as "Coach James," who allegedly played a major role in promoting the ALL IN Forex investment scheme.

Court Denies Bail

Following the arrest, Thailand's Criminal Court ruled that Mallika should remain in custody while investigators continue gathering evidence. Her bail request was denied, and she was transferred to the Central Women's Correctional Institution.

The DSI had also requested arrest warrants for several additional suspects, including People's Party MP Pawut Pongwitayaphanu ("Pom"). However, the court approved warrants for only two suspects, including Mallika. Pawut and other individuals have instead been ordered to acknowledge the charges through normal legal procedures, as the court found insufficient grounds to justify immediate detention.

DSI Uncovers Alleged Multi-Broker Network

Investigators allege that QRS attracted investors by claiming to hold overseas regulatory licenses, promising exceptionally high returns, organizing trading seminars, and operating signal groups. The platform is also accused of manipulating trading conditions, restricting withdrawals, and using introducing brokers (IBs) to continuously recruit new investors.

As the investigation expanded, the DSI identified four brokerage groups allegedly connected to the scheme:

Etherwealth

GeoFX Group

HF Markets (SV) Ltd.

QRS Global

Previous BrokersView investigations found that Etherwealth was publicly warned by the Australian Securities and Investments Commission (ASIC) for allegedly providing financial services without authorization.

Meanwhile, TouchStone Markets, part of the GeoFX group, has also been warned by UK regulators. BrokersView also identified a platform impersonating the legitimate HF Markets brand.

QRS Global at the Center of the Investigation

Among the four broker groups, QRS Global has become the primary focus of the DSI investigation.

Authorities said the QRS network includes QRS Global, QRS Education, Wisdom Way, and affiliated entities registered in New Zealand and Comoros.

According to previous BrokersView investigations, QRS Global claims to hold a license from the Mwali International Services Authority (MISA) in Comoros and maintains a registered entity in New Zealand. However, MISA is an offshore regulator with limited oversight and investor protection, while the New Zealand entity is merely registered as a company and does not hold a local financial services license.

The DSI believes QRS Global acted as one of the primary financial hubs in the alleged fraud, receiving or benefiting from funds transferred by numerous Forex investors.

Money Trail Under Investigation

Investigators have also uncovered an extensive network of financial relationships.

According to the DSI, Pawut Pongwitayaphanu received 28 million baht from Spark Digital Co., Ltd. on July 18, 2024, through fourteen separate transfers of 2 million baht each. Authorities continue to investigate the source and destination of those funds.

The investigation also identified close links between QRS and an introducing broker named Manit, whose financial transactions were allegedly connected to ALPFX. Investigators believe funds flowed from ALPFX to Spark Digital before ultimately being transferred into Pawut's personal bank account.

Losses May Reach 6 Billion Baht

The DSI says the investigation has expanded well beyond QRS itself into a broader network of unlicensed Forex brokers, introducing brokers, payment processors, and affiliated companies.

Authorities believe the group operated between 2021 and 2024, allegedly luring hundreds of investors with promises of extraordinary returns through fraudulent Forex investment schemes.

At least 500 victims have already filed complaints, while investigators continue reviewing bank records, digital asset transactions, electronic evidence, and corporate documents. The DSI estimates total investor losses could reach 6 billion baht (approximately US$185 million).

What initially appeared to be complaints over withdrawal issues has now evolved into a major criminal investigation involving unlicensed brokerage activities, investment fraud, cross-border fund transfers, and alleged money laundering. As the investigation progresses, authorities expect additional companies and individuals connected to the network to be identified.

BrokersView Reminds You

Investors to remain vigilant against investment programs promising "guaranteed profits," "high returns in a short period," or "risk-free investing." Forex schemes that rely on trading courses, signal groups, or IB referral commissions to recruit participants deserve particular caution. Before opening an account or depositing funds, investors should always verify a broker's regulatory status independently and avoid relying solely on claims of overseas licenses or mentor-led trading programs.

BrokersView advises investors that if a dispute cannot be resolved, clients may consider filing a complaint through the broker's official complaint process or, where applicable, with the relevant financial regulatory body that oversees the broker's licensed entity.

Or you can promptly submit a complaint to BrokersView, and we will assist you in reporting the situation to the relevant regulatory authorities.