The Department of Special Investigation, or DSI, has delivered 102 special case files, comprising more than 40,348 pages of documents, along with 34 defendants, to special case prosecutors at the Office of the Attorney General on Ratchadaphisek Road. The investigative committee is of the opinion that all the defendants should be indicted, consisting of 10 juristic persons and 24 natural persons. This case has drawn a large number of complaints from victims who were persuaded to invest through brokers not authorised in Thailand, namely QRS, GOFX, Eterwealth and HFM. A group of broker recommenders and individuals presenting themselves as coaches, teachers and salespeople guaranteed investment profits, persuaded people to join closed groups to receive trading signals, accepted deposits to trade on their behalf, and displayed false investment portfolios, causing the public to believe them and transfer investment money through payment service providers, resulting in damages worth more than 17 billion baht. Some victims were also persuaded to bring other people into the investment in a chain, in order to receive fees or returns, which amounts to a pyramid scheme. On 16 June 2026, the DSI, together with the Technology Crime Suppression Division, the Central Institute of Forensic Science and the Bank of Thailand, searched 24 targets simultaneously in Bangkok, Pathum Thani, Samut Prakan and Samut Sakhon, comprising 15 companies and 9 residences of related individuals. Later, on 14 July 2026, they arrested Mr. Theerapong, also known as Coach James, a well-known trading coach who often uses the phrase ALL IN, who played a role in recommending the opening of trading accounts with the brokers Eterwealth and HFM. And on 15 July 2026, they arrested Ms. Mallika, the owner of the broker QRS, who claimed to hold a foreign licence and guaranteed returns as high as 20 to 30 percent within 7 days. All 34 defendants were charged with jointly borrowing money in a manner constituting fraud against the public, jointly defrauding the public, jointly operating a securities business as securities brokers without a licence, jointly operating a derivatives business without a licence or registration, jointly introducing false computer data into a computer system, and conspiring together in a group of two or more persons to commit money laundering offences and jointly laundering money.
HFM is named as one of the unauthorized brokers in the DSI forex fraud case, with prosecutors asked to indict 34 defendants over 17 billion baht in damages.
