More than 1.4 million Thai people have lost around $22 million to an investment scam operated through the SiamOption broker. (https://www.forexbrokerz.com/news/SiamOption-behind-a-$22-million-investment-scam-in-Thailand) The Thai police suspects that the mastermind behind the fraud is 37-year old Russian expat Alexey Chikalov.
A police officer commented that fraudsters have a big network and that there are some major investors behind it, including Chikalov. There have been coordinated raids in Bangkok, Khon Kaen and Phuket and around 20 people have been arrested by now.
The victims were offered trading in forex and various Contracts-for-Difference (CFDs) on indexes, stocks and commodities. They were required to pay a subscription fee first, which is quite unusual for the Forex sector. However, once the money was transferred, the investors were not able to invest as advertised.
Why a scam that had that many victims wasn’t caught earlier?
A police officer commented that fraudsters have a big network and that there are some major investors behind it, including Chikalov. There have been coordinated raids in Bangkok, Khon Kaen and Phuket and around 20 people have been arrested by now.
The victims were offered trading in forex and various Contracts-for-Difference (CFDs) on indexes, stocks and commodities. They were required to pay a subscription fee first, which is quite unusual for the Forex sector. However, once the money was transferred, the investors were not able to invest as advertised.
Why a scam that had that many victims wasn’t caught earlier?