The thrills of cryptocurrencies hit again

“All investments involve some degree of risk.” This is a classic statement that investors should keep in mind before embarking on any financial investment.

In reality, however, many put it aside when the hunger for higher returns gets the better of them. And, they are likely to end up having to say goodbye to their money forever.

This scenario is evident in at least three fraud cases involving Forex and cryptocurrency trading scams that made headlines in the media last month and became a great lesson for new investors.

The shocking story of popular actress Pinky, or Sarika Chaidet, thrown into prison along with 18 other people, including her mother and brother, is just one sequence in the infamous Forex-3D Ponzi scheme that was exposed three years ago.

All of them were defendants indicted by the criminal court on charges of managing the scam that defrauded nearly 10,000 victims out of around 2.5 billion baht.

Forex-3D was a company founded in 2015 by Apiruk Kothi, then 21, who lured people to invest in fake currency trading with false promises of 60-80% returns.

He fled the country after the first victim went out for help in late 2019 and was arrested early last year on charges of fraud, cyber law violation and money laundering.

Its assets worth more than a billion baht – including luxury cars, land ownership documents, gold, luxury watches and branded handbags – have also been seized. He is now incarcerated pending an investigation.

Less than a week after Pinky’s case, around 30 victims filed a complaint against popular YouTuber Natthamon “Nutty” Khongchak, 30, for allegedly robbing around 6,000 people out of 2 billion baht in another Forex trading scam.

Nutty claimed to be a successful trader and encouraged her followers to deposit money into her account, promising them a 25-35% return on three to 12 month contracts. She has been issued a warrant for her arrest, but she is nowhere to be found.

Many believe she fled to a neighboring country. Many victims reportedly stepped in to offer a reward of 5 million baht to anyone who could locate it.

Just the next day, a group of victims revealed a cryptocurrency scam by the company P Miner in Chiang Mai that claimed to be among the 300 VIPs who were lured into investing 1 million baht each in cryptocurrency trading and mining. company, with a promise of 10-15% dividends every month.

Police seized assets worth over 100 million baht belonging to the company’s founder, Kittikorn Inta, who was wanted for cheating at least 1,300 people, causing them to lose 1.7 million baht. Nobody even knows where he is.

Honestly, I’ve read about the three heavy-hearted scams. It is hard to believe that some people can easily be tricked into parting with large sums of money in the belief that they would be rewarded with profits that are too high to be true.

Late last month, the Central Investigation Bureau posted a message pointing out the tricks that are often used in Facebook stock scams. He said that most scammers usually create trustworthy images of themselves on online platforms, display their wealth or the fortunes of their investors, and create content that makes them look like experts in the field.

Hence, they would invite investments with a guarantee of unrealistically large returns that would be paid off in a short period of time in order to attract more investments before they eventually run away with their illicit gains.

Surprisingly, this cheat scheme matches that of the three cases above. The office offered advice to avoid falling into investment scams.

He advised all investors to study investment information carefully and open a trading book in their own name only with companies registered with the Securities and Exchange Commission. He also warned us not to put our money into someone else’s account and have it trade on our behalf.

I don’t know how long people will keep these precautions in mind. Indeed, these get-rich-quick scams are nothing new in our country, but many people still fall for them.

Whenever such cases are reported in the media, we rarely hear words of solidarity for the victims. Instead, people choose to criticize them, saying that it was their own greed and stupidity that made them lose their money.

I think it’s not easy to stop people from being cheated until they learn how to manage their greed first. Greed is a common part of our nature and can be a driving force for progress in our lives in the same way it can ruin us.

To me, all investment scams are like a game of greed where only the greediest and smartest boss will win it all. I hope that all the bosses in this game are dragged to jail and stay there for a long time so that you no longer have a chance to play it with anyone.

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