Thai DSI Seizes $1.8M, Probes HFM & Other FX Brands in Ponzi Raid

Thailand's DSI raided 24 locations, seizing $1.8M in cash, gold, cars, crypto wallets, and firearms, and froze 70 bank accounts. 

Victims named unlicensed forex brands – including QRS Global, HFM, GOFX, and Eterwealth – operating without central bank approval. The probe also targets two introducers and two payment firms, signalling a focus on local fund‑movement infrastructure.

Investigators said victims were lured via social media: small withdrawals allowed, larger deposits blocked. Separately, 28M baht in transfers to a People's Party member were disclosed, but authorities stressed no wrongdoing; the individual denied involvement.

The case reflects a broader enforcement trend: Thai regulators now scrutinise not just offshore brokers, but also local intermediaries and payment networks.