HFM Among Forex Firms Probed as Thai DSI Seizes $1.8M in Ponzi Raid

Thailand’s Department of Special Investigation (DSI) has executed a multi-agency crackdown on a forex pyramid scheme, raiding 24 locations across Bangkok and surrounding provinces. The operation, code-named “Shutdown the Laundering,” resulted in the seizure of approximately 65 million baht ($1.8 million) in cash, gold, luxury vehicles, cryptocurrency wallets, and firearms, along with the freezing of 70 bank accounts.

Victims identified several unlicensed forex brands allegedly operating without authorisation from the Bank of Thailand. The named entities include QRS Global, HFM, GOFX, and Eterwealth (also listed as Etherwell). The investigation extends beyond the brokers themselves to two introducing brokers — “Coach James” and “JP Global” — as well as two payment firms, Rainy Corporation and Pay Solution, indicating an examination of the local payment infrastructure that facilitated fund flows.

According to investigators, the scheme lured victims through social media, allowing small withdrawals while blocking larger deposits. In a separate development, the DSI disclosed that 28 million baht had been transferred to a person affiliated with the People’s Party. The DSI stressed that this does not imply any wrongdoing, and the individual denied involvement, attributing the transfers to past gold trading activity.

The case signals a broader enforcement trend in Thailand, where regulators are now scrutinising not only offshore forex brands but also local introducers, payment providers, and fund-movement networks that support them. The DSI continues to trace the flow of funds and has urged additional victims to come forward.