28 million transferred in 14 transactions in a single day: DSI reveals a money trail leading into the account of an opposition MP. 500 victims, 1 billion baht lost—that was the damage figure disclosed by the DSI at noon on Friday, June 19, 2026, at Chaengwattana Road. But what elevated this story beyond crime headlines into politics and digital circles was more than just the numbers. 📌 Operation begins: June 16 At dawn on June 16, the DSI, in coordination with the Cyber Police (BKK-6), the Institute of Forensic Science, and the Bank of Thailand, simultaneously raided 24 locations across Bangkok and its surrounding areas, tracing the Forex24 network that deceived individuals into illegally investing in foreign currency trading under the promise of high returns. Seized assets included 65 million baht in cash, five supercars, gold, firearms, and branded handbags—but what stunned the digital industry was the discovery of hardware wallets (offline devices for storing digital asset keys) among the seized items, alongside multiple servers and approximately 70 bank accounts frozen by the DSI. 📌 How does it work? Forex24 employed the same strategy as earlier pyramid schemes like Forex-3D: paying genuine returns initially to attract more investors, then abruptly ceasing payments and disappearing. After over six months of investigation, the DSI found its structure far more complex than previous iterations, featuring multiple layers of legal entities and stacked payment groups designed to obscure origins. 📌 Where did the money go? The most explosive revelation was that Spark Digital, one of the legal entities linked to the network, transferred 28 million baht into the account of Mr. Phayuth Pongwittayanu, a list-based MP of the People’s Party. The transfers occurred in 14 installments of 2 million baht each—all within a single day. Financial investigators refer to this pattern as “Layering”—fragmenting and circulating funds to obscure their source. The Office of the Anti-Money Laundering Office (AMLO) is now closely monitoring this trail. However, the DSI emphasized that Mr. Phayuth is not yet a suspect and no legal proceedings have been initiated, as he is currently serving in parliament and enjoys parliamentary immunity under Thai law. Mr. Phayuth has denied any involvement; the People’s Party stated it fully supports investigation and will not shield any wrongdoers. 📌 Etherwell and the second trail The DSI also disclosed another name: a well-known entertainment figure known as “Film-Ratphum,” whose accounts received funds from the broker group and were linked to Etherwell—a company the DSI considers one of the financial conduits within the network. The name Etherwell immediately caught attention in the digital fintech community due to its clear echo of Ethereum. Although no direct connection between Etherwell and digital assets or blockchain has been confirmed, the DSI stated only that it was tied to the network’s financial pathways. 📌 Public reaction (summary of overall sentiment, not direct quotes) Those applauding this briefing highlighted the unprecedented financial detail provided by the DSI—particularly the precise number and amount per transaction—as clear evidence that Thailand’s financial investigative capabilities have advanced significantly.Another group questioned whether publicly naming individuals before charges are filed could unfairly damage reputations, and the People's Party noted that the timing of the news release may not be coincidental. The case is still ongoing, with the DSI currently examining all seized electronic devices, including hardware wallets whose contents have not yet been disclosed. If digital assets are indeed stored within them, this case would mark Thailand’s first known instance of cryptocurrency directly linked to a Forex network. Do you think Thailand’s laws are ready to handle such cases? #BitcoinAddict #Bitcoin #Crypto #DSI