DSI to investigate cryptocurrency pyramid scheme

Victims of a cryptocurrency pyramid scheme where losses amounted to around 75 million baht have asked the Department of Special Investigation (DSI) to take up their case.

Phadungsak Tienpairoj, the leader of a human rights foundation, on Wednesday took about 20 victims of the pyramid scheme to the DSI.

The lawyer proceeded to ask the DSI to take up the case — which had been handled by Ko Lanta police station in Krabi province — as it had caused many people across the region to lose millions of baht.

The cryptocurrency trading scheme, called “Khung Nong Cryptocurrency Trading”, became famous in the southern region in 2018. Promising returns of as much as 8% per week, many local people in Krabi, Trang, Yala, Pattani, and Narathiwat pledged and sold their assets, land, cars and motorcycles to get money to invest in it.

The scheme grew quickly as it used recruiters to entice more investors. The scheme promised that for every 100,000 baht of investment, investors…