Man Arrested for Counterfeiting 500-Baht Notes to Scam Elderly Woman After Heavy Forex Trading Losses
A 39-year-old man was arrested in Bangkok for counterfeiting 500-baht notes to defraud an elderly woman after losing hundreds of thousands of baht in Forex trading.
On April 25, 2025, police arrested Abdulloh (surname withheld), age 39, on a warrant issued by Yala Provincial Court on June 4, 2024, on charges of counterfeiting currency and fraud. He was captured in front of a condominium on Soi Siriphat in Bangkok's Pranakorn District.
Between 2567-2568, the suspect developed a severe addiction to Forex trading, losing hundreds of thousands of baht. Unable to find additional funds, he borrowed extensively from relatives and acquaintances before turning to fraud. He photocopied Thai 500-baht notes in color, cut them to actual size, and created 20 counterfeit notes sealed in paper envelopes.
He then traveled to a convenience store near his residential area and targeted an elderly woman. Claiming he urgently needed to transfer 10,000 baht but only had limited cash, he persuaded her to help transfer money into his account in exchange for the envelope of counterfeit notes. The victim transferred the money but later discovered the notes were fake. When she attempted to confront him, he quickly escaped on a motorcycle. She reported the incident to Yala City Police, and officers eventually tracked him down and made the arrest.
During interrogation, the suspect confessed to all charges and was handed over to Yala City Police for legal proceedings.
The Central Investigation Bureau has issued a public warning about Forex trading risks. Despite potential high returns from leverage trading with small capital, investors risk losing all funds instantly. Forex trading lacks protection under Thai law since no brokers are registered domestically. If problems arise with foreign brokers, victims cannot file complaints with Thai authorities like the Bank of Thailand or the Securities and Exchange Commission. The police urge the public to consider carefully before investing.