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SiamOption behind a $22 million investment scam in Thailand

 

More than 1.4 million Thai people have lost around $22 million to an investment scam operated through the SiamOption.com website, reported The Phuket News. The Thai police suspects that the mastermind behind the fraud is 37-year old Russian expat Alexey Chikalov.

 

A police officer commented that fraudsters have a big network and that there are some major investors behind it, including Chikalov. There have been coordinated raids in Bangkok, Khon Kaen and Phuket and around 20 people have been arrested by now.

 

The victims were offered trading in forex and various Contracts-for-Difference (CFDs) on indexes, stocks and commodities via the SiamOption.com website. They were required to pay a subscription fee first, which is quite unusual for the forex sector. However, once the money was transferred, the investors were not able to invest as advertised.

 

Founded in 2016, SiamOption is a binary options broker that is allegedly registered offshore, in Vanuatu. Currently its website is not accessible, but the broker is active mainly in South East Asia and more specifically, in Thailand. 

 

This country’s economy is continuously growing and its financial market attracts a number of forex and binary options brokers. Inevitably, some of them are involved in fraudulent activities. That is why it is always best to only deal with brokers licensed by the respective financial authorities.

 

TAGS: Thailand  scam  binary options broker 
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