Over 50 people file complaints against Chiang Mai crypto trading firm

DSI officials declined to name the company pending formal charges against it.

The center in Chiang Mai said the company was registered as a limited partnership in 2019 with a fund of 500,000 baht and a goal to develop websites and register domain names for clients. It registered as a company this year only.

Pilot Officer Kittikhom Kongsomphote, acting director of DSI’s Area 5 operations center, said customers were believed to be incentivized to invest in the company under a pyramid fund scheme .

Kittikhom said affected clients were promised returns of 15% per month on their investments.

A client who filed a complaint on Thursday said he was lured by promises of a 15% per month return to increase his investment in the business.

The client said he initially invested only a few “tens of thousands” of baht before increasing the investment to over 100,000 baht and then to 1.5 million baht.

Another client complained that she lost around 2.4 million baht to the company. She was invited by friends and saw ads on Facebook pages.

She said she paid the “entrance fee” of 19,000 baht and started with an investment of 300,000 baht, before increasing it to 2.4 million.