Former Pageant Winner Loses 70 Million Baht in Forex Scam

A former beauty pageant contestant has come forward in Bangkok, revealing she lost over 70 million baht, approximately US$1.9 million, to an alleged Forex broker fraud. Ms. Teerayapha Wijitmaneewat, known as Phet, explained that unlicensed brokers operated as part of an organized scheme. She described how, when her trades were profitable, these brokers would secretly change her account password, severing the link between her portfolio and the server, effectively locking her out before the account collapsed. She claims this occurred more than 20 times, with each instance wiping out US$20,000 to US$30,000 per account. Part of her 70 million baht in losses stemmed from her own trades, while the rest was attributed to alleged broker interference. Ms. Phet stated that a friend initially introduced her to currency and gold trading. Among the brokers named by the Department of Special Investigation (DSI), she identified two whose conduct she believes was fraudulent, accounting for tens of millions of baht in losses, which prompted her to provide a statement to investigators. She likened the trading style to gambling for those without sufficient capital or discipline, and also noted that it drains money from the Thai economy as most funds go overseas. Responding to online critics who suggested her trading was simply poor, Ms. Phet asserted that she had tracked inconsistencies in chart behavior across various accounts and had passed these findings to investigators. She called for authorities to regulate the industry more stringently. Ms. Phet admitted that the losses caused her severe stress, and she had previously contemplated self-harm, but affirmed her determination to fight the case and rebuild her life.