Bangkok: The Central Investigation Bureau has shut down an illegal money exchange website that had handled over 1 billion baht in seven months.
According to Thai News Agency, the Central Investigation Bureau, specifically the Economic Crime Suppression Division, raided a two-story townhouse in Soi Sathu Pradit 15, ??? 2, Sathu Pradit Road, Yannawa Subdistrict, Chong Nonsi District, Bangkok, and a residence in Soi Phibul Songkhram 22, ??? 4, Talat Khwan Subdistrict, Mueang Nonthaburi District. Four suspects were charged with "conducting unauthorized foreign exchange and international money transfer business." Computers and mobile phones were seized as evidence.
Authorities investigated an online currency exchange service called PANDAPAYS, which advertised its services through social media, including websites and Facebook pages, offering exchange of Chinese yuan for Thai baht, yuan top-up services, and parcel delivery/ordering services. A financial investigation revealed six bank accounts used for transactions totaling over 1 billion baht in just seven months. Numerous funds were received and transferred to individual and corporate accounts, and further transferred to digital asset exchanges for cryptocurrency, exceeding 500 million baht. The suspect initially confessed to operating the currency exchange business without proper authorization.