Bangkok: The Department of Special Investigation (DSI) has arrested Ms. Mallika, the owner of QRS brokerage, in connection with an alleged investment fraud and public deception scheme. Police Lieutenant General Ruttapol Naowarat, Minister of Justice, confirmed that both suspects sought under arrest warrants in the Forex case have now been apprehended.
According to Thai News Agency, Ms. Mallika, an executive and director of QRS Education Co., Ltd., was detained by the DSI for further questioning. Her arrest follows a court-approved warrant, making her a central figure in the ongoing investigation. The DSI has plans to summon Mr. Pawut Pongwitayaphanu, a Member of Parliament from the People's Party, for questioning during the parliamentary recess, as he is believed to be involved in the case.
The DSI has issued summonses for 22 individuals connected to the case, although it is uncertain if all will appear for questioning. The lack of court-approved arrest warrants for these individuals meant that summonses had to be issued instead. Pol. Gen. Ruttapol stated that sufficient evidence was necessary to request such warrants from the court.
Ms. Mallika faces serious charges, including conspiracy to defraud the public, operating an unlicensed securities brokerage, and money laundering. Her arrest took place in a hospital parking lot in the Rama 9 area, after which she was transferred to the Special Investigation Bureau for legal proceedings.
The fraud allegations against Ms. Mallika involve soliciting investments from the public through deceptive advertising, falsely claiming foreign agency licenses, and guaranteeing high returns. The scheme reportedly included manipulating trading platforms to misrepresent global market prices and imposing additional withdrawal conditions on investors.
The operation also employed a network marketing model, encouraging investors facing losses to become Introducing Brokers (IBs) to recruit new participants. IBs received compensation based on trading fees, irrespective of investors' outcomes. Authorities have indicated that the investigation is ongoing, and further legal proceedings will follow Ms. Mallika's detention.
The Special Investigation Unit is set to request a court order for Ms. Mallika's ongoing detention as part of the legal process.