Thai YouTuber absconding after allegedly duping 6,000 people of $55 million

She promised returns as high as 35 percent.
Ameya Paleja
A stack of 100 dollars wrapped chain.
A stack of 100 dollars wrapped chain.

Umida Kamalova/iStock 

A YouTuber in Thailand has allegedly scammed her followers to the tune of $55 million in a foreign exchange trading scam, Bloomberg reported.

When the cryptocurrency market was at its peak, we saw a lot of people fall for crypto-linked scams. According to the Federal Trade Commission (FTC) estimates, 46,000 people fell victim to crypto-related scams last year, and more than one billion dollars were swindled away since 2021.

Now that crypto has lost its shine, people are finding new ways to rob people of their hard-earned money. With hopes of making a quick buck, people fall for fancy, glittery schemes that usually end up losing you money. The Thai forex scam checks all the boxes of a fraud,.

What did the YouTuber promise?

Natthamon Khongchak posted dance videos on YouTube, with over 847,000 subscribers having a fan following on the social media channel. Known to her followers as Nutty, she was also active on Instagram, where she posted advertisements about private courses for aspiring forex traders. Nutty shared images of luxury cars, watches, and property on her social media accounts to demonstrate the riches she had made from forex trading.

According to the South China Morning Post (SCMP), 30-year-old Nutty lured people into investing in her foreign exchange trading company with promising returns as high as 35 percent. Enticed with the high returns, as many as 6,000 people had invested their money with her by April. This took their tally of investments to two billion baht ($55 million).

What happened to the money

Later, Nutty shared on Instagram that she had made a "trading mistake" and lost all the money, SCMP said in its report. In her last post in May, Nutty also said that she owed people a billion baht ($27.5 million), but her broker had blocked her trading account, and she did not have access to her funds since March. Nevertheless, she would try to repay the money, the Bloomberg report said.

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However, Nutty hasn't been seen on social media since June, and her followers think she has fled the country. According to immigration records, she hasn't left Thailand. So far, 102 victims have filed complaints to authorities totaling the value of their investment to 30 million baht ($825,000), with a single victim depositing 18 million baht ($493,500) alone, the SCMP report said.

More victims are coming forward every day, and there might be more complaints lodged with other police offices, the Thai police unit involved with internet crime suspects. Aggrieved investors have also announced a five million baht (US$137,000) reward for information on Notty's whereabouts.

Authorities also think that Nutty might be linked to people arrested in a fraud case in Malaysia in August that also promised to deliver luxury items. Both were instances of Ponzi schemes but different public relations and deceptive methods, the police said.

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