37 y.o. Alexey Chikalov from St. Petersburg, who is currently living in Phuket, is accused by the Thai police of fraud on the SiamOption, a “fairly large criminal network”. As a result of alleged fraudulent activities, 1,400,000 people who invested more than 730 million baht ($ 22 million) were deceived.
On Wednesday, August 15, national police announced the arrest of 19 suspects involved in organizing a fraudulent forex website.
It is reported that on SiamOption, traders were offered to invest in 40 various assets, including cryptocurrencies, stocks and commodities. Before starting trading, the trader had to pay the subscription fee first.
However, once users made a payment, they no longer had the opportunity to use the service. Instead of going to the SiamOption account, the money were actually transferred to private funds.