SiamOption behind a $22 million investment scam in Thailand

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More than 1.4 million Thai people have lost around $22 million to an investment scam operated through the SiamOption broker. The Thai police suspects that the mastermind behind the fraud is 37-year old Russian expat Alexey Chikalov.

A police officer commented that fraudsters have a big network and that there are some major investors behind it, including Chikalov. There have been coordinated raids in Bangkok, Khon Kaen and Phuket and around 20 people have been arrested by now.

Details about the scam, which went on for months.


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