Suspect ran illegal forex service for buyers of Chinese goods

Police arrested a Thai man in Bangkok on Saturday for operating an illegal foreign exchange service for people buying goods from China via Chinese payment platforms.

Pol Lt Gen Nathasak Chaowanasai, commissioner of the Central Investigation Bureau, said on Sunday that "Prin" and a number of associates were taken into custody from a three-storey house in Bang Khen district on Saturday. Police impounded four computers, five mobile phones and some documents as evidence. He said the operation was in response to a complaint filed by the Bank of Thailand. The central bank accused the suspect of providing an unauthorised foreign exchange service for people wanting to pay for Chinese goods via payment platforms such as 1688, Taobao, Tmall and others.

The suspect operated the service through his www.fupay1688.com and www.taobao.co.th websites.

These websites exchanged other currency for yuan needed to pay for goods.Police allege five bank accounts were used for the illegal service, processing financial transactions worth 170 million baht over the past year.