Thailand issues red notice for Russian in $22m fraud case

Thailand issues red notice for Russian in $22m fraud case

19 people have already been arrested as part of the probe.

The Thai Police are looking for Alexei Chikalov, a 37-year-old Russian suspected of a $22m fraud on the SiamOption trading platform, Phuket News reported referring to the police.

The other 19 defendants have been arrested. According to Major General Surachet Hakpan, people were arrested in Phuket, Bangkok and Khon Kaen. The police primarily targeted the offices of Helix Thai Beach and other organizations, Hakpan said. He specified that the police were trying to reimburse about 21.9 million dollars to the victims.

Nine people were arrested in Phuket, the others in Bangkok and Khon Kaen. Judging by the names of the detainees, only citizens of Thailand were on the list. "However, the investigators believe that a certain Alexei Chikalov of St. Petersburg might be one of the orchestrators of the scheme," the publication said.

The SiamOption website offered its customers quick earnings on binary options by betting on changing quotations of various assets (currency pairs, shares of large companies, raw materials, or stock indices).

However, the investigation established that the funds were never invested in any assets.

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