A YouTuber from Thailand is in hot water after defrauding thousands of followers out of nearly $55 million.
Natthamon Khongchak aka “Nutty” has amassed a huge following of over 847,000 fans on YouTube, primarily through dance videos.
But along the way, the popular social media star had also started advertising private courses for budding forex traders on his Instagram account. He posted several images of what he claimed were his profits, encouraging others to funnel money through a trading scam that promised spectacular returns on their investments.
According to local media reports, more than 6,000 people gave Natthamon money to invest after they were promised returns of up to 35 percent if they transferred in cash.
Much to the surprise of fans, it didn’t go as well as planned. In May, Natthamon posted on his Instagram account that he owed 1 billion baht ($27 million) to investors.
In a short video, the social media star claimed that his broker had blocked his trading account since March.
Last week, a Thai police unit specializing in online scams issued a fraud arrest warrant against Natthamon.
Thai officials have reportedly already received complaints from 102 people who allege they lost a total of 30 million baht ($820,000).
New victims of the cunning social media scam emerge every day, with most claiming to have lost thousands of baht.
In Thailand, the average worker can expect to earn between 6,000 and 14,000 baht per month.
Local media and Natthamon’s followers are now speculating that she has fled the country as she has not been seen on her social media since June.
However, Bloomberg reported that his immigration records show that he has not left Thailand.
Forex trading is an attempt to make a profit by speculating on the value of one currency compared to another. For savvy investors to make a profit, they need to keep an eye on the market, as exchange rates between currencies can change very quickly in the event of major global events such as natural disasters, trade disputes and COVID19.