A YouTuber in Thailand is in hot water after allegedly scamming thousands of followers out of nearly $55 million.
Natthamon Khongchak, also known as “Nutty”, has built a sizable following of over 847,000 fans on YouTube, mostly through dance videos.
But along the way, the popular social media star had also started promoting private courses for aspiring forex traders on her Instagram account. She posted multiple images of her alleged winnings and encouraged others to funnel money through a trading scam that promised staggering returns on their investments.
According to local media reports, over 6,000 people gave Natthamon money to invest after being promised returns of up to 35 percent if they transferred cash.
To the surprise of the followers, things didn’t go as smoothly as planned. In May, Natthamon posted on her Instagram account that she owed investors 1 billion baht ($27 million).
Natthamon Khongchak, known online as “Nutty,” allegedly asked his followers to invest in a forex trading course. YouTube/Nutty’s Diary
Officials have received complaints from 102 people who claim they lost $820,000. YouTube/Nutty’s Diary
In a short video, the social media star claimed her broker had blocked her trading account since March.
A Thai police unit specializing in online fraud issued a fraud arrest warrant for Natthamon last week.
Thai officials have reportedly already received complaints from 102 people who claim they lost a total of 30 million baht ($820,000).
Natthamon Khongchak reportedly promised returns of up to 35 percent if followers invested money with her.Instagram/nutty.suchataa
New victims of the cunning social media scam are emerging daily, most of whom claim 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 supporters are now speculating that she has fled the country as she has not been seen on her social channels since June.
However, Bloomberg reported that her immigration records show she did not leave Thailand.
Forex trading is an attempt to make a profit by speculating on the value of one currency relative to another. For savvy investors to make profits, they need to keep a close eye on the market as exchange rates between currencies can change extremely quickly in the event of major world events such as natural disasters, trade disputes and COVID-19.