The Thailand SEC Secretarial Office is warning investors that there are as many as 20 illegal mutual funds in the nation touting high returns but actually losing large amounts of money, the Thailand news agency reports. More than 30 people have reported being scammed, one person losing 6 million Thai Baht, or $183,000.
Illegal mutual funds have mushroomed in a larger number than usual since January. They include ones arrested earlier and new ones, according to the Thai regulator. The scammers lured people with web ads, e-mails and seminars.