Akalarp Yimvilaya, who held the position of regional general director, allegedly authorized the transfer of client funds from Z Wallet wallets to other addresses without informing the users. It is believed that the exchange only reported the transfers to its users after the assets had already been moved.
The SEC alleges that the Thai branch of Zipmex committed fraud by providing customers with false information. These actions are seen as a violation of the customer terms of service, with Akalarp Yimvilaya being personally accused of intentionally withholding crucial information from Zipmex customers.
The SEC has formally lodged a complaint with the Thai Crime Suppression Department, which will now determine whether criminal proceedings should be initiated.
Akalarp Yimvilaya served as the regional head of the Zipmex exchange from August 2018 to November 2023. He was responsible for providing legal advice to the Thai government, among other duties.
Previously, the SEC had ordered Zipmex to suspend its operations and cease offering brokerage services as a result of the investigation.