A man named Dr Nyi Nyi Swe has been sentenced to 43 years in prison for allegedly defrauding a large amount of money from investors, according to people close to those affected.

The sentence was handed down by a special court on August 30, with all of his assets reportedly confiscated by the state.

Dr Nyi Nyi  Swe allegedly attracted investors by claiming that their money would be invested in forex trading and promising returns of 15 per cent per month. He reportedly held events in several cities across Myanmar to encourage people to invest. Many initially trusted the scheme after receiving purported profits from their early investments, prompting more people to put in money.

He also allegedly set up groups on Telegram to solicit funds. After the fraud came to light, the groups were reportedly deleted and he went into hiding.

Authorities opened a case against Dr Nyi Nyi Swe and arrested him in mid-2025.

Those reportedly defrauded included residents of major cities such as Yangon and Mandalay, as well as people living in smaller towns, according to sources close to the victims.