Thai Authorities Arrest 5 Foreign Nationals for $27M Crypto Scam

Table of Contents

• Investors Lose $27 Million to Scheme
• Thai Authorities Crack Down on Crypto Scams

Authorities in Thailand arrested five foreign nationals involved in a fraudulent crypto platform that saw investors lose $27 million. 

The Bangkok Post reported Thailand’s Cyber Crime Investigation Bureau (CCIB) arrested five foreign nationals responsible for creating a fraudulent cryptocurrency investment platform which scammed over 3,200 residents. Four persons from China and one from Loas were reportedly arrested. 

Investors Lose $27 Million to Scheme

According to reports, the CCIB started investigating the platform along with the US Homeland Security Investigation and several other international law enforcement agencies after victims came forward in November 2022. CCIB spokesperson Kissana Phathanacharoen said affected investors reported losing funds on the bchgloballtd.com platform. The investigation revealed that many people involved in the website’s operations were also engaged in other fraudulent platforms. 

The accused were arrested and charged with public fraud, money laundering and conspiring to commit transnational crime. The Office of the Attorney General in Thailand moved to prosecute the suspects, and the Anti-Money Laundering office confiscated property worth 585 million Thai baht. Kissana said the CCIB will continue to contact the victims to ensure they are informed of their rights under Thai law. He added investment scams have caused the most damage out of those reported to the police. Kissane further stated many victims invested their life savings in the platform or took out a second bond on their properties. 

The report indicates some victims were approached by strangers or foreigners who invited them to invest on the platform or through foreign mobile applications. The fraudsters promised investors high and guaranteed returns over a short time. 

Thai Authorities Crack Down on Crypto Scams

Online investment scams involving cryptocurrencies are becoming more prevalent. The Ministry of Digital Economy and Society of Thailand recently said over 200,000 people have fallen victim to scams promoted via Facebook advertisements. 

The Ministry asked the social media giant to block several thousand fake pages and fraudulent advertisements to address this concern. According to the Ministry, the fraudulent ads lure victims by offering up to 30% returns and illegally using the photos of celebrities as endorsements. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.