Five Accused of Illegal $76 Million Cryptocurrency Fraud Caught in Thailand
Date: 2023-09-12 Author: Karina Ziganova Categories: BUSINESS, IN WORLD
In a massive cross-border effort, four Chinese nationals and a Lao national were caught red-handed in a multimillion-dollar cryptocurrency scam worth more than 2.7 billion baht or $76 million, according to the Cyber Crime Investigation Bureau (CCIB).
The scam ensnared at least 3,280 victims through a dubious cryptocurrency investment platform called BCH Global Ltd, the Bangkok Post reported.
The criminals deceived those victims who reported the fraud to the police last fall. The money was invested by them not only in deposited gold and USDT cryptocurrencies, but also in their gold. CCIB's investigation further revealed that many of the individuals operating this fraudulent platform were linked to other similar scams. Their arrest was the result of a global collaboration involving Homeland Security and other international law enforcement agencies.
The final stage in this case of transnational crime, where the five suspects were publicly accused of fraud to commit organized crime, money laundering and entering false information into computers, was the indictment of the five alleged perpetrators.
According to the Bangkok Post, on August 10, the Prosecutor General's Office joined the prosecution of the accused and on September 5, OBD officers confiscated property worth 4 million baht belonging to the suspects.
CCIB spokesperson Kissana Phathanacharoen assured the Bangkok Post that the bureau will continue to communicate with victims in the hope that they are aware of their rights to the fullest extent of the law. For complaints, victims should contact the CCIB hotline
In a broader context, Phathanacharoen identified investment fraud as the most damaging scam reported to police. Many of the victims of real estate and savings scams were fooled by strangers promising quick income in a short time.
In response to this growing threat, CCIB urges the public to remain vigilant, especially when it comes to online platforms and foreign mobile applications. These applications attract investment most often due to their attractiveness. They recommend checking investment firm registration numbers and authenticity.
