Thai authorities dismantle $76 million crypto scam, arresting five suspects in complex global fraud scheme affecting thousands of victims
In a globally synchronized crypto scam operation, Thai law enforcement apprehended four Chinese individuals and one citizen of Laos under suspicion of orchestrating an extensive crypto fraud valued at 2.7 billion baht ($76 million), according to the Bangkok Post’s crypto crime report.
The investigation, led by the Cyber Crime Investigation Bureau (CCIB), uncovered a complex scheme that left over 3,280 people in a financial bind. The tricky part was a fake crypto investment platform called BCH Global Ltd, which tricked thousands into investing their money.
These victims reported the scam to the police in November last year, setting off the search for justice. They were convinced to invest using the promise of gold and a cryptocurrency called USDT. The CCIB dug deeper and found that many people behind BCH Global Ltd were connected to similar scams.
Crypto Scam Collab Yields Arrests And Asset Seizures
Multiple agencies, including Homeland Security Investigation and international law enforcement groups, collaborated in this substantial cryptocurrency scam. The five detained suspects are charged with offenses like fraud, conspiracy, money laundering, and tampering with computer systems.
On August 10, the Office of the Attorney General started legal action against them. Then, on September 4, the Anti-Money Laundering Office took control of properties worth 585 million baht ($16 million) owned by the suspects. CCIB spokesperson Kissana Phathanacharoen said they’re ready to help victims understand their rights.
This case shows how common investment scams are. According to Phathanacharoen, these scams are one of the worst types of fraud reported to the police. Victims, many of whom put their life savings or even borrowed money against their property, often fall for promises of big returns in a short time.
The CCIB strongly warned the public about online platforms and foreign mobile apps asking for investments. They say being careful and asking questions when you hear big promises is super important to avoid falling for these tricky schemes.