Thai Authorities Arrest Five Foreign Nationals for $76 Million Cryptocurrency Scam
Thai authorities have arrested five foreign nationals for their involvement in a 2.7 billion Baht ($76 million) cryptocurrency investment scam.
According to the Bangkok Post, the suspects, four from China and one from Laos, were accused of defrauding at least 3,280 people.
The scam featured BCH Global Ltd, a fraudulent investing platform. Strangers or foreigners solicited victims promising high and guaranteed returns in a short period of time.
Many investors lost their life savings as a result of the plan, and some were forced to take out second mortgages on their homes.
The Office of the Attorney General moved to prosecute the suspects on August 10, with the five individuals facing charges of public fraud, conspiracy to commit transnational crime, money laundering, and inputting false information into computer systems.
Thai authorities have confiscated 585 million Baht ($16.4 million) linked to the fraudsters.
This comes as cryptocurrency scams become more prevalent. Investment scams have caused the most financial damage out of all the scams reported to the police.
Meanwhile, the new prime minister of Thailand, Srettha Thavisin, is seen as pro-crypto. A “national airdrop” worth 10,000 Thai Baht is reportedly in the works, after Thavisin promised voters during his campaign.
Police Colonel Kissana of the Royal Thai Police emphasized the continued efforts to identify further victims and invited those affected or anybody with pertinent information to contact the Cyber Crime Investigation Bureau through www.thaipoliceonline.com and the CCIB’s 1441 hotline.