Thai Police Bust $27M Crypto Scam and Seize Multiple Luxury Properties

In a recent operation, Thai authorities uncovered a $27m crypto scam targeting local investors and arrested 5 foreigners, alongside seizing various luxury properties. 

Thailand authorities arrested 5 foreigners, including 4 Chinese nationals and a Lao citizen, for their involvement in the massive crypto scam, which targeted local investors and scammed more than $27m. According to the Cyber Crime Investigation Bureau (CCIB), at least 3,280 victims fall prey to this crypto scam. The victims came forward to the police in November 2022 and accused the online platform of scamming them by taking their money to invest in gold, cryptocurrency and various stablecoins. 

After that, Thai authorities started investigations with local law enforcement agencies to counter fake investment platforms with the help of foreign organisations, leading to numerous arrests and the seizure of property. Ultimately, the investigation team arrested the real culprit behind this counterfeit investment platform and was involved in other fraudulent activities. All 5 culprits were alleged by the court for money laundering, financial crimes, documentation fraud, and registering companies with forged information. 

CCIB spokesperson, Kissana Phathanacharoen, stated that the investment scams caused the most financial damage for the local victims as compared to all scams. Most victims indicated that they were targeted by strangers or foreigners who offered them the chance to invest in foreign websites or smartphone applications as a reward for large, promised profits. To combat fraudulent investment companies last month, Thailand’s Ministry of Digital Economy and Society (MDES) presented a proposal in the court seeking a ban on Facebook caused by the allegedly widespread use of fake advertisements.

The CCIB also urges the nations to check the company’s registration number before investing in the platforms. They also force registration companies to combat financial scams for adequate Anti-Money Laundering (AML) compliance. 

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