Thai investigators detain 5 people who were involved in a $76M crypto scam

In Thailand 5 people were arrested successfully, who were involved in several crypto & non-crypto scams. Four of the arrested people belong to China.

Thailand is a good region for the crypto sector. From time to time, the Thai government worked on crypto & blockchain-focused initiatives to bring awareness about this innovative sector among the citizens. To keep the bad actors & illegal activities away, Thai financial regulators brought several rules for this innovative sector.

On 11 Sep 2023, Bangkok Post reported that enforcement agencies successfully detained 5 people, who were allegedly involved in a very big crypto scam. Among the arrested people, there were 4 Chinese citizens & 1 Lao citizen.

As per the report, some victims reported that they lost a huge amount of money, as they invested their funds (in USDT and gold) with a cryptocurrency investment platform called BCH Global Ltd. 

Later investigation found that many people faced huge losses because of the investment in the mentioned crypto ponzi scheme runner company. Also the main culprit behind the whole Ponzi scheme was found linked with several other scams.

The Cyber Crime Investigation Bureau (CCIB) detained these people under charges of public fraud, conspiracy to commit transnational crime, money laundering, and inputting false information into computer systems. 

As per the report, these arrested people committed fraud with 3,280 people and made 2.7 billion baht ($76 million) profit with the whole ponzi scheme.

To keep people aware of such scams, the CCIB officials stated that people should remain away from high-amount return concept-based projects and never go with foreign platforms or apps for financial activities. 

Furthermore, the CCIB suggested people recheck the registration status of financial platforms or companies with the country’s financial regulators to ensure whether they are providing services legally or illegally. 

Read also: India will confirm its potential crypto ban decision in the next few months