Four Chinese Nationals and a Laotian National Arrested in Cryptocurrency Scam

Four Chinese nationals and a Laotian national were arrested over their role in a cryptocurrency scam that caused victims 2.7 billion baht (about 76 million) worth of losses.

Cyber ​​Crime Investigation Bureau (CCIB) of Thailand shared that at least 3,280 people have fallen victim to this cryptocurrency scam, with the reports occurring since November 2022, as reported by the Bangkok Post.

No Just One Issue of Scam

It was said that strangers or foreigners approached the victims and invited them to invest using foreign mobile apps and other online platforms, promising high returns on investment. Spokesperson Paul Cole Kissana for CCIB shared that many victims invested their savings in this scam and even took out a second mortgage loan on their land or home.

Investigation found that a group of people run a fraud website (bchgloballtd.com) which was also linked to other fake platforms. With support from Homeland Security Investigations and other law enforcement agencies, the court was able to agree on arrest orders for the five suspects, four Chinese nationals, and a Laotian national.

Those arrested are accused of being accomplices to commit cross border crimes, public fraud, setting false information inside computer systems, and money laundering.

Crackdown on Scam

Thailand continues to crack down on bad actors in the cryptocurrency space. In a report dated August 22, the country also warned Facebook and its users of closure due to an increase in cryptocurrency scams and other misleading advertisements found on the platform.

In the latest update, the Minister of the Digital Economy and Society is taking action against these activities and plans to present their findings in Thai court.

The February report from Chainana Analysis continues to warn users about the spread of cryptocurrency scams, highlighting the technically low scam revenues, and successful scams (like Hyperverse) that are still costing users billions.