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Thai officials have arrested five foreign nationals for alleged involvement in a $76 million cryptocurrency investment scam.
The Bangkok Post reported that police detained four individuals from China and one from Laos. Subsequently accusing them of defrauding at least 3,280 people.
Police Confiscate $16.4 Million Linked to Fraudsters
After victims began reporting the scam last November, the Cyber Crime Investigation Bureau (CCIB) conducted an extensive investigation. This led to an August 10 directive from the Attorney General to prosecute the five suspects.
The culprits allegedly enticed victims with alluring promises of high returns through a fraudulent crypto investment platform named bchgloballtd.com. They reportedly lured investors to pour money into assets such as gold and stablecoin USDT.
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The report indicates that all five individuals face charges of public fraud, transnational crime, money laundering, and inputting false data into computer systems. Upon further examination, the CCIB found links between the suspects and other scam platforms.
Many investors lost their life savings due to the scheme, some even resorting to second mortgages on their homes.
Collaboration with various international law enforcement agencies gave the investigation significant momentum. As a result, officers from the Anti-Money Laundering Office seized properties valued at 585 million baht ($16.4 million) on September 4.
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Police Colonel Kissana of the Royal Thai Police stressed the ongoing efforts to identify more victims. He encouraged those affected or anyone with relevant information to contact the Cyber Crime Investigation Bureau via the 1441 hotline or lodge a complaint at www.thaipoliceonline.com.
Rising Concerns Over Thai Crypto Scams on Facebook
This recent scam adds to the growing concerns of Thai officials. They are becoming increasingly exasperated with the prevalence of cryptocurrency scams.
In a recent development, Thai authorities warned Facebook’s parent company, Meta, of potential expulsion if it failed to address fraudulent ads on its platform. The government alleges that Facebook has not acted against over 5,300 deceptive ads, victimizing more than 200,000 Thai citizens.
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The Ministry of Digital Economy and Society (MDES) has cautioned the social media giant that it may face legal repercussions if these concerns remain unaddressed.
These scams encompass a spectrum ranging from cryptocurrency frauds to misleading endorsements from celebrities and financial gurus. Despite engaging in discussions and receiving a formal letter from the authorities, MDES contends that Facebook’s response to curb deceptive advertising remains insufficient.