Bangkok’s luxury properties raided in expansive search for cryptocurrency fraudsters

In an international operation named ‘Trust No One,’ the Thai Cyber Police launched an extensive quest for cryptocurrency fraudsters involved in a worldwide scam worth billions. The second phase of the operation led to a dramatic search in upmarket properties across Bangkok today, revealing stunning details about a Chinese couple’s involvement in the fraud.

The Cyber Police, led by Damrongsak Kittiprapas and Roy Ingpairoj, orchestrated the investigation’s second phase, leading a task force in 10 locations across Bangkok, Samut Prakan, and Chon Buri. The operations focused mostly on locating crucial evidence linked to the cryptocurrency scam.

In a spectacular episode of the operation, the team stormed into a 37-floor luxury condo in the Sathorn district, worth an estimated 128 million baht (US$3,635,693). The dwelling, decked out in exorbitant fittings, was home to Abin Ye, the husband of Keyi Ye, also known as Ki Yee Ye. Both of Chinese nationality, the couple were the primary suspects in the cryptocurrency case, earlier apprehended following an arrest warrant issued by the Criminal Court on May 26, for their involvement in defrauding the public and money laundering, reported KhaoSod.

Abin had also been declared an international fugitive by Interpol for his alleged participation in deceiving Chinese citizens out of more than 180 million yuan (880 million baht). An initial examination of the raided property resulted in several key pieces of documentation and electronic equipment that had been left behind, all of which were seized for further investigation.

In addition to the Sathorn condo, the commando also raided several other luxurious residences, each valued at 60 to 80 million baht. These properties, situated in Samut Prakan and Chon Buri, were reportedly bought in the name of Chinese-funded corporations. The police thus seized these properties for further procedures under the law.

This operation is an expansion of the first part of the ‘Trust No One’ mission, during which six premises in the Sriracha district were searched, and two Chinese suspects, 31 year old Saosian Zhu, and 25 year old Ki Yi Yee were arrested. These cryptocurrency suspects had allegedly lured victims through various social media channels using forged profiles. They enticed investments in fake platforms for trading digital currency or other assets, a hybrid scam that robbed victims of over 35 million baht.

A formal statement regarding the outcomes of the Cyber Police operation is scheduled for 1pm today, at the relevant station, to discuss the case progress.