Chinese-Thai duo arrested for 30 million baht crypto scam
A Chinese man and a Thai woman have been apprehended in connection with a money laundering operation linked to a cryptocurrency investment scam.
This fraudulent scheme is believed to have caused damages exceeding 30 million baht (US$897,640), with an estimated annual transaction volume of over 10 billion baht (US$299,213). Assets worth 20 million baht (US$598,372) have been seized.
Yesterday, February 23, at 11am, at the Central Investigation Bureau of Technology Crime Suppression Division (TCD), Police Lieutenant General Trirong Phiwphan, the commissioner of TCD, along with Deputy Commissioner Police Major General Wiwat Kamchanan and Police Major General Sila Kantrak, announced the outcome of the EXIT SCAM operation.
A 34 year old Chinese man and a 21 year old Thai woman were arrested. They are accused of living a luxurious lifestyle while engaging in money laundering through a cryptocurrency investment scam.
Pol. Lt. Gen. Trirong revealed that the investigation began after victims reported online that they had been duped into transferring money to invest in digital currency. The fraudsters used attractive profile pictures to lure victims via social media, promising high returns through the website neccorpo.site.
Initially, victims received actual profits, but as they invested more, they found themselves unable to withdraw funds, resulting in losses exceeding 2 million baht (US$59,832).
Crypto scam
Evidence collection and investigation led to arrest warrants for the two suspects, who are believed to be involved in 28 other online fraud cases from the same platform, with total damages over 30 million baht (US$897,640). The suspects, a Chinese man with a family, and a Thai woman who sold products in the Pratunam area of Bangkok, were romantically involved.
The woman opened a cryptocurrency account for the Chinese man, and they jointly opened a shoe store in Yaowarat. Despite the store’s poor performance, they led an extravagant lifestyle, driving luxury cars and owning 30 Bearbrick dolls.
On February 22, cyber police launched a raid at five locations: two condos in Yannawa district, one in Khlong San, a shoe store in Yaowarat, and a residence in Mueang district, Samut Sakhon province. The suspects, Zhao, a 34 year old Chinese national, and Naritsara, a 21 year old Thai national, were arrested at a condo in Yannawa.
Seized items included 30 Bearbrick dolls, 11 mobile phones, a BMW X-1, a Toyota Alphard, a condo rental contract, a condo title deed, six passports, a safe, and numerous luxury goods, altogether valued at over 20 million baht (US$598,372).
The two suspects allegedly managed funds for a scam gang and are believed to have laundered money for the operation. Their phones contained over 5,000 money transfer slips within a year, with amounts ranging from 100,000 to 500,000 baht (US$2,990 to 14,960) per transaction.
The operation is suspected to have an annual turnover of 10 billion baht (US$299,213). Police are continuing their investigation to broaden the case.
Both suspects face charges of conspiracy to defraud the public, importing false information into computer systems, conspiring to commit money laundering, and participating in a transnational criminal organisation.
Pol. Lt. Gen. Trirong described the scheme as a hybrid scam, where victims were contacted through social media, deceived into relationships, and lured into investing through fake applications or websites.
The fraudulent website has been operational for less than a year. Zhao, the Chinese suspect, has been in Thailand for three to four years, frequently travelling to China and Cambodia. He is suspected of links with call centre gangs and grey Chinese networks.
Police are investigating whether the suspects were involved in creating the website and acting as administrators contacting victims. They are also tracing financial routes connected to the suspects.
Initially, both suspects denied all charges. Police have issued a warning to the public not to trust investments through non-standard or suspicious websites.
It is advised to invest through websites or applications certified by the Securities and Exchange Commission, and to be wary of strangers initiating relationships that might lead to hybrid scams.
Pol. Lt. Gen. Trirong also highlighted that since December last year, reported crime cases have significantly decreased, from an average of 1,200 cases per day to under 1,000. This reduction is partly attributed to operations against call centre gangs in various areas, reported KhaoSod.
However, technology-related crimes such as fraudulent online sales and services have increased, prompting cyber police and other agencies to intensify crackdowns on deceitful online sellers.
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