Cyber police bust luxury home, arrest Chinese crypto gang for global investment scam

Cyber police yesterday raided a lavish home in the Bang Na district of Bangkok and arrested a Chinese couple involved in an international cryptocurrency scam. The operation, ‘Trust No One,’ seized valuable assets worth millions and investigated other linked locations across the city.

Cyber police officers recently launched the ‘Trust No One’ operation, targeting an international cryptocurrency scam operated by a Chinese couple. The primary focus was on the Bang Na district, where a luxurious house valued at 60 million baht was searched. Among the five targeted locations in the area, authorities arrested two suspects: 31 year old Mingjian Su, and his 25 year old wife Yixi Li. Both faced charges of jointly defrauding the public and laundering money.

During the operation, police confiscated over 1.5 million baht in cash, a land title deed for a property worth more than 60 million baht, and four upscale condo units in Sukhumvit worth 128 million baht. Other seized assets included 14 Barbie dolls, six iPhones, an iPad, a MacBook computer, and numerous designer handbags, such as Hermès and Chanel.

The investigation continued with 16 other locations within the same village and a lavish residence in the Bangkok Krita area, where further evidence was gathered reports Khaosod.

The operation stemmed from multiple complaints by victims who had fallen for the scam via fake online profiles and social media campaigns luring them to invest in fraudulent digital currency and asset trading platforms. Initial losses were estimated to be around 35 million baht from victims in several areas.

The cyber police coordinated information with the FBI, US Secret Service, and US Homeland Security, discovering cases linked to the network in the US and England, with total damages estimated to exceed a billion baht.

Cyber police, led by Damrongsak Kittipraphat, Roy Inkhapiroj, and Torsak Sukvimol, is scheduled to officially announce their findings in today’s press conference at the headquarters of the Special Office of the Counter Corruption Commission (CCC), which begins at 4.30pm.