Key Chinese Ponzi scheme member arrested in Bangkok over cybercrime

A key member of a Chinese Ponzi scheme network wanted in China for cybercrime, fraud, and investment scams, has been apprehended by immigration police. The 35 year old individual, known only as Zhao, was arrested following coordination between the Chinese embassy in Bangkok and the Immigration Bureau (IB).

Zhao and his associates operated an investment firm that lured people into a Ponzi scheme by promising high returns of up to 10%, defrauding victims of more than 150 billion baht.

Immigration Bureau commissioner, Pol. Lt. Gen. Pakphumpipat Sajjaphan, revealed at a press briefing yesterday that authorities are investigating past transactions to recover the remaining assets worth around 75 billion baht. Sajjaphan added that Zhao was the right-hand man of the network’s alleged mastermind.

The arrest took place during a raid on a condominium on Rama IX Road in Huai Khwang district, where mobile phones and computers were confiscated and Zhao’s visa was revoked, reported Bangkok Post.

In a separate case, three Chinese nationals were arrested based on information from a Bangkok man.

One of the individuals, 35 year old Yan Fang, was apprehended at a condominium in Huai Khwang district for reportedly evading around 125 million baht in taxes. The other two, 44 year old Qing Yi and 45 year old Yuan, were wanted for smuggling 15 tonnes and 474 tonnes of plastic waste, respectively.

In March, Cyber Crime Investigation Bureau (CCIB) Pol. Col. Krisana Pattanachar busted a group of suspects involved in a Ponzi schemepolice. He added that over 1,000 individuals had invested more than 1 billion baht in the scheme.

The CCIB arrested seven people and seized several assets from two companies that allegedly operated a Ponzi scheme luring people to invest in mushroom, bee, and kratom farming, promising unrealistically high returns, Thai PBS reported. The two companies are Mining Mine X Company, and Lak Si Station Limited Partnership.

Krisana said that between November 2021 and July 2022, the two companies set up several mushroom farms in the northeast Sakhon Nakhon province. They invited people to invest in their businesses in mushroom, bee, and kratom farming through advertising. The companies promised quick and high returns.