Thai police seize 80 million baht assets in online fraud raid
Police dismantled a sophisticated network involved in online investment fraud, apprehending seven suspects and seizing assets worth over 80 million baht. The operation, named Cyber Guardian, was conducted by the Central Investigation Bureau (CIB)’s Anti-Cyber Crime Division.
Cyber Guardian targeted individuals involved in a criminal organisation that deceived the public through fake online platforms. Seven individuals, 36 year old Saiyan, 21 year old Sutee, 24 year old Papawin, 28 year old Pongpet, 20 year old Ngamsiri, 47 year old Suwannee, and 37 year old Jumei, were arrested under warrants issued by the Criminal Court.
The charges against them include participation in a transnational criminal organisation, public fraud, and money laundering., said a CIB spokesperson.
“The suspects manipulated the public by convincing them to invest in a fraudulent online trading scheme. Victims were persuaded to transfer money into mule accounts controlled by the perpetrators.”
The investigation was launched following reports from victims who were conned into transferring funds through a counterfeit Facebook page promoting stock trading. The total reported losses amounted to 3.8 million baht. Further inquiries revealed that the illicit funds were converted into cryptocurrency, specifically USDT, via the Binance platform and subsequently transferred to various digital wallets.
The money was not only laundered through cryptocurrency but also invested in tangible assets, including luxury homes, condominiums, land deeds, and vehicles. This led police to gather sufficient evidence to request arrest warrants for a total of 12 suspects, including bank and crypto account holders, brokers, and money launderers.
Cyber Guardian operations spanned several provinces, including Nakhon Ratchasima, Tak, Songkhla, and Bangkok. During these operations, seven suspects were detained, comprising two mule account handlers, two brokers, and three money launderers.
Seized assets included a luxury home valued at 27 million baht, two vehicles, four luxury condominium units, multiple land deeds in Phuket, Tak, Chiang Mai, and Chiang Rai, cash exceeding 600,000 baht, gold bars, and various branded handbags.
Saiyan and Sutee confessed to opening mule accounts and travelling across the border to scan their faces, for which they were paid 5,000 baht per account. Other suspects refuted the allegations during the investigation.
The operation was a collaborative effort stemming from intelligence provided by the Cyber Crime Operations Centre of the CIB. It was reported that the suspects had established a network that included mule account holders, account brokers, and office workers who facilitated operations from a base in Poipet, Cambodia.
The investigation continues as police aim to apprehend the remaining suspects and trace additional assets linked to the fraudulent scheme. The arrested individuals are now in the custody of the Anti-Cyber Crime Division for further legal proceedings, reported KhaoSod.
Frequently Asked Questions
Here are some common questions asked about this news.
Why is cryptocurrency a preferred method for money laundering in fraud schemes?
Cryptocurrency offers anonymity and ease of cross-border transactions, making it attractive for laundering illicit funds.
How do police track digital assets in cybercrime investigations?
Police use blockchain analysis tools and collaborate with crypto exchanges to trace transactions and identify digital wallet holders.
What if international cooperation wasn’t leveraged in cybercrime cases?
Lack of cooperation could hinder tracking suspects, recovering assets, and dismantling global fraud networks effectively.
How do fake online platforms lure unsuspecting investors?
They use convincing schemes, often mimicking legitimate businesses, to build trust and persuade victims to invest.
What motivates individuals to participate in fraudulent networks?
Financial gain, low-risk perception, and sometimes coercion or deception by more powerful network leaders can drive involvement.
