Copper conned! Aussie cop fleeced in Thai cryptocurrency scam
Retired Australian officer takes fight to police after German expat’s digital hustle leaves nest egg in ruins
A retired Aussie police officer hoping to enjoy a quiet life in Thailand has instead been left nearly penniless, after being duped out of more than 40 million baht in a slick cryptocurrency scam run by a German expat in Phuket.
Michael “Tom” Reinecke, thought he was investing in a high-return digital currency venture but now says he’s the latest victim of a growing wave of foreign-led crypto cons sweeping through Thailand.
The ex-cop, who moved to the kingdom with dreams of golden sunsets and early nights, was left devastated after pouring his life savings into the bogus scheme.
The 65 year old and his 50 year old Thai wife, Areerat Noonyot, marched into Mueang Udon Thani Police Station this week with legal heavyweight, Kritsada “Lawyer Nobi” Lohitdee in tow, demanding action.
They handed over a file of evidence against a German man known only as “Alex,” who they claim masterminded the elaborate swindle from the island paradise of Phuket, The Nation reported.
Reinecke said he met Alex via social media about a year ago. The smooth-talking expat promised monthly profits of 5–10% through an exclusive cryptocurrency platform, and invited Tom to Phuket for a face-to-face pitch.
“I believed him,” Reinecke said. “He seemed legitimate, well-spoken, like he knew what he was doing. But it was all a lie.”
Now, with his retirement pot vanished into the blockchain void, Reinecke says he’s fighting back and wants the Thai police to crack down on these “foreign fraudsters hiding in plain sight.”
The scam bears similarities to other high-profile crypto cons currently being investigated by Thailand’s Cyber Crime Investigation Bureau (CCIB), which recently exposed the Huione Group in Cambodia as a major player in digital currency laundering tied to online gambling rackets and cross-border scams.
Police Lieutenant General Trairong Phiewphan, head of the CCIB, has vowed to tighten surveillance on these cross-border networks, especially those using Thailand as a hunting ground for elderly expats and unsuspecting locals.
In another case earlier this year, Phuket police nabbed 36 year old Pratya, a convicted fraudster who posed as a politician to scam a Thai businesswoman out of 22 million baht through a fake crypto scheme.
As the digital gold rush continues, Thailand’s cyber cops say the scams are becoming more sophisticated and far more international.
But for Tom Reinecke, it’s heartbreak, not blockchain, that defines his retirement.
Latest Thailand News
Follow The Thaiger on Google News: