As a seasoned crypto investor with a few battle scars to show for it, this news story about the cross-border cryptocurrency scam that duped a local Thai woman out of over $620,000 hits close to home. I’ve seen too many instances where scammers promise moonshots only to leave investors holding an empty bag.
Thai authorities have uncovered a fraudulent cross-border cryptocurrency scheme, which deceived a local resident and resulted in a loss exceeding 620,000 dollars.
Based on reports from Khaosod, officials have apprehended five suspects believed to be involved in the fraud, among them being nationals from Cambodia, Myanmar, and Thailand. These individuals allegedly formed a bogus investment organization to attract victims.
In late 2023, a deceptive scheme unfolded, centered around a Facebook group named “Investor Chat Room.” This group was secretly exploited by swindlers to entice their victim, Ms. Mallika, with the allure of lucrative investment tips.
Later on, the swindlers managed to convince Ms. Mallika to switch their discussion to LINE messenger. On this platform, they successfully persuaded her to invest significant amounts into supposedly profitable cryptocurrency and stock investments.
The suspects told Ms Mallika that her investment needed time to generate profits or more money was needed for enhanced trading opportunities. To establish trust, they occasionally sent small profits to her, giving the appearance of legitimacy. Over the course of time, Ms Mallika transferred a total of approximately 21 million baht ($621,000) into various accounts connected to their network.
As reported by the Immigration Department, it is alleged that money was illegally moved across borders through a Burmese businessman managing a front company based in Thailand. This individual collaborated with associates in Cambodia, Myanmar, and Thailand to transfer funds through multiple accounts. The laundered money was eventually accumulated to buy a high-end condo in Bangkok’s Rama 9 district, which was intended for rapid resale.
After conducting an investigation, the Immigration Department managed to obtain arrest warrants from the South Bangkok Criminal Court for those suspected of being central figures in the case. These individuals are now under arrest and will be charged with fraud, identity theft, among other crimes.
Previously, crypto.news had reported on a similar investment fraud incident. This time, it was the operators of the EXW-Token scam who swindled 20 million euros from Austrians. Contrary to their promises of substantial returns, they instead squandered the money on luxury expenses.
Recently, cryptocurrency exchange Binance played a role in halting approximately $100,000 worth of USDT connected to Indian swindlers who tricked people into giving them money by pretending to offer investment opportunities in India’s green energy projects.
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2024-10-30 11:27