As an analyst with over two decades of experience in financial crimes, I must say that the extradition of Zhang is a significant milestone in the global fight against financial scams. The sheer scale of this $14 billion cryptocurrency pyramid scheme is staggering and serves as a stark reminder of the destructive power of greed and deceit.
Authorities in China have managed to bring back to China an individual accused of being part of a huge $14 billion crypto pyramid scam that took place in Thailand.
Under scrutiny stands an individual named Zhang, who is alleged to have headed the MBI Group. This group reportedly enticed more than 10 million investors between 2012 and the current date, offering them attractive returns on their investments.
As per China’s Ministry of Public Security, Zhang’s plan demanded that participants pay fees ranging from 700 yuan to 245,000 yuan to gain access to a platform via the distribution of digital currency in the form of virtual tokens.
The group reportedly accumulated over 100 billion yuan ($14 billion) in funds.
Under the China-Thailand extradition agreement, which was enacted in 1999, this individual becomes the first person suspected of a financial crime to be handed over from one country to the other for prosecution.
Zhang investigation
Investigations concerning Zhang initiated back in November 2020, spearheaded by the Chongqing police force in China. In March 2021, Interpol put out a red alert for him, which eventually led to his apprehension by Thai officials in July 2022.
In May 2023, a court decision was made in Thailand to send Zhang to China for legal proceedings. This extradition process concluded on August 20, 2024.
Chinese officials have highlighted that this extradition underscores their dedication to protecting citizens’ rights and enforcing the law.
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2024-08-23 18:16