Thailand Authorities Arrests 5 Individuals in $76 Million Crypto Scam

Thailand’s Cyber Crime Investigation Bureau (CCIB) has apprehended five individuals, including four Chinese nationals and one from Laos, connected to a fraudulent cryptocurrency investment scheme that swindled more than 2.7 billion Baht (equivalent to $76 million) from local investors.

Thailand’s Crackdown: BCH Global Scam Unveiled, Seizures Reach 585 Million Baht

The scheme operated under the guise of BCH Global Ltd., a fictitious Bitcoin investment platform, and targeted a staggering 3,280 residents, leaving a trail of financial devastation in its wake. The suspects now face charges related to transnational crimes, public fraud, and involvement in money laundering activities.

This investigation, spearheaded by Thailand’s CCIB, in collaboration with Homeland Security Investigations and various international law enforcement agencies, was prompted by the distressing accounts of investors who fell victim to the ruse on the website in late 2022.

Reports indicate that victims were deceived into investing in gold and the USDT stablecoin, compounding the magnitude of the scam’s impact.

As of September 4, the Anti-Money Laundering Office has successfully seized assets worth 585 million Baht, marking a significant milestone in the effort to recover losses incurred by defrauded investors.

Government Officials Respond to Crypto Scams

In an official statement provided to local media, CCIB spokesperson Kissana Phathanacharoen reaffirmed the bureau’s commitment to establishing clear lines of communication with victims, ensuring they are informed of their legal rights. Moreover, those affected are encouraged to register their complaints through CCIB’s dedicated hotline or official website.

In a related development, Thailand’s Minister of Digital Economy and Society (MDES) recently hinted at the possibility of shutting down Meta (formerly Facebook) to combat financial crimes, including crypto-related scams. The MDES cited reports of over 200,000 individuals falling prey to deceptive advertisements on the social media platform, with crypto investment and trading scams being prevalent tactics employed to ensnare unsuspecting users.