The Cyber Crime Investigation Bureau (CCIB) of Thailand has recently apprehended five foreign nationals who are believed to be behind a fraudulent cryptocurrency investment platform. This platform targeted and scammed over 3,200 residents of Thailand. Among those arrested, four individuals are from China and one is from Laos. Thai authorities arrest 5 foreigners for $27M crypto scam.
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Thai authorities arrest 5 foreigners for $27M crypto scam. Investors Lose $27 Million To Scheme
In November 2022, the CCIB began investigating bchgloballtd.com following reports from victims who had lost funds on the platform. The US Homeland Security Investigation and other international law enforcement agencies were also involved in the investigation. The CCIB spokesperson, Kissana Phathanacharoen, confirmed that the investigation revealed many individuals involved in the operation of the website were also involved in other fraudulent platforms.
The accused were charged with public fraud, money laundering, and conspiring to commit transnational crime. The Office of the Attorney General in Thailand prosecuted the suspects, and the Anti-Money Laundering office seized property worth 585 million Thai baht. Kissana stated that the CCIB will continue to contact the victims and ensure they are aware of their rights under Thai law. Investment scams have caused significant damage, with many victims investing their life savings or taking out a second bond on their properties.
According to the report, some victims were approached by strangers or foreigners who invited them to invest on the platform or through foreign mobile applications. The fraudsters promised high and guaranteed returns over a short time.
Thai Authorities Crack Down On Crypto Scams
The prevalence of online investment scams related to cryptocurrencies is on the rise. The Ministry of Digital Economy and Society of Thailand has reported that more than 200,000 individuals have been victimized by scams advertised through Facebook. In response to this issue, the Ministry has requested that the social media giant block several thousand fake pages and fraudulent advertisements. These fraudulent ads entice victims with promises of returns up to 30% and often feature the unauthorized use of celebrity photos as endorsements.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.