- Thailand authorities collaborated with the United States Homeland Security Investigations and various other agencies.
- Authorities charged these individuals with orchestrating an elaborate crypto scam that exceeded $27 million.
Thailand’s Cyber Crime Investigation Bureau (CCIB) has arrested five foreign nationals connected to a massive crypto scam. These individuals faced charges for orchestrating an elaborate scheme that defrauded over $27 million from more than 3,200 local investors.
Elaborate international fraud scheme affected thousands of local investors
The investigation into this fraudulent operation began when concerned investors reported their losses to the CCIB in late 2022. They invested through the website bchgloballtd.com and subsequently fell victim to the scam. To tackle this international fraud, the CCIB collaborated with the United States Homeland Security Investigations and various other global law enforcement agencies.
The individuals responsible for this scam, comprising four Chinese nationals and one from Laos, were taken into custody. They now face charges related to colluding in transnational crimes, public fraud, and money laundering.
This significant development in the case occurred in August 2022 when Thailand’s Office of the Attorney General took legal action against the suspects. The Anti-Money Laundering office also seized personal property worth 585 million Thai baht from the accused, marking a significant step toward justice for the victims.
Kissana Phathanacharoen, the spokesperson for the CCIB, emphasized that investment scams have consistently ranked among the most financially damaging types of fraud reported in Thailand. Victims often invest their entire life savings or resort to mortgaging their homes and properties, further exacerbating the financial devastation caused by these schemes.
In response to the growing threat of crypto-related scams, Thailand’s Securities and Exchange Commission took proactive measures in January 2023. They introduced new requirements for virtual asset service providers operating within the country. These regulations aimed to enhance investor protection and secure user funds held by custody providers.