Thailand Authorities Nab 5 Individuals for $76 Million Crypto Scam: Report

Four Chinese nationals and one from Laos were arrested by Thailand’s Cyber Crime Investigation Bureau (CCIB) in connection with a fraudulent crypto investment platform that swindled over 2.7 billion Baht (worth around $76 million) from local investors.

According to the report by the Bangkok Post, the individuals duped 3,280 residents after operating a fraudulent scheme masquerading as BCH Global Ltd., a fake Bitcoin investment platform. They have now been charged with conspiring to commit transnational crimes, engaging in public fraud, and participating in money laundering activities.

  • The investigation was initiated by Thailand’s Cyber Crime Investigation Bureau (CCIB), along with Homeland Security Investigations and various international law enforcement agencies, following reports from affected investors who disclosed their losses incurred through bchgloballtd.com in late 2022.
  • The victims were reportedly tricked into investing in gold and the USDT stablecoin.
  • The Attorney General’s Office kicked off the prosecution, and as of September 4, the Anti-Money Laundering Office had confiscated assets valued at 585 million Baht.
  • In a statement to the local media outlet, Kissana Phathanacharoen, the spokesperson for CCIB, affirmed the organization’s commitment to maintaining communication with the victims regarding their legal rights.
  • Meanwhile, those impacted have the option to register their complaints via CCIB’s hotline or official website.
  • Last month, Thailand’s Minister of Digital Economy and Society (MDES) hinted at proposing to shut down Meta (previously known as Facebook) to tackle financial crimes, including those involving crypto-assets.
  • MDES stated that more than 200,000 people had been duped by the ads on the social media platform, with crypto investment and trading scams as popular tactics used to lure unsuspecting users.
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