Thai Cyber Crime Investigation Bureau (CCIB) has arrested seven Chinese nationals involved in crypto fraud and money laundering.

Key Takeaways

  • Thai authorities successfully apprehended seven Chinese nationals involved in a large-scale crypto fraud and money laundering operation.
  • The scammers used fake social media profiles to deceive victims worldwide and caused significant financial damage of over 10 billion baht.
  • The seized assets, worth over 600 million baht, will be returned to the victims, signaling a commitment to justice and restitution.

The suspects used fake social media profiles to lure victims into investing in a fraudulent crypto business, causing damages over 10 billion baht globally. The police conducted raids at multiple locations in Bangkok and seized cash, luxury properties, cars, and fake passports. The authorities plan to return the seized assets to the victims and continue investigating the case.

During a raid at a high-end hotel, authorities confiscated 4 million baht in cash, documents proving ownership of three luxurious condominium units worth 44 million baht, three luxury vehicles, a bank account, a tablet, high-end designer bags, and counterfeit passports.

“Pig butchering” scam

A scam called “pig butchering” has emerged in the cryptocurrency market, where scammers establish trust with their victims before stealing their investments. This scam combines romance, friendship, and cryptocurrency fraud. Scammers create fake accounts on dating and social media sites to target victims.

They spend weeks or months building trust before encouraging the victim to invest in cryptocurrency trading. The scammer directs the victim to a fake trading platform where they simulate trades and convince the victim to add more money. When the victim tries to withdraw funds, they are asked to pay fees or taxes that do not exist.

To avoid falling for this scam, one should be cautious of promises of guaranteed returns, unsolicited messages, extravagant gifts, and trading with online contacts. It is important to double-check the legitimacy of websites and apps before making any investments.

Thai and Chinese police have also teamed up to combat criminal groups using short-term visas to carry out illegal ad criminal activities in Thailand. Last year, a Chinese kidnap-for-ransom group was busted in Pattaya, and the ringleader was arrested after demanding over $790,000 as ransom. In January, authorities cracked down on illegal Chinese-run businesses, resulting in the arrest of a high-profile businessman accused of drug trafficking and money laundering.

About the author

Zhong Li is a tech journalist who covers the latest developments in artificial intelligence, robotics, and biotechnology. Zhong Li is passionate about exploring the ethical and social implications of emerging technologies.

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