Thai immigration officials have uncovered a cross-border cryptocurrency scam that defrauded a local woman of more than $620,000.
As reported by the local news outlet Khaosod, five suspects have been arrested in connection with the scheme. These individuals, hailing from Cambodia, Myanmar, and Thailand, allegedly created a fraudulent investment group to lure victims into their trap.
The scam, which started in late 2023, operated through a public Facebook group named “Investor Chat Room,” where scammers targeted the victim, identified as Ms. Mallika, with enticing offers of high-yield investment advice. After gaining her trust, they moved the conversation to the LINE messaging app, where they persuaded her to invest significant amounts in supposedly lucrative cryptocurrency and stock portfolios.
The suspects convinced Ms. Mallika that her investment portfolio needed time to generate returns or that she required additional capital for leveraged trading. To further build trust, they provided her with small returns, creating a false sense of legitimacy. Eventually, the victim transferred a total of 21 million baht (approximately $621,000) across multiple accounts linked to the scheme.
The Immigration Department reported that the funds were laundered across borders through a Burmese businessman running a front company in Thailand. He coordinated with accomplices in Cambodia, Myanmar, and Thailand using various accounts. The laundered money was eventually consolidated to buy a luxury condominium in Bangkok’s Rama 9 district, intended for a quick resale.
The arrested suspects are facing charges of fraud, identity theft, and other offences.
This incident reflects a growing global trend as law enforcement agencies ramp up their efforts against criminal enterprises associated with cryptocurrency. In India, authorities recently revealed an investigation into the “Datameer” crypto trading app, which allegedly defrauded over 700 individuals of around $119,000. Officials indicated that they are collaborating with cyber experts to track down the suspects, who are thought to be dispersed across India, with some connections to Hong Kong.
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