Thai Immigration Officials Arrest Transnational Crypto Scam Network

Thai immigration officials have arrested a group involved in a crypto scam that defrauded a Thai woman of more than $620,000.

A group of individuals involved in a crypto scam that defrauded a Thai woman of more than $620,000 have been arrested by Thai immigration officials, local media reported on March 13.

The transnational network, comprising people from Thailand, Myanmar, and Cambodia, is said to have operated a fraudulent scheme that attracted the victim through social media before transferring her funds into an elaborate money-laundering operation.

According to the reports, the crypto scam began in late 2023 when scammers targeted the victim, identified as Ms. Mallika, through a public Facebook group called “Investor Chat Room.”

Promising high-yield investment advice, the group gained her trust, eventually convincing her to shift the conversation to the LINE messaging app. Here, scammers persuaded her to invest heavily in what they described as profitable cryptocurrency and stock trading portfolios.

Over time, Ms. Mallika transferred around 21 million baht (approximately $621,000) across several accounts controlled by the network. In an attempt to establish credibility, the suspects occasionally sent her small profits, leading her to believe in the legitimacy of her investments.

At various points, she was told her portfolio needed time to grow or that additional funds were required for leverage trading, encouraging further investments.

The investigation into the crypto scam revealed that the funds were funneled through a complex laundering system. Coordinated by a Burmese businessman operating a front company in Thailand, the network dispersed the money through several accomplices across Thailand, Myanmar, and Cambodia.

The pooled funds were ultimately used to acquire a luxury condominium valued at around 10 million baht in Bangkok’s Rama 9 district. Authorities believe the condominium was intended for quick resale.

“The group used multiple accounts to obscure the origin of the funds, with several members playing roles as couriers, financial handlers, and intermediaries,” said Pol. Maj. Gen. Panthana Nuchanarot, deputy commissioner of the Immigration Department.

“Key individuals included Cambodian and Myanmar nationals, some of whom acted on instructions from higher-level coordinators within the scheme.”

Based on the gathered evidence, Thai authorities obtained warrants from the South Bangkok Criminal Court, which led to arrests in various locations.

Among those detained in the involvement with the crypto scam were Mr. Ko in Pathum Thani, Mr. Moon at a Saraburi factory, Ms. San at a luxury condominium, Ms. Thuay at Don Mueang airport, and Mr. Win on Ratchadamri Road. Further questioning has led to an additional warrant for another Burmese national under investigation.

The suspects face public fraud charges, identity theft, and entering false information into a computer system. All arrested individuals in the crypto scam have been transferred to Bang Rak Police Station for continued investigation as officials explore additional involvement by Thai nationals.