According to police, the man was involved in creating a fake mobile app that resembled the cryptocurrency trading platform Tidex. The fake app promised investors high returns on their investment. The Bangkok Online Fraud Prevention Center found that victims who fell into the scammers' trap made at least 17 money transfers to the platform.
The creator of the platform generated several cryptocurrency addresses where illegally obtained funds were stored. An arrest warrant was issued by the criminal court of Pra Khanong in Bangkok. During the raid, the Technology Crime Suppression Division (TCSD) detained another 13 people in four provinces of Thailand — Bangkok, Chiang Rai, Rayong, and Phuket. Among the detainees are two alleged creators of the crypto scheme: a 29-year-old Chinese citizen and a 38-year-old Thai citizen.
The other detainees are suspected of converting cryptocurrencies into Thai baht, using bank accounts for fraudulent activities, and laundering money through cryptocurrencies. Police confiscated real estate, vehicles, and land from the detainees, totaling over 14 million baht (over $410,000). The Thai police insist that the suspects are linked to previously arrested members of the Lock Star gang, which was involved in fraud through call centers.
Earlier, Thai authorities threatened prosecution for advertising cryptocurrencies that could mislead potential clients. In June, the Thai Ministry of Finance revoked the license of the local cryptocurrency exchange Zipmex due to concerns about its financial instability.
