Zhang, associated with the MBI Group, led a pyramid scheme affecting over 10 million members globally.
Legal actions against Zhang started in November 2020, culminating in his extradition in August 2022.
The extradition showcases effective China-Thailand legal collaboration, enhancing global economic security efforts.
Recently, the Chinese government has successfully banished an economic crime suspect from Thailand, marking an essential step in its fight against financial crimes. The suspect, associated with the MBI Group, allegedly ran a digital currency pyramid scheme that assembled over 10 million members and involved funds exceeding 13 billion US dollars.
Extradition and Crime
The suspect, Zhang, is believed to have led an expansive scheme under the name of the MBI Group. This group promised great returns on investments in digital currencies, which authorities have determined to be a pyramid scheme, as noted by Wu Blockchain.
https://twitter.com/WuBlockchain/status/1826848856535077342
The operation attracted millions of investors globally, drawing them into a web of unrealistic financial promises and investments in non-existent digital assets. The scheme's vast reach and the amount involved showed the complex nature of modern financial crimes that span multiple jurisdictions.
According to Xinhua News Agency, Zhang is accused of heading the MBI, which has been involved in a digital currency pyramid scheme since 2012. The group allegedly required members to invest 700 to 245,000 yuan to join, noting high returns based on recruitment and investment levels. The scheme reportedly amassed over 10 million members and involved over 100 billion yuan.
International Cooperation and Legal Proceedings
The legal steps against Zhang began when the Chongqing Municipal Public Security Bureau filed a case in November 2020. Following an international red notice by Interpol's China National Central Bureau in March 2021, Zhang was detained by Thai police on July 21, 2022.
After his arrest, China requested his extradition, which the Thai Court of Appeal approved on May 21 this year. The decision was finalized with the Thai government's administrative support on August 14. The suspect is now expected to face legal proceedings in China, where the courts will further investigate the allegations and administer justice.
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