Thai immigration authorities have dismantled a cross-border cryptocurrency scam that defrauded a local woman of over $620,000.
According to the local news outlet Khaosod, five suspects were arrested, including citizens of Cambodia, Myanmar, and Thailand. These individuals established a fake investment group to lure victims.
Scam Organized Through Social Media
The fraudsters launched the operation at the end of 2023, using a public Facebook group called “Investor Chat Room” to attract victims, including Ms. Mallika, by promising high returns on investments.
Later, they convinced Ms. Mallika to move the conversation to the LINE app, where they offered her “profitable” investment opportunities in cryptocurrency and stock portfolios, leading her to invest large amounts.
Building Trust and Manipulating the Victim
The suspects assured Ms. Mallika that her investments needed time to yield profit or that more capital was required for leveraged trading. To reinforce her trust, they sent her small returns, creating the illusion of legitimate investing. As a result, the victim transferred a total of 21 million baht (around $621,000) to accounts connected to the fraudsters.
Money Laundering and Investment in Luxury Real Estate
According to immigration officials, the acquired funds were transferred across borders using a Burmese trader who managed a cover company in Thailand. Through this method, the funds were divided across Cambodia, Myanmar, and Thailand. Eventually, the laundered funds were used to purchase a luxury apartment in Bangkok’s Rama 9 area, intended for quick resale.
Authorities’ Action and Arrest of Suspects
Following a detailed investigation, immigration authorities obtained warrants from the Southern Bangkok Criminal Court for the key suspects, who were subsequently arrested. The suspects now face charges of fraud, identity theft, and other crimes.
Other Similar Cryptocurrency Scams
As reported by crypto.news, a similar case involved the EXW-Token scam, where fraudsters defrauded Austrians of 20 million euros, promising high returns but instead using the funds to finance a lavish lifestyle.
In another recent case, the cryptocurrency exchange Binance helped freeze $100,000 USDT linked to Indian scammers, who solicited funds under the guise of investments in renewable energy projects.
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