S’pore nationals among suspects arrested for 125M baht cryptocurrency scam in Thailand

Singapore nationals among suspects arrested in cryptocurrency scam

On Tuesday (23 April), Thai authorities announced the culmination of “Operation Black Hat”, which saw 125 million baht (~S$4.6 million) worth of assets seized from cryptocurrency scammers.

Thai police also arrested 23 suspects which reportedly included Singapore nationals.

Source: Khaosod English

Elderly victims lose millions due to cryptocurrency scam

According to Khaosod English, the operation uncovered a vast scheme that targeted elderly individuals, luring them into investing in cryptocurrency with promises of lucrative returns.

Speaking at a press conference on Tuesday (23 April), Thai police shared that victims, who were deceived by fake profiles, sustained losses exceeding 530 million baht (~S$19.5 million). Of these losses, 308 million baht (~S$11.3 million) can be attributed to elderly victims.

Operating across multiple jurisdictions, the scam involved a coordinated effort among perpetrators from various countries.

The police issued arrest warrants for 90 suspects. Over 23 individuals were apprehended, including Singapore nationals.

The other suspects apprehended were from China, Laos, Vietnam, and Thailand.

Police recover assets worth millions

During investigations, authorities seized control of gambling websites such as ‘ufabetjc’ and ‘play beer777’, which served as conduits for laundering the illicit funds. The annual turnover of these platforms exceeded 13 billion baht (~S$476,7 million).

Source: Bangkok Post

Seven suspects, comprising beneficiaries, financial managers, and account holders, were arrested in connection with the illicit operation.

The assets seized, including cash amounting to 117.8 million baht (~S$4.3 million) and a Porsche valued at approximately 8 million baht(~S$290,000), totalled over 125 million baht(~S$4.6 million).

Crypto scam connected to online gambling sites

Investigations revealed that the assets seized from the gambling websites were connected to the cryptocurrency scam, reported Bangkok Post.

Funds acquired through the investment fraud were laundered through these platforms, indicating a sophisticated money laundering operation.

The number of Singaporeans involved in the cryptocurrency scam, as well as their charges, remain unclear.

Also read: S’pore Man Invests S$175,000 Of Life Savings In Cryptocurrency, Claims He Was Misled

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Featured image adapted from Khaosod English and Bangkok Post.