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Thai immigration authorities have uncovered a cross-border crypto scam that defrauded a local woman of more than $620,000.
According to Thai news outlet Khaosod, officials arrested five members of the transnational scam ring which included Thai, Myanmar, and Cambodian nationals. They are accused of defrauding a Thai woman of over 21 million baht ($620,000) through cryptocurrency investments and laundering 10 million baht ($297,000) through a luxury Bangkok condominium purchase.
Police Major General Panthana Nuchanarot, Deputy Commissioner of the Immigration Department, explained on Tuesday (Oct. 29) that the scam dates back to late 2023. A group of foreign scammers, in collaboration with some Thai nationals, tricked a woman named Ms. Mallika into investing in stock trading and cryptocurrencies.
Using a public Facebook group called “Investor Chat Room,” they offered advice on high-yield investments. The scammers then convinced Ms. Mallika to continue their conversation on the LINE messaging app, where they persuaded her to invest substantial amounts in what they described as promising cryptocurrency and stock portfolios.
The criminals used tactics such as claiming that her funds needed to remain in the portfolio for a minimum period or that additional transfers were necessary to trade with leverage. They even transferred partial profits back to her to reinforce the illusion that the trades were legitimate. Altogether, she ended up transferring approximately $620,000.
The Immigration Department reported that the funds were then laundered across borders through a Burmese businessman who ran a front company in Thailand. He coordinated with accomplices in Cambodia, Myanmar, and Thailand, using multiple accounts to transfer the money. The laundered funds were ultimately pooled to purchase a luxury condominium in Bangkok’s Rama 9 district, with plans for a quick resale.
The department has handed over the five suspects to local police for further investigation, aiming to expand the case to include the Thai nationals involved. The suspects face charges of fraud, identity theft, and other offenses.
Rise of cryptocurrency scams
Similar cases have arisen in Hong Kong and the U.S. Earlier this month, ReadWrite reported that Hong Kong authorities dismantled an organized network that allegedly used AI deepfake romance scams to deceive victims out of more than $46 million of cryptocurrency.
Meanwhile, Russian social media influencer Valeria “Bitmama” Fedyakina was accused of scamming investors out of $23 million by allegedly operating an unlicensed crypto exchange service.
Featured image: Canva
