- Transnational crypto scam defrauds Thai woman of 21M baht through fake investments, laundering funds via Bangkok luxury condo.
- Fraudsters lured victim via social media, promising high crypto returns, and later manipulated her for repeated transfers.
- Organized network spanned Thailand, Myanmar, and Cambodia; suspects face public fraud and identity theft charges in Bangkok.
The crypto scams have become more complicated as seen in the recent interception of an international fraud ring that swindled a Thai woman of 21 million baht (around $620,000). The complex plan took place in Thailand, Myanmar, and Cambodia and targeted the victim with a fake cryptocurrency investment scheme, while trying to wash part of the money through the purchase of luxury condominium in Bangkok.
According to a recent report, Thailand’s Deputy Commissioner of Immigration Pol Maj Gen Panthana Nuchanarot disclosed on October 29 that the case was hatched at the end of year 2023. Thai partners and other fraudsters lured Ms. Mallika into investment scams in cryptocurrency and stock trading through the social media group – “Investor Chat Room.”
Source: Image by khaosodenglish
Social Media Crypto Scam
Police have disclosed that the perpetrators recruited Ms. Mallika via Facebook then moved the interaction to LINE as they sought to engage her further. They convinced her that she would gain a lot of profit and, progressively, she gave a large amount of money to various accounts as an investment capital.
The scammers had to send her some profits from time to time just to keep her thinking that the investments she had made were real. They also stated that her capital should be held for some time and that more transfers would be needed to enhance her margin. These tactics forced her to transfer a total of 21 million baht.
The probe showed that the operation was well-structured, with different functions being assigned to different people within the international distribution network. Cambodian national Moon and Myanmar’s Ko worked as account handlers, moving the money as directed by a Burmese broker. The money was then funnelled to Mr Win, a Burmese businessman using a Thai front company, who used some of the proceeds to buy a condominium in Bangkok’s Rama 9 area for 10 million baht.
Property Laundering Scheme
Mr. San, another Burmese who is also the wife of the accused, helped in the process of laundering the funds together with Ms. Thuay, a fellow Burmese. According to the report, their plan was to quickly off the apartment to a Burmese buyer to ensure they had no links with the criminal act.
All suspects are now charged with offenses such as public fraud, identity fraud and using false information in connection with a computer system. The Immigration Department has handed over the suspects to Bang Rak Police Station, and they are likely to arrest other Thai suspects who are involved in the operation.
