BANGKOK – More than 30 cryptocurrency investors have filed a formal complaint with Thailand’s Central Investigation Bureau (CIB) through the Economic Crime Suppression Division, accusing a well-known businessman of running a large crypto investment scam.
The group says losses have passed 1.3 billion baht (about $38 million). Community leader Mr. Taankun Jitisara of the Peaceful Democracy Club helped represent the victims as they submitted the petition.
According to the complaint, the suspect attracted investors with promises of strong returns. However, once the investments reached their expected maturity date on March 1, victims say they could no longer withdraw their funds.
The case adds to growing fears about cryptocurrency fraud in Thailand. As more people buy digital assets, scammers have found new ways to imitate real investment services.
More Details Come Out About the Alleged Crypto Scheme
Victims submitted the complaint on March 9 at CIB headquarters. They say the businessman promoted what looked like a legitimate crypto investment opportunity. Many investors transferred money after being told their funds would grow and become available on March 1.
When that date arrived, withdrawals reportedly failed. At first, the suspect allegedly told investors the system had been “hacked.” Later, victims say the explanation changed, with claims that overseas anti-money-laundering (AML) rules blocked transfers.
Police Colonel Nittichot Penjamras, deputy commander of the Economic Crime Suppression Division, received the petition. Division 4 is handling the case now, and officials may bring in a special team if needed.
The complaint also points to possible violations of the Emergency Decree on Public Fraud and rules tied to digital asset businesses. Victims claim the suspect and related groups operated without approval from Thailand’s Securities and Exchange Commission (SEC).
Total reported losses sit at more than 1.386 billion baht, with dozens of people affected. Individual investments varied, but the combined damage is massive.
Crypto Fraud Keeps Rising on Thailand’s Radar
Crypto-related crime has become a serious issue for Thai police and regulators. Digital assets move fast, and many investors still lack basic scam awareness. As a result, fraudsters keep finding new targets.
Thailand’s Anti-Money Laundering Office (AMLO) and police units such as the Cyber Crime Investigation Bureau (CCIB) say they receive hundreds of crypto-linked complaints each day.
At the same time, authorities have stepped up action against cross-border scam groups. Many cases connect to “pig butchering” scams, where criminals build trust through romance or friendship, then push victims into fake investments.
In late 2025, several operations led to major asset seizures, including more than 10 billion baht tied to alleged fraud networks involving Cambodian and Chinese nationals.
Reports also show online scam losses have climbed into the billions each year.
In many cases, crypto fraud overlaps with money laundering. Some investigations also point to border-area scam compounds tied to human trafficking and forced labor across Southeast Asia. Police have arrested suspects in multi-billion-baht cases, seized digital assets, and worked with other countries to track money flows.
Past Crypto Scams That Drew Attention in Thailand
Thailand has already seen several major crypto fraud cases:
- Pig butchering networks. These romance and investment scams have taken millions from victims. In one case, a court sentenced a suspect to 28 years after investigators traced funds with blockchain analysis.
- FINTOCH fraud. In 2025, police arrested a Chinese national in Bangkok tied to a global scam that targeted thousands through fake trading platforms.
- Multi-billion-baht seizures. Late 2025 saw authorities freeze assets worth more than $300 million linked to cross-border scams, including crypto investing and money laundering.
- Romance-linked crypto scams, Raids hit groups that tricked victims, often young women, into fake crypto investments. Authorities seized billion-baht assets and made arrests, including high-profile figures.
- Unlicensed digital asset operators. Earlier SEC complaints involved groups that promised high returns without proper licenses, a pattern that looks similar to the current claims.
Across many cases, the warning signs stay the same. Scammers promise unrealistic profits, then disappear or blame hacks, rules, or delays when investors ask for withdrawals.
Ways Investors Can Lower the Risk of Crypto Scams
Authorities and financial experts often share the same basic advice for staying safer:
- Confirm legitimacy. Investors can check whether a platform or promoter holds a license from Thailand’s SEC or other regulators. It also helps to avoid unsolicited pitches sent through social media or messaging apps.
- Watch for red flags, Guaranteed returns, pressure to invest quickly, and repeated excuses for withdrawal delays (like hacks or AML issues) often signal fraud.
- Use trusted services. Regulated exchanges reduce risk. Investors should also protect private keys and seed phrases at all times.
- Do basic research. A careful review of the company, the product, and public warnings can prevent costly mistakes. Small test transfers may also help confirm how a service works.
- Turn on security tools, Two-factor authentication (2FA), strong passwords, and hardware wallets can add protection. Public Wi-Fi also increases risk during transactions.
- Report issues fast. Quick reporting to police or the Anti-Online Scam Operation Center may help officials freeze assets in time.
- Learn the basics. A simple understanding of how crypto works helps investors spot hype and avoid risky offers.
Officials continue to stress a simple rule: if the returns sound too good, caution usually pays off.
For now, the CIB investigation into the alleged 1.3 billion baht crypto fraud remains active. Victims say they want answers, while investigators work to trace assets and confirm the suspect’s role in the case.
