Thailand’s Cyber Crime Investigation Bureau (CCIB) detained four Chinese nationals and one Laotian in connection with a fake crypto investment platform that duped local investors out of over 2.7 billion Baht (about $76 million).
According to the Bangkok Post, the perpetrators misled 3,280 residents by posing as BCH Global Ltd., a bogus Bitcoin investment company.
They are now accused of conspiring to commit transnational crimes, committing public fraud, and engaging in money laundering activities.
Thailand’s Cyber Crime Investigation Bureau (CCIB), along with Homeland Security Investigations and numerous international law enforcement organisations, launched the investigation in response to claims from impacted investors who acknowledged losses sustained through bchgloballtd.com in late 2022.
According to reports, the victims were duped into investing in gold and the USDT stablecoin.
The Attorney General’s Office initiated the prosecution, and as of September 4, the Anti-Money Laundering Office had confiscated assets worth 585 million Baht.
Kissana Phathanacharoen, CCIB’s spokesperson, confirmed the organization’s commitment to ongoing communication with victims about their legal rights in a statement to a local media station.
Meanwhile, anyone affected can file complaints through the CCIB’s hotline or official website.
Thailand’s Minister of Digital Economy and Society (MDES) suggested last month that the country would shut down Meta (formerly known as Facebook) to combat financial crimes, especially those involving crypto-assets.
According to MDES, over 200,000 people have been misled by adverts on the social media platform, with crypto investment and trading frauds being typical strategies used to mislead naïve users.
Thailand’s Ministry of Digital Economy and Society (DES) has warned Meta’s (META) Facebook to reduce the number of fraudulent crypto investment scams offered on the site or face expulsion.
According to a statement on the Ministry’s website, these bogus adverts have affected over 200,000 consumers. Chaiwut Thanakmanusorn, Minister in Charge of DES, has requested that a Thai court produce an order that would shut down Facebook by the end of the month if the site does not comply.
Facebook (formerly known as Meta) has steadily relaxed its limitations on cryptocurrency and blockchain-related advertisementsng scams as prevalent methods used to trap naïve users over the course of three years.
The Australian Competition and Consumer Commission sued the company in March 2022 for allegedly engaging in false, misleading, or deceptive behaviour by distributing fraudulent cryptocurrency adverts linked to renowned Australian celebrities.