Thailand’s Justice Ministry has facilitated the extradition of a Malaysian businessman wanted in China for scamming investors out of more than US$14 billion. Mr. Zhang Yufa was handed over to Chinese authorities this week after being in Thai custody since his arrest in 2022.
Zhangs’ extradition comes just one week after China’s top diplomat Wang Yi was in Chiang Mai for a Mekong-Lancang Cooperation meeting where he advocated for increased international collaboration to fight cross-border crimes in the area, including telecom fraud and online gaming.
Zhang was wanted in China for allegedly operating a pyramid scam that misled Chinese investors into purchasing the MBI Group’s unregistered and unapproved cryptocurrency.
The Chinese Public Security Ministry reports that over 10 million investors had fallen victim to the scheme since 2012, with over $14 billion in funds involved.
Chinese authorities began investigating Zhang in late January 2020. A few months later, the International Criminal Police in China filed an International Interpol red alert for Zhang.
He was arrested in July 2022 in Bangkok, after he fled Malaysia were he was also facing fraud charges. Upon his arrest the Chinese public security ministry submitted a request to Thailand’s Ministry of Justice for his extradition to face trial in China.
A Thai court, together with former prime minister Srettha Thavisin and justice minister Mr. Tawee Sodsong, rendered a final decision allowing Zhang’s extradition to China.
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