🌎 Thai Immigration Busts $620,000 Cross-Border Crypto Scam

Thai immigration officials have busted a cross-border cryptocurrency scam that duped a local woman out of over $620,000.

Authorities have arrested five individuals linked to the scam, including Cambodian, Myanmar, and Thai nationals who set up a fake investment group to entice victims.

How the Scam Unfolded

The scam, which began in late 2023, involved a public Facebook group called “Investor Chat Room.” Scammers used this platform to lure in the victim, identified as Ms. Mallika, with promises of high-yield investment advice.

Subsequently, the scammers convinced Ms. Mallika to move the conversation to the LINE messaging app, where she was persuaded to invest large sums in what they claimed were promising cryptocurrency and stock portfolios.

Building False Trust

The suspects assured Ms. Mallika that her portfolio required time to yield returns or that additional capital was needed for leverage trading. To build trust, they even sent small returns to her, creating an illusion of legitimacy. Over time, the victim transferred a total of 21 million baht (roughly $621,000) across multiple accounts connected to the network.

Money Laundering and Arrests

According to the Immigration Department, the funds were laundered across borders through a Burmese businessman operating a front company in Thailand. He coordinated with accomplices across Cambodia, Myanmar, and Thailand using various accounts. The laundered funds were ultimately pooled to purchase a luxury condominium in Bangkok’s Rama 9 district, intended for quick resale.

Following the investigation, the Immigration Department secured warrants from the South Bangkok Criminal Court for all key individuals involved, leading to their arrests. The suspects face charges of fraud, identity theft, and other offenses.

Context and Comparisons

A similar investment fraud case involved operators of the EXW-Token scam, which defrauded Austrians of 20 million euros. The perpetrators promised lucrative returns but instead used the funds to finance an extravagant lifestyle.

Earlier this month, a crypto exchange helped freeze $100,000 USDT tied to Indian scammers who solicited funds under the guise of investments in India’s renewable energy initiatives.