A major crackdown on a digital wallet scam involving 2 billion baht resulted in the arrest of eight people accused of orchestrating an online stock trading fraud. Law enforcement seized assets worth 80 million baht, including luxurious properties and vehicles.
Police at the Central Investigation Bureau, led by Jiraphop Phuridej, held a press conference detailing the arrests of 36 year old Sayan, 21 year old Suthi, 24 year old Paphawin, 28 year old Pongphet, 20 year old Ngamsiri, 47 year old Suwannee, 37 year old Jumei, and 19 year old Atthaporn.
These individuals face charges of participating in a transnational criminal organisation, operating a secret society, fraudulently impersonating others, providing false computer information, and money laundering.
Victims had earlier reported being lured into fake Facebook pages promising lucrative returns on online stock trading. Misled by the false promises, they transferred money to the fraudsters multiple times, collectively suffering losses amounting to approximately 3,800,000 baht (US$110,617).
Investigations revealed that the defrauded funds were converted into cryptocurrency (USDT) using the Binance platform and further transferred to different digital wallets.
The ill-gotten gains were subsequently transformed into various high-value assets such as luxury houses, condominiums, land deeds, and vehicles.
Wallet scam
Law enforcement secured arrest warrants for 12 suspects, which included four individuals managing bank and cryptocurrency mule accounts, three brokers facilitating mule accounts and cross-border movements, two office workers responsible for facial scans and managing residences in Poipet, and three individuals involved in money laundering and receiving illicit benefits.
Adtip, a senior officer, explained that Operation CyberGuardian was launched to apprehend the suspects. The operation involved searches across seven locations, including Nakhon Ratchasima, Tak, Songkhla, and Bangkok, resulting in the arrest of eight suspects.
Among these were three mule account operators, two brokers and three individuals engaged in money laundering and receiving illegal profits. Seized assets included a luxury house valued at 27 million baht (US$785,717), two vehicles, four upscale condominiums, and multiple land deeds in Phuket, Tak, Chiang Mai, and Chiang Rai.
Additionally, police confiscated over 600,000 baht (US$17,460) in cash, gold bars, and numerous branded handbags, totalling assets worth 80 million baht (US$2.3 million), reported KhaoSod.
“The digital wallets used by the fraudsters have been utilized to receive cryptocurrency from deceived victims in this and other cases, accumulating over 2 billion baht (US$58 million),” revealed Chitsanuphong, an investigating officer.
The group is suspected of operating similar scams across the border in a neighbouring country, near Aranyaprathet district, Sa Kaeo province. All eight suspects, along with the seized evidence, have been handed over to the investigation unit for further legal proceedings.
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