Thai immigration officials have uncovered a cross-border cryptocurrency scam that defrauded a local woman of more than $620,000.
The scam, which started in late 2023, operated through a public Facebook group named “Investor Chat Room,” where scammers targeted the victim, identified as Ms. Mallika, with enticing offers of high-yield investment advice. After gaining her trust, they moved the conversation to the LINE messaging app, where they persuaded her to invest significant amounts in supposedly lucrative cryptocurrency and stock portfolios.
The suspects convinced Ms. Mallika that her investment portfolio needed time to generate returns or that she required additional capital for leveraged trading. To further build trust, they provided her with small returns, creating a false sense of legitimacy. Eventually, the victim transferred a total of 21 million baht (approximately $621,000) across multiple accounts linked to the scheme.
The Immigration Department reported that the funds were laundered across borders through a Burmese businessman running a front company in Thailand. He coordinated with accomplices in Cambodia, Myanmar, and Thailand using various accounts. The laundered money was eventually consolidated to buy a luxury condominium in Bangkok’s Rama 9 district, intended for a quick resale.
The arrested suspects are facing charges of fraud, identity theft, and other offences.
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