Thailand Authorities Arrest Five in $76 Million Crypto and Gold Investment Scam

In a significant development, Thai authorities have apprehended five individuals involved in a crypto and gold investment scheme that allegedly swindled millions from victims. According to reports from the Bangkok Post, the Cyber Crime Investigation Bureau (CCIB) of Thailand has revealed that four Chinese nationals and one citizen of Laos were arrested in connection with this $76 million scheme.

CCBI spokesman Kissana Phathanacharoen disclosed that a staggering 3,280 individuals fell prey to the scam, which operated through a fraudulent website promoting crypto investment opportunities. The victims began reporting the scheme in November 2022, stating that they were deceived into investing in both gold and crypto assets, including the stablecoin Tether (USDT).

The five suspects have been apprehended on charges of collusion in transnational crimes, money laundering, public fraud, and inputting false information into computer systems. While their identities were not disclosed, authorities seized properties valued at over $16 million from the suspects on September 4th.

Phathanachoroen emphasized that many victims invested their life savings, and some even resorted to taking out second mortgages on their homes or properties. The report further revealed that the victims were often approached by strangers or foreign individuals who encouraged them to invest through online platforms or mobile applications based in other countries, promising substantial returns in a short timeframe.

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