According to police, the man participated in the creation of a fictitious mobile application, the interface of which resembled the Tidex cryptocurrency trading platform. The fake app promised investors high returns on their investment. The Bangkok Online Fraud Center found that victims who fell into the scammers’ trap made at least 17 money transfers to the platform.
The creator of the platform generated several cryptocurrency addresses where he stored illegally obtained funds. The arrest warrant was issued by the Prahanong Criminal Court in Bangkok. During the raid, the Technology Crime Suppression Division (TCSD) detained 13 more people in four Thai provinces – Bangkok, Chiang Rai, Rayong and Phuket. Among those detained are two alleged creators of the crypto scheme: a 29-year-old Chinese citizen and a 38-year-old Thai citizen.
The remaining detainees are suspected of converting cryptocurrencies into Thai baht, using bank accounts for fraudulent activities and money laundering through cryptocurrencies. Police seized property, cars and land from the detainees totaling more than 14 million baht (more than $410,000). Thai police insist that the suspects are linked to previously arrested members of the Lock Star gang, which engaged in fraud through call centers.
Earlier, the Thai authorities threatened prosecution for advertising cryptocurrencies that could mislead potential customers. In June, Thailand’s Ministry of Finance revoked the license of local crypto exchange Zipmex over concerns about its financial instability.
Source: Bits
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