Thai officials have arrested five foreign nationals for alleged involvement in a $76 million cryptocurrency investment scam.

The Bangkok Post reported that police detained four individuals from China and one from Laos. Subsequently accusing them of defrauding at least 3,280 people.

Police Confiscate $16.4 Million Linked to Fraudsters

After victims began reporting the scam last November, the Cyber Crime Investigation Bureau (CCIB) conducted an extensive investigation. This led to an August 10 directive from the Attorney General to prosecute the five suspects.

The culprits allegedly enticed victims with alluring promises of high returns through a fraudulent crypto investment platform named bchgloballtd.com. They reportedly lured investors to pour money into assets such as gold and stablecoin USDT.

Read More: 15 Most Common Crypto Scams To Look Out For

The report indicates that all five individuals face charges of public fraud, transnational crime, money laundering, and inputting false data into computer systems. Upon further examination, the CCIB found links between the suspects and other scam platforms.

Many investors lost their life savings due to the scheme, some even resorting to second mortgages on their homes.

Collaboration with various international law enforcement agencies gave the investigation significant momentum. As a result, officers from the Anti-Money Laundering Office seized properties valued at 585 million baht ($16.4 million) on September 4.

Read more: Top 10 Must-Have Cryptocurrency Security Tips

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Author: Josh Adams

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