Five people have reportedly been arrested in Thailand for allegedly siphoning off millions of dollars from victims in a crypto and gold investment scheme.
According to a new report from the Bangkok Post, Thailand’s Cyber Crime Investigation Bureau (CCIB) says four Chinese nationals and a Laotian national have been arrested in connection with perpetrating a $76 million scheme.
CCBI spokesperson Kissana Phathanacharoen said 3,280 people fell victim to a scam involving a fake website advertising crypto investments. According to him, people started coming forward in November 2022 claiming they had been tricked into investing in gold and crypto assets such as stablecoin Tether (USDT).
Five suspects were arrested in connection with the plot for conspiracy to commit transnational crimes, money laundering, public fraud and placing false information in computer systems, although they were not specifically identified.
The report also says that authorities seized more than $16 million worth of property from the suspects on September 4.
Pathanachoroen says many of the victims have invested their savings in the scheme, while some have even taken out a second mortgage on their homes or properties.
According to the report, many of the aggrieved parties were approached by strangers or foreigners who invited them to invest through online platforms or mobile apps from other countries, promising high returns in a short time.
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