Singaporean allegedly linked to crypto scam gang arrested in Thailand

SINGAPORE — A Singaporean man has been arrested in Thailand for his suspected involvement in cryptocurrency scam activities that cheated would-be investors of more than 22.4 million baht (S$887,000).

He was part of a ring which created a sham app resembling the Tidex digital cryptocurrency trading platform.

The 32-year-old man, who has been identified by only his surname, was suspected of opening digital wallet accounts to store the ill-gotten proceeds from the victims, reported Thai media, citing an arrest warrant issued by the Phrakhanong Criminal Court in Bangkok.

The group's fake app dangled the prospect of high investment returns, convincing victims to transfer funds totalling around 22.4 million baht.

Checks with the Anti-Online Scam Operation Centre in Bangkok revealed that the scam had ensnared many victims, who made at least 17 fund transfers without any investments being actually made, the Thai police said.

Police operations led to the arrest of 13 members of the transnational syndicate in four Thai provinces — Bangkok, Chiang Rai, Rayong and Phuket — by the Technology Crime Suppression Division (TCSD), said Thailand's Central Investigation Bureau on Dec 3.

Those arrested include two suspected ringleaders, a Chinese national woman, 29, and a Thai man, 38. The others, including the Singaporean and one Vietnamese man, were suspected of converting crypto assets into baht or allowing their bank accounts to be used for fraudulent activities.

Thai police said the group was linked to earlier arrests in July of six other members — two Chinese nationals and four Thais — of a gang known as Lock Star, which was also involved in call centre scams.

The TCSD has started legal action against the suspects, pressing charges of illegal assembly, participating in a transnational criminal organisation, and collusion to launder money.

Assets seized by the police include a luxury house, cars and land title deeds worth a total of more than 14 million baht.

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This article was first published in The Straits Times. Permission required for reproduction.