Crypto Crime In Thailand: Chinese Man Held Over $14M Ponzi Scheme

A Chinese national was arrested in Bangkok on Thursday, after police moved on a search warrant tied to an alleged crypto Ponzi scheme that took in more than 100 million yuan — roughly $14 ￰0￱ man, named Liang Ai-Bing, was found living in a three-storey house in the Wang Thonglang district, and officers recovered an unlicensed Beretta pistol with 20 rounds of ammunition at the ￰1￱ And Arrest Reports have disclosed that Liang and four other suspects set up a platform called FINTOCH between December 2022 and May ￰2￱ say the group used mobile apps to attract money from ￰3￱ linked to the case include Al Qing-Hua, Wu Jiang-Yan, Tang Zhen-Que and Zuo ￰4￱ on reports, all five reportedly left the country except Zuo, who was arrested earlier and later released on bail pending ￰5￱ the Bangkok residence, police noted a high monthly rent of 150,000 baht, which is about $4,645.

Crypto Scam: Cross Border Cooperation Thai and Chinese officials shared intelligence that led to the ￰6￱ steps beyond the detention were not detailed in initial accounts, and it is still unclear whether extradition or formal charges will be filed in either ￰7￱ details remain missing, such as how many people invested, the exact methods used to promise and pay returns, and whether any of the money has been tracked or frozen so ￰8￱ presence of a firearm at the property may lead to additional legal counts being ￰9￱ And Open Questions Authorities say the platform operated for roughly six ￰10￱ victims were recruited has not been ￰11￱ have disclosed only the broad outline: an app-based scheme that promised returns and took in more than 100 million ￰12￱ typically need to trace transfers, exchange records and crypto wallets to find out how much is ￰13￱ work can take months, especially when funds cross borders and move through multiple accounts or ￰14￱ arrests happen, they do not always mean victims get their money ￰15￱ assets requires frozen accounts, cooperation from exchanges, and court orders in several ￰16￱ image from Unsplash, chart from TradingView