21M Baht Crypto Scam Ring Busted, Used Bangkok Condo for Money Laundering

Two of the five suspects are arrested in Bangkok.

BANGKOK — A transnational scam ring comprising Thai, Myanmar, and Cambodian nationals has been arrested for defrauding a Thai woman of over 21 million baht ($620K) through cryptocurrency investments and subsequently laundering 10 million baht through a luxury Bangkok condominium purchase.

On October 29, Pol. Maj. Gen. Panthana Nuchanarot, deputy commissioner of the Immigration Department, released details of the case. He explained that the scam dates back to late 2023 when a group of foreign scammers, in collaboration with some Thai nationals, tricked Ms. Mallika, the victim, into investing in stock trading and cryptocurrencies.

They set up a public Facebook page called “Investor Chat Room” where they offered advice on high-yield investments.

When Ms. Mallika got involved in the conversation, the scammers persuaded her to continue communicating via the LINE application. Gradually, they tricked her into transferring money to several accounts.

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Pol. Maj. Gen. Panthana Nuchanarot, deputy commissioner of the Immigration Department, explaining case details with a chart at the Immigration Office on October 29, 2024.

The criminals used tactics such as telling her that the funds had to remain in her portfolio for a minimum period of time or that additional transfers were required to trade with leverage. The scammers even transferred partial profits back to her to make the victim believe the trades were legitimate. In total, she transferred 21 million baht.

Investigations revealed that the gang was well organized, with assigned roles ranging from wire-pullers to mules. Mr. Moon, a Cambodian national, and Mr. Ko from Myanmar acted as courier account operators and transferred the funds on the instructions of a Burmese broker. The money was eventually forwarded to Mr. Win, a Burmese businessman who operated a front company in Thailand.

The funds were then transferred to Ms. San, another Burmese national, who consolidated the money. The money was then combined with the accounts of Ms. Thuay, also from Myanmar, and used to purchase a luxury condominium in the Rama 9 district worth about 10 million baht. The plan was to quickly resell the apartment to a Burmese third party.

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Mr. Ko was arrested at his private home in Pathum Thani province.

The investigation team has gathered enough evidence to obtain arrest warrants from the South Bangkok Criminal Court. The suspects are charged with fraud against the public, identity fraud and entering false information into a computer system, causing potential public harm.

After tracking down the money and identifying the individuals involved, immigration authorities launched a coordinated arrest operation. Mr. Ko was arrested at his private home in Pathum Thani province, while Mr. Moon was arrested at a factory in Saraburi province, where he had fled in search of work.

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Ms. San was arrested at a luxury condominium on Ratchadaphisek Road, and Ms. Thuay was arrested at Don Mueang airport when she re-entered Thailand to manage the assets. Finally, Mr. Win was arrested while walking on Ratchadamri Road in Bangkok.

Further questioning of Mr. Ko, Mr. Moon and Ms. San led to the issuance of another arrest warrant for another Burmese national who is still under investigation. The Immigration Department has transferred the five suspects to Bang Rak Police Station for further investigation and to extend the case to the Thai nationals involved.

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