BANGKOK — Thai police have launched Operation “SKYFALL” to dismantle a sophisticated cross-border money laundering network that used fake investment schemes to funnel over 1 billion baht ($30 million) monthly to a Chinese ringleader in Myanmar.
The syndicate operated through Huione Pay accounts across Thailand, Cambodia and Myanmar, with victims losing millions to fraudulent share trading platforms that promised high returns, according to Pol. Lt. Gen. Jiraphop Phuridej, commissioner of the Central Investigation Bureau (CIB).
The Elaborate Scheme
The operation began when victims filed complaints with the Cyber Crime Investigation Bureau after being lured through Facebook investment pages. Victims were invited into large Line chat groups where accomplices posed as successful investors, claiming 10% profits and successful withdrawals.
One victim monitored these groups for two to three months before investing. After being moved to a “VIP group,” she was instructed to download the “Ulela Max” application and transfer funds to “Ulela Trading 999 Co, Ltd.”
Initial withdrawals appeared successful, encouraging larger investments. The victim ultimately transferred over 20 million baht ($617,750) across 18 transactions to four company accounts and eight personal accounts over two months. When promised returns failed to materialize, she realized it was fraud.
Complex Money Trail
Investigation revealed that “Ulela Max” was a fake application and recipient accounts were “mule accounts.” Once funds were received, syndicate members converted them to cryptocurrencies through Thai platforms including BinanceTH and Bitkub, transferring USDT to multiple private wallets to obscure the trail.
Police traced all transactions to an office building in Poipet, Cambodia. The laundered cryptocurrencies were routed through Huione Pay wallets in Cambodia before reaching final beneficiaries.
The network processed USDT worth 20-30 million baht daily, converting it to cash deposited in Thai bank accounts. Members withdrew equivalent amounts from banks in Mae Sot district, Tak province, then smuggled the cash through immigration checkpoints to the Chinese mastermind in Myawaddy, Myanmar. Monthly transfers exceeded 1 billion baht ($30 million).
Arrests and Charges
Police obtained arrest warrants for 28 suspects—24 mule account holders and four Myanmar nationals—plus search warrants from Mae Sot Provincial Court.
Three Myanmar suspects were arrested at their Mae Sot home: Mr. Shin (57), Ms. Thida (57) and Mr. Wai (54). Officers confiscated over 46 million baht in cash during the arrest as they prepared to smuggle funds to Myanmar.
All three face charges including public fraud through impersonation, criminal organization membership, fraudulent computer data entry, and money laundering conspiracy. They have denied all charges.
Pol. Lt. Gen. Jiraphop noted that some high-profile suspects remain in countries without extradition treaties with Thailand. Police will pursue Interpol Red Notices to pressure the network.
_____________
