BANGKOK — Thai police have arrested a Chinese man suspected of laundering money through illegal cryptocurrency exchanges in Bangkok’s Huai Khwang district, authorities announced Sunday.
Police identified the suspect as Zhen Zhang, a Chinese national wanted under a Criminal Court warrant issued on October 31. He was arrested around 4:10 p.m. Saturday in the parking area of a shopping mall on Rama IX Road.
According to Metropolitan Police Bureau Commissioner Pol. Lt. Gen. Siam Boonsom, investigators from Metropolitan Division 2 and Sutthisan Police Station found that Zhang had entered Thailand on a student visa reportedly obtained in Singapore. He told officers he resided on Nimmanhaemin Soi 9 in Chiang Mai.
Zhang allegedly admitted to exchanging cryptocurrencies for Thai clients, saying he later learned the funds were linked to a call center scam network. He claimed that a compatriot named Li Yong held large amounts of digital currency and coordinated transactions through the Telegram messaging app.
Each time Thai clients wanted to exchange crypto, Li would connect them with Zhang, who facilitated the trades either in cash or through bank transfers. When paid by transfer, Zhang said he forwarded the funds to Li, who then sent crypto tokens to the wallets specified by Thai clients.
Zhang acknowledged receiving a commission but refused to disclose the amount.
Police said a search of his phone revealed money transfer slips showing a 46,000-baht transaction to Li Yong. Investigators also found crypto transaction records linking Zhang to digital wallets associated with illegal exchange operations.
Officers seized Zhang’s Toyota Alphard van after discovering that its registration did not match his ownership records. Police suspect the vehicle may have been acquired through or used in money laundering activities.
Zhang was handed over to Sutthisan police investigators to face charges of money laundering conspiracy, operating an unlicensed digital asset business, and working in Thailand without a permit.
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