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Crypto Scammers Stole $76 Million from Thai Investors

Authorities have comprehended five scammers hailing from UK who scammed cryptocurrency investors from Thailand. As per the investigation reports, the scammers have managed to siphon around 2.7 billion in baht or $76 million by running crypto scams and entrapping investors hailing from Thailand.

The scammer managed to dupe 3000 investors by inviting them to purchase fake gold and Tether in order to steal their funds.

The Cyber Crime Investigation Bureau (CCBI) has issued a statement regarding the incident recently. The law enforcement agency opened an investigation into a suspicious crypto firm running under the name of BCH Global Limited.

The investigation started as a result of reports from Thai citizens who ended up losing their money last year in November. Some victims in the scam had to lose their life savings and take out a second mortgage for their homes to cover up the losses.

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Law Enforcement Agencies to Arrest 4 Chinese Nationals in Crypto Scam Case

The reports have revealed that the investigation into BCH Global Limited has led to arrests of 4 Chinese nationals and a person hailing from Lao. Homeland Security department also joined the investigators and charged the criminals with conducting money laundering, falsifying computer documents, and running international criminal ring.

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On August 10th, the office of Attorney General announced the prosecution of five suspects involved in the case.

 The Anti-money laundering office confiscated 585 million baht or $16.5 million worth of property from the scammers. A review regarding this fraudulent site has been posted on WikiFX. The article warns the investors that the scammers will try to convince their victims to invest more and more without getting anything in return.

They represent a falsified display of wrongful returns to promise their victims massive profits but in reality the targeted investors never receive any real profits.  BCH Global Limited is still a registered crypto entity in UK while under investigation for fraud in Thailand.

The courts of Turkiye has comprehended the wanted Turkish exchange executive namely Faruk Fatih Ozer from Albania. The authorities have arrested him and his two brothers and ordained a harsh jail time of 11,196 years behind bars.

Ozer was founder of Thodex exchange and made away with the customer funds in 2021 carrying around $2 billion with him. Prosecution revealed that Ozer deposited 250 million liras in three secret accounts in bank present in Malta.

 His brothers have received the same sentence with the court ruling that they caused damages to 356 million liras worth of consumer funds. The downfall of Thodex was a result of the adoption of stricter crypto regulations introduced by Turkish authorities.

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The changing policies of the Turkish government have led to a massive price devaluation of the Turkish legal tender resulting to massive losses for the Turkish crypto exchange forum.


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Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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