Singaporean Man Arrested in Thailand for Involvement in 22.4 Million Baht Cryptocurrency Scam with Fake App

Singaporean Arrested in Thailand for Cryptocurrency Scam Linked to 22.4 Million Baht Fraud

A 32-year-old Singaporean man has been apprehended in Thailand over his involvement in a cryptocurrency scam that deceived investors out of over 22.4 million baht (approximately US$649,600).

The man is believed to be part of a criminal network that orchestrated the creation of a fraudulent digital trading platform designed to mimic the legitimate Tidex exchange.

Official website of the legitimate Tidex exchange

The Sham Cryptocurrency App and Its Victims

According to reports from Thai media, the scam targeted unsuspecting individuals by offering them the promise of high investment returns.

Victims were tricked into transferring large sums of money, totalling about 22.4 million baht, to fraudulent accounts controlled by the syndicate.

The fake app, which appeared legitimate at first glance, was designed to lure investors into a false sense of security.

The group behind the operation also used digital wallets to funnel the stolen funds.

Police sources revealed that the Singaporean man was responsible for opening these accounts to store the illicit proceeds.

The scam continued to operate until authorities took action after it was discovered that victims had made at least 17 separate transfers without any actual investments being made.

The International Crime Syndicate's Extensive Network

This arrest is part of a broader crackdown by Thai authorities on a transnational crime syndicate involved in cryptocurrency fraud.

The Technology Crime Suppression Division (TCSD), working alongside the Central Investigation Bureau (CIB), conducted a series of operations that led to the arrests of 13 individuals in four Thai provinces, including Bangkok, Phuket, Chiang Rai, and Rayong.

The syndicate’s ringleaders include a 29-year-old Chinese national woman and a 38-year-old Thai man.

Other members of the group, including the Singaporean suspect and a Vietnamese man, were allegedly involved in converting cryptocurrency assets into Thai baht or facilitating the laundering of the illicit funds through bank accounts.

Connection to Previous Call Centre Scams

Thai authorities noted that this operation is connected to earlier arrests in July 2024, when six individuals, including two Chinese nationals and four Thais, were apprehended in relation to a scam known as “Lock Star.”

Members of Lock Star scam gang arrested by Thai police

This gang was involved in a series of call centre scams, which shared similarities with the fraudulent activities uncovered in the cryptocurrency scheme.

Legal Action and Asset Seizures

Following the arrests, Thai police have initiated legal proceedings against the suspects, charging them with illegal assembly, participation in a transnational criminal organisation, and money laundering.

The authorities have also seized assets worth more than 14 million baht, including luxury houses, cars, and land titles, believed to have been purchased with the proceeds from the fraudulent activities.

The crackdown on this syndicate marks a significant step in Thailand’s ongoing efforts to combat online scams and cryptocurrency fraud.

As the investigation continues, further arrests and asset seizures are expected.