The police and security agencies in Thailand are very up-to-date and are fighting against crypto fraud within the country. At different times, Tronweekly has recorded how the Thailand security officials have arrested international citizens and locals for engaging in crypto fraud.
A few hours ago, a new report was shared by the local newspaper about how the Thai police force and the South Korean security agents managed to crack a large organized crypto fraud.
According to the details shared, the crackdown was a combined effort of the Thailand security agency and the Seoul Metropolitan Police, and about 25 individuals were captured, as they’ve been identified as possible suspects of the criminal group that carried out a large-scale fraud operation.
Source: Korea JoongAng Daily
The recently dismantled crypto fraud network was reported to be worth almost $15 million with about 870 successful operations (basically, saying that there were about 870 victims, and most of them are Korean citizens). The criminals managed to put together an organized system that involved using fake lottery opportunities and other crypto-related traps to deceive victims into putting in their money.
According to what was shared by the officials, the scheme was not simple or random, but instead it was carefully organized with different methods and different people given different tasks to carry out in order to make detection very difficult. They were people delegated to work in the romance scam area, while others were to work in fake crypto investments.The romance group stole pictures of random individuals and then used them to create fake identities on different social media platforms.
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They lured their victims by pretending to build relationships and eventually convinced victims to transfer money to fraudulent websites. Another specialized team made use of a stolen database from a lottery number service and then contacted people under the pretense of offering refunds or compensation for leaked information but instead tricked them into buying fake cryptocurrencies.
The criminals also made use of different prepaid cards and sketchy casino exchanges and even went as far as breaking transactions into very small parts in order to stay hidden from financial monitoring systems. When it came to turning illegal funds into cash, the criminals made use of different unregulated brokers in Southeast Asia and communicated through secure apps like Telegram and WeChat.
Thai authorities first arrested the main leader of the organization along with eight of his close partners, and these individuals are currently being held in Thailand while steps are taken to hand them over to Korean prosecutors.
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