Bangkok Post Unveils Yet Another Fraudulent Cryptocurrency Trading Operation

A man impersonating a distinguished politician swindled a woman out of 22 million baht, according to police reports.

Police apprehended a former prisoner, who feigned identity as a notable politician to trick a woman into a sham cryptocurrency venture, causing her to forfeit 22 million baht, in Phuket.

Officers from the Cyber Crime Investigation Bureau (CCIB) nabbed the suspect, known only as Pratya, 36, at a residence in tambon Koh Kaew of Muang district, on the grounds of committing public deception and the distribution of false data via a computer network.

The apprehension stemmed from a report by a 62-year-old woman, who manages an office supply and equipment store in Pathum Thani, who alleged she was coaxed by an individual impersonating a prominent politician to pour money into a cryptocurrency scheme, resulting in her massive financial loss.

The CCIB’s probing led to the capture of Mr. Pratya, who was responsible for setting up dummy bank accounts utilized by a call-center fraud syndicate to stash their fraudulent earnings.

Upon interrogation, Mr. Pratya disclosed his release from prison in 2023 for a separate crime and the difficulties encountered in securing employment thereafter. He was later solicited by an associate to create mule accounts for a betting website, receiving 800 baht for each of the seven accounts he established.

Background checks uncovered two active arrest warrants concerning fraud outlined by the Pathum Thai Provincial Court and the Thon Buri Criminal Court, as noted by the authorities.