Thai Police Arrest Seven People In Massive Bitcoin Scam

Thai police have allegedly arrested Jiratpisit Jaravijit, a 27-year-old actor, and six others in a Bitcoin investment scam.

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Thai police have allegedly arrested Jiratpisit Jaravijit, a 27-year-old actor, and six others in a Bitcoin investment scam.

Jiratpisit ran the scam alongside his siblings and some prominent Thai investors. This is according to a post by the Bangkok Post.

They were arrested after a foreign victim reported financial losses, with the scam reaching a whopping $24 million.

Popular actor arrested for Bitcoin fraud

This case has raised eyebrows in the country, as authorities reveal that cryptocurrency scams in the country continue to be on the rise.

On July 26, the Criminal Court awarded a warrant for the actor’s arrest after a Finnish man reported that he had lost roughly 800 million baht worth of digital currencies.

This complaint led to the arrest and detention of Jiratpisit on charges of money-laundering activity, though he has so far denied the accusations.

Jiratpisit Jaravijit was arrested yesterday August 9 at a filming location in Bangkok.

Crimes Suppression Division (CSD) chief Pol Maj-General Maitree Chimcherd while commenting on this latest development stated that the police has discovered strong evidence against the accused.

He added that arrest warrants have already been issued for Jiratpisit and his siblings, though the siblings haven’t been arrested yet because they are overseas.

The scammers reportedly promised foreign investors that they would purchase shares in companies that invested in the cryptocurrency Dragon Coin.

The Bangkok Post added that the investors haven’t received dividends from their investment yet.

They also haven’t been invited to any shareholders meeting. The CSD further explained that the criminals withdrew BTC from their e-wallets and then converted it to baht.

The investors transferred a total of 5,564 bitcoins (equivalent to about $24 million) to its e-wallet, claiming the payment was for the shares of three firms, including DNA 2002 Public Company Limited. They however never received any shares following the transfer of funds.

The CSD stated that the bitcoins were converted into Thai currency and then transferred to the bank account of the siblings before the sum was divided among the members of the group.

CSD deputy commander Pol Colonel Chakrit Sawasdee added that the police has so far seized land worth more than Bt200 million owned by Jiratpisit’s siblings, with reports indicating that the land was bought using the illegal funds.

Financial scam on the rise: Bank of Thailand

Data from the Bank of Thailand revealed that financial scams in the country were as high as 1,482 cases last year.

This shows a 13.7% increase from 2016. In the fourth quarter of 2017, a total of 38 cryptocurrency scams were reported in the country. However, there is no information on how many cases have been prosecuted since then.

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