Thai Police Arrest Perpetrators of 22.4 Million Baht Online Investment Scam

A Singaporean man has been arrested in Thailand for involving a cryptocurrency investment scam. Police believed the 32-year-old suspect opened multiple digital wallet accounts to receive funds from victims.

According to local reports, the arrested man was part of a group behind the fraudulent application Tidex, which claimed to be a digital cryptocurrency trading platform and lured victims into transferring money totaling 22.4 million baht with the promise of high returns. However, they never trade with clients' funds after receiving them.

On December 3, Thai police announced that they had arrested 13 suspects, including a 29-year-old Chinese woman and a 38-year-old Thai man who were suspected to be the mastermind of the scam.

A Singaporean suspect and a Vietnamese man were suspected of converting crypto assets into fiat currency or using their bank accounts for fraudulent activities.

During the action, police seized assets worth more than 14 million baht, including a luxury house, cars and land title deeds.

Police further stated that the group was related to the fraudulent gang “Lock Star”, which was arrested in July this year.