Cryptocurrency Pyramid Scheme To Be Investigated By Thai Officials

Cryptocurrency Pyramid Scheme To Be Investigated By Thai Officials

A case of the cryptocurrency pyramid scheme has been forwarded to the Thai Special Investigation Department by a human rights lawyer. According to the Bangkok Post, 20 victims who suffered a loss of 75 million baht were looking to surpass the local police investigation of the Krabi province in Thailand.

Working independently of the Royal Thai Police, The DSI, a department of the Thai Ministry of Justice has been tasked with handling special cases, including criminal network cases that threaten national security.

Local Theft

Thailand is often under scanners for cases related to crypto fraud. Recently, Thai police are investigating Thai actors for the Bitcoin ransom abduction case. In 2019, authorities arrested a 48-year-old man. He calls himself a 'cryptocurrency magician' and is involved in 500 million baht crypto exchange fraud cases. In the same year, a local bad guy named Jiratpisit Jaravijit, a famous Thai opera star, was arrested for his involvement in the 797 million baht of the theft of Bitcoin, which he did with the help of his brothers.

Victims Get Duped With a Promise of 8% Returns

According to reports, the alleged pyramid scheme named 'Khung Nong cryptocurrency Trading' has been operating since 2018 in Krabi province. Multiplied by the promise of a return of 8%, local residents of Krabi, Yala, Trang, Narathiwat, and Pattani falsely became victims and sold their important items, including cars, motorbikes and even private land with the aim of raising their money to produce investments.

Cryptocurrency Pyramid operator operators drag more victims and then stop distributing dividends to them. It all happened in 2018, between October and February.

According to Noopad Wachedi, who was also a victim of the cryptocurrency pyramid scheme, sold his land to collect the money needed for investment. But unfortunately, the check he received from the Cryptocurrency Trading operator Khung Nong finally bounced.

He is not the only victim; His relatives are also trapped in fraud by tricks that are allegedly used by scammers to deceive investors.