Suspected syndicate member accused of crypto scam through mimicking the trading app Tidex.
Cross-Border Crypto Scam Exposed
Thai authorities arrested a Singaporean man linked to a transnational cryptocurrency scam that defrauded victims of over 22.4 million baht (S$887,000). The scam involved a fake app mimicking the Tidex trading platform.
How the Scam Worked
Victims were promised high investment returns through the fraudulent app, which convinced them to transfer funds in at least 17 transactions. Thai police revealed no investments were ever made, with funds instead funneled into digital wallets controlled by the syndicate.
International Syndicate Under Investigation
The 32-year-old Singaporean, identified only by his surname, allegedly opened digital wallets to store illicit proceeds. Alongside him, 13 others, including two suspected ringleaders—a Chinese woman and a Thai man—were apprehended across four provinces: Bangkok, Chiang Rai, Rayong, and Phuket.
Previous Arrests Linked to Lock Star Gang
Authorities believe this group is connected to earlier arrests of six Lock Star gang members in July for call center scams. The syndicate operated as part of a broader network involved in cryptocurrency fraud and money laundering activities.
Assets and Legal Actions
Thai police seized luxury assets, including houses, cars, and land deeds, worth over 14 million baht. Charges against the suspects include illegal assembly, operating a transnational criminal organization, and collusion to launder money.
Disclaimer:
The information provided on 13Desk is for informational purposes only and should not be considered financial advice. We strongly recommend conducting your own research and consulting with a qualified financial advisor before making any investment decisions. Investing in cryptocurrencies carries risks, and you should only invest what you can afford to lose. 13Desk is not responsible for any financial losses incurred from your investment activities.
