Thai cyber police successfully arrested a man suspected of being involved in a cryptocurrency scam gang.
The suspect, Mr. Siddej (pseudonym), nicknamed "Rider", 22 years old, was found to be one of the important members of the scam gang, responsible for opening multiple "horse accounts" to assist in fraudulent activities.
The case involved victims nationwide, with the total amount of fraud exceeding 20 million Thai baht.
Cyber police arrested Mr. Siddej outside a rental house in the Chachak area of Bangkok. He had been previously charged by the court for similar cases and was granted bail, but he violated the bail conditions and was still wearing an electronic monitoring (EM) bracelet attempting to evade legal sanctions. After the arrest, the police confirmed that he was currently working as a food delivery rider, intending to conceal his identity to avoid tracking.
According to the investigation, Mr. Siddej was mainly responsible for opening "horse accounts", i.e., bank accounts opened in other people's names, each account opening could earn a reward of 2000 Thai baht. These accounts were used to receive transfer funds from victims, which were ultimately used by the gang for cryptocurrency trading scams.
Victims reported to the police that they were attracted to invest in digital assets or cryptocurrencies through social media platforms. The scam gang's "administrators" provided false information via online chat, promising high returns of 10%-15% daily, inducing victims to continue increasing their investments.
However, when victims tried to withdraw their money, the scam gang delayed or even refused the withdrawals under the pretext of high transaction fees, and cut off contact with the victims.
It is reported that there have been a large number of victims nationwide, with losses amounting to 20 million Thai baht. The police, through information and account tracking provided by the victims, identified Mr. Siddej's identity and location, and eventually arrested him. Currently, the police are conducting an in-depth investigation of the remaining suspects and the flow of funds, planning to carry out a comprehensive crackdown on the entire scam gang.
The cyber police urge the public to be vigilant and beware of similar high-return investment scams. They remind investors to trade through official channels and to be skeptical of unfamiliar investment advice to avoid becoming the next victims. The investigation related to the case is still ongoing, and the police will pursue legal responsibilities of all involved according to the law.
