The Central Investigation Bureau (CIB) of Thailand recently conducted large-scale raids at five locations in Chonburi Province, successfully cracking a money laundering case involving over 40 tourism and real estate companies.
The case is linked to a Chinese scam syndicate that used cryptocurrencies and real estate for money laundering.
According to investigations, these Chinese groups obtained illegal income through fraudulent activities, converted the funds into cryptocurrencies, and registered numerous corporate entities in Thailand. Subsequently, they used these companies as a cover to purchase real estate assets and laundered the illicit gains through tourism leasing and other businesses.
The police revealed that these companies mainly catered to Chinese tourists visiting Thailand and accepted various forms of payment including digital currencies (such as USDT), foreign currencies, and cash, to obscure the source of the funds.
Preliminary statistics show that the total value of these companies has exceeded 20 million Thai Baht (approximately 4.3 million RMB), including a large number of false registrations and illegal operations. The police found that in Chonburi Province alone, there were over 40 similar corporate entities involved.
During the operation, Thai police seized a large amount of evidence, including financial records, digital asset transaction records, and real estate documents. Currently, the criminal network is facing further legal prosecution.
Meanwhile, the police have issued a warning to the public, urging them to avoid assisting in such illegal activities and reminding operators dealing in cryptocurrency transactions to apply for a license from the Securities and Exchange Commission (SEC) of Thailand as required by law, or face severe criminal penalties.
The successful resolution of this case marks another significant advancement for Thai police in combating cross-border fraud and money laundering crimes, and also highlights the importance of strengthening the regulation of digital asset transactions.
