Singaporean allegedly linked to crypto scam gang arrested in Thailand
SINGAPORE — A Singaporean man has been arrested in Thailand for his suspected involvement in cryptocurrency scam activities that cheated would-be investors of more than 22.4 million baht (S$887,000).
He was part of a ring which created a sham app resembling the Tidex digital cryptocurrency trading platform.
The 32-year-old man, who has been identified by only his surname, was suspected of opening digital wallet accounts to store the ill-gotten proceeds from the victims, reported Thai media, citing an arrest warrant issued by the Phrakhanong Criminal Court in Bangkok.
The group's fake app dangled the prospect of high investment returns, convincing victims to transfer funds totalling around 22.4 million baht.
Checks with the Anti-Online Scam Operation Centre in Bangkok revealed that the scam had ensnared many victims, who made at least 17 fund transfers without any investments being actually made, the Thai police said.