South Korean Crypto Kingpin Busted in Thailand: Massive 1.65 Billion Baht Gold Laundering Scheme Exposed!
Nation Thailand•19 hours ago•
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South Korean Crypto Kingpin Busted in Thailand: Massive 1.65 Billion Baht Gold Laundering Scheme Exposed!

General Bitcoin News
crypto
crime
laundering
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Summary:

  • A South Korean man was arrested in Thailand for laundering cryptocurrency into gold worth over 1.65 billion baht.

  • The suspect faced charges including fraud, money laundering, and involvement in a criminal syndicate.

  • The scam involved a call centre operation that promised high investment returns but blocked withdrawals after victims invested more.

  • Investigation led to 10 arrests, including money launderers and 'mule' account holders.

  • Highlights the risks of crypto-related crimes and international law enforcement efforts.

Arrest at Suvarnabhumi Airport

Police officers from the Technology Crime Suppression Division (TCSD) arrested Han, a 33-year-old South Korean national, at Suvarnabhumi Airport on Saturday. He was apprehended under an arrest warrant issued by the Criminal Court on February 6, 2025, on charges including fraud, impersonation by entering false data into a computer system, money laundering, and involvement in a criminal syndicate.

Investigation into Call Centre Scam

The arrest stems from an investigation that began in February 2024 into a call centre scam. Victims were lured with promises of high returns of 30%-50% on investments for extra income. Initially, small returns were paid out to build trust, but as victims invested larger sums, they were blocked from withdrawing funds, with scammers falsely claiming procedural errors.

Aftermath and Additional Arrests

After realizing the scam, victims reported it to the TCSD, leading to the arrest of 10 suspects in total. This includes five individuals who handled money laundering for the gang and five 'mule' account holders who facilitated the illicit transactions. The operation involved converting cryptocurrency into gold, with a total value exceeding 1.65 billion baht.

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