Thai Gang Member Arrested for Purported Involvement in $16M Crypto Fraud

A Thai man has been captured for his purported involvement in a crypto crime ring that hoodwinked investors for 500 million baht (more than $16 million).

A forty-eight-year-old Thai named Mana Jumuang was arrested as part of an operation to apprehend the offenders behind a plot that lured individuals into investing in cryptocurrencies, but after giving initial profit, vanished with the money and could not be reached, Bangkok Post reported on September 5.

Police Major General Jiraphop Phuridet, commander of the Crime Suppression Division, stated in the report that the group comprised three Thai nationals and four Vietnamese. Police are still searching for two of the Thai individuals, while the Vietnamese are said to have left the nation.

Mana purportedly named himself the “cryptocurrency wizard” and is said to have used a few of investors’ cash on land purchases.

Victims of the plot came from potentially more than 10 Asian countries, including South Korea and Vietnam, the report said.