Crypto scammers after escaping with 500 million baht. Arrested in Bangkok

A man was arrested in Bangkok, Thailand for allegedly behind a cryptocurrency investment scam. He lured people to invest in his fraudulent cryptosystem by promising high returns and telling investors that they could get a 400% return on an investment in just 200 days.

Alleged crypto scammer arrested in Bangkok

A 50-year-old man who allegedly defrauded Thai and foreign cryptocurrency investors was arrested in Bangkok, Thailand on Saturday. He tried to flee with over 500 million baht ($ 15 million), the Bangkok Post reported.

Maj. Gen. Montri Thetkhan, commander of the Crime Suppression Division (CSD), said Mana Jumuang, along with his Thai and Vietnamese accomplices, allegedly entered into collusion in 2018 and 2019 to defraud investors.

He stated that Jumuang claimed to be a cryptocurrency guru who tricked investors into investing in Onecoin by promising high returns. The CSD boss noted that the suspect told investors they could invest and get a 400% return in just 200 days.

In addition, he and his co-conspirators claimed to be conducting business to sell goods on an Onecoin trading platform, including houses, cars, land, gold, nutritional supplements, cosmetic products, and clothing.

It is not clear whether Jumuang’s fraudulent crypto scheme is actually related to the infamous Onecoin Ponzi scheme founded by “Cryptoqueen” Ruja Ignatova. The program is said to have raised around $ 4 billion worldwide. Most of the leaders of the Onecoin system have now disappeared or have been arrested. Ruja Ignatova disappeared in 2017.

According to the Thai authorities, Jumuang initially paid dividends to investors. However, when the total investment reached 500 million baht, while the number of investors continued to grow, he and his co-conspirators were no longer reachable.

The victims then reported to the police at several stations, and an arrest warrant was issued for Jumuang. He was arrested in May 2019 but released on bail. He later jumped on bail and another warrant was issued against him. According to local media, there are more than 14 arrest warrants in Jumuang. He escaped the law and lived in a house in Bangkok, where he was arrested on Saturday.

What do you think of this case? Let us know in the comment section below.

Kevin Helms

Kevin, a student of Austrian economics, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.

Photo credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement for any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on the content, goods or services mentioned in this article.

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