Key Chinese Ponzi scheme member arrested in Bangkok over cybercrime

[webfact]

Photo Courtesy of Freepik

 

by Mitch Connor

 

A key member of a Chinese Ponzi scheme network wanted in China for cybercrime, fraud, and investment scams, has been apprehended by immigration police.

 

The 35 year old individual, known only as Zhao, was arrested following coordination between the Chinese embassy in Bangkok and the Immigration Bureau (IB). Zhao and his associates operated an investment firm that lured people into a Ponzi scheme by promising high returns of up to 10%, defrauding victims of more than 150 billion baht.

 

Immigration Bureau commissioner, Pol. Lt. Gen. Pakphumpipat Sajjaphan, revealed at a press briefing yesterday that authorities are investigating past transactions to recover the remaining assets worth around 75 billion baht. Sajjaphan added that Zhao was the right-hand man of the network’s alleged mastermind.

The arrest took place during a raid on a condominium on Rama IX Road in Huai Khwang district, where mobile phones and computers were confiscated and Zhao’s visa was revoked, reported Bangkok Post. In a separate case, three Chinese nationals were arrested based on information from a Bangkok man.

 

Full story: https://thethaiger.com/news/national/key-chinese-ponzi-scheme-member-arrested-in-bangkok-over-cybercrime

 

-- © Copyright Thaiger 2023-05-24

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

The most versatile and flexible rental investment and holiday home solution in Thailand - click for more information.

[Will B Good]

Every single headline related to crime seems to have a word beginning with C in it.

[watchcat]

56 minutes ago, Will B Good said:

Every single headline related to crime seems to have a word beginning with C in it.

In this case it was a "K".

[Will B Good]

28 minutes ago, watchcat said:

In this case it was a "K".

Ha!.....a word.....not a sentence.

[BenStark]

1 hour ago, webfact said:

Ponzi scheme by promising high returns of up to 10%, defrauding victims of more than 150 billion baht.

150 BILLION baht? I think Thai maths at work again.

 

1 hour ago, webfact said:

authorities are investigating past transactions to recover the remaining assets worth around 75 billion baht.

Why isn't there any mention that an initial 75 BILLION baht already was recovered, it isn't an insignificant sum is it?

[watchcat]

25 minutes ago, Will B Good said:

Ha!.....a word.....not a sentence.

As you wrote "Every single headline related to crime seems to have a word beginning with C in it."

[Will B Good]

Just now, watchcat said:

As you wrote "Every single headline related to crime seems to have a word beginning with C in it."

Yes.......... a word beginning.....not a sentence beginning....correct?

[hotchilli]

4 hours ago, Will B Good said:

Every single headline related to crime seems to have a word beginning with C in it.

Ends with an A right?

[RafPinto]

1 hour ago, hotchilli said:

Ends with an A right?

Champagna, right?