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Key Chinese Ponzi scheme member arrested in Bangkok over cybercrime


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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condominium on Rama IX Road in Huai Khwang district, where mobile phones and computers were confiscated and Zhao’s visa was revoked, reported Bangkok Post.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

 

Thaiger

-- © Copyright Thaiger 2023-05-24

 

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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?

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