Report Retired Aussie Officer Loses 40 Million Baht in Phuket Crypto Scam

[snoop1130]

Picture courtesy of The Nation

 

A retired Australian police officer, Michael “Tom” Reinecke, hoping for peaceful retirement days in Thailand, now finds himself nearly penniless. He fell victim to a sophisticated cryptocurrency scam orchestrated by a German expat, known only as "Alex," in Phuket.

 

Reinecke, who dreamed of tranquil golden sunsets, instead faces financial ruin after being swindled out of over 40 million baht. The former officer and his Thai wife, Areerat Noonyot, have taken their case to the authorities, armed with evidence and the support of their lawyer, Kritsada "Lawyer Nobi" Lohitdee.

 

The couple presented their file against Alex at the Mueang Udon Thani Police Station this week. Reinecke alleges that he was enticed by Alex through social media about a year ago. The German expat, with smooth talk and promises of 5–10% monthly profits, lured Reinecke to Phuket for an in-person pitch.

 

"He seemed so genuine and well-spoken," Reinecke lamented. "I trusted him completely, but it was all a fabrication."

 

With his retirement savings now lost in the digital abyss, Reinecke is calling for the Thai police to act decisively against these "foreign fraudsters hiding in plain sight."

 

Similar cryptocurrency scams are under investigation by the Thailand Cyber Crime Investigation Bureau (CCIB), which recently uncovered the Huione Group in Cambodia. This operation was linked to digital currency laundering connected to online gambling and cross-border scams.

 

Police Lieutenant General Trairong Phiewphan, head of the CCIB, is committed to tightening the scrutiny on these international fraud networks, especially those preying on elderly expats and unsuspecting locals in Thailand.

 

Earlier this year, Phuket police arrested Pratya, a 36-year-old con artist who duped a Thai entrepreneur out of 22 million baht with a fictitious crypto scheme, posing as a politician.

 

As the allure of digital currencies grows, so does the complexity and global reach of these scams. Yet, for Tom Reinecke, it’s not cryptocurrency but heartbreak that now defines his retirement years. His hope lies in the authorities’ ability to dismantle these fraud networks, ensuring no one else shares his plight.

 

  Adapted by ASEAN Now from The Thaiger 2025-07-18

 

 

[KhunHeineken]

Falling for this, I bet the crooks ran rings around him during his whole career as a police officer as well. 

[StayinThailand2much]

8 minutes ago, KhunHeineken said:

Falling for this, I bet the crooks ran rings around him during his whole career as a police officer as well. 

 

Yes, and, strangely, no details about this "sophisticated cryptocurrency 

scam"... Did the victim turn up in a parking garage with a briefcase full of 40 million baht in order to purchase cryptocurrencies, as did other such victims in the past?

[Briggsy]

Don't tell anybody how much you've got. 

Don't flash it around.

Don't look for get rich quick schemes in Thailand.

Don't bring the bulk of your money here, just what you need.

Don't believe anybody who starts pitching you any kind of 'investment'.

 

These are my rules of thumb and they have worked well for me for over 20 years here. "You're not in Kansas now..."

[CHdiver]

Pur greed, if it sounds too good to be true....

[KhunHeineken]

23 minutes ago, StayinThailand2much said:

 

Yes, and, strangely, no details about this "sophisticated cryptocurrency 

scam"... Did the victim turn up in a parking garage with a briefcase full of 40 million baht in order to purchase cryptocurrencies, as did other such victims in the past?

40 million baht is about 1.9 million Aussie dollars.  Compulsory superannuation was only introduced in Australia in 1992, and it was something like 6% of your salary, and salaries were low back then.

 

Mmmm.  Seems like "Tom" has managed to accumulate quite a nest egg on a policeman's salary. 

[ukrules]

1 hour ago, KhunHeineken said:

Mmmm.  Seems like "Tom" has managed to accumulate quite a nest egg on a policeman's salary. 

 

Maybe he sold his house which would have cost very little decades ago and sell for a fortune these days.

Many people working normal jobs have a large amount of money tied up in a house they bought decades ago, mortgage fully paid off, it's essentially money in the bank when it comes time to sell it and retire abroad.

[Hawaiian]

10 hours ago, Briggsy said:

Don't tell anybody how much you've got. 

Don't flash it around.

Don't look for get rich quick schemes in Thailand.

Don't bring the bulk of your money here, just what you need.

Don't believe anybody who starts pitching you any kind of 'investment'.

 

These are my rules of thumb and they have worked well for me for over 20 years here. "You're not in Kansas now..."

#6.  Don't put all your eggs in one basket.  Diversify,diversify,diversify!

[TedG]

He had plenty of money to live a good life in Thailand.    If it's too good to be true......

 

I hope law enforcement finds the scammers. 

[lordgrinz]

A greedy fool and his money are soon parted.

[BangkokHank]

With 40 million baht, he didn't need ANY return on his money to live comfortably for the rest of his life in Thailand. So what was the point of risking it like that?

[Gsxrnz]

The miracle is that the Nigerian Prince didn't get to him first.

[jimgilly]

What's the saying "A fool and his money are soon parted."

[Oliver Holzerfilled]

"Reinecke alleges that he was enticed by Alex through social media about a year ago."

 

The German played the long game and it paid off.

[DrJack54]

13 hours ago, ukrules said:

Many people working normal jobs have a large amount of money tied up in a house they bought decades ago, mortgage fully paid off, it's essentially money in the bank when it comes time to sell it and retire abroad.

Exactly. 1.9mil aud is hardly at the high end. 

Many of that age would own their own home. 

If you elect to sell up and move to Thailand then your assets + superannuation would be substantial. 

[Gsxrnz]

The name Reinecke suggests he also has the same ancestry as the German conman.

 

Anyway, sourced the following from a different news source, which just shows how much of a muppet he was to hand over his money - unless he has a paper trail and documented undertakings, this may not even qualify as fraud. 

 

Reinecke stated he decided to invest, swayed by Alex's apparent credibility and feeling fully convinced after their in-person meeting and discussions. However, shortly after Reinecke committed his funds, Alex abruptly claimed that the cryptocurrency website had collapsed.

When pressed for an explanation, Alex attributed the loss to his phone being stolen and the money subsequently being hacked, leading to the complete disappearance of their joint investment. Reinecke has since been unable to establish any further contact with Alex.

[BKKBike09]

15 hours ago, snoop1130 said:

The former officer and his Thai wife, Areerat Noonyot

 

Doubtless his wife will be standing by him in the cash-free years ahead.

[Lucky Bones]

14 hours ago, KhunHeineken said:

40 million baht is about 1.9 million Aussie dollars.  Compulsory superannuation was only introduced in Australia in 1992, and it was something like 6% of your salary, and salaries were low back then.

 

Mmmm.  Seems like "Tom" has managed to accumulate quite a nest egg on a policeman's salary. 

Dear KhunBeer. Ever heard of salary sacrifice into superannuation? Voluntary contributions into superannuation? Maybe a inheritance, stock market gains, or likely a defined benefit super scheme.

Please do not once again bombard us with your tosh. Thank You.🙃🙃

[GammaGlobulin]

It could be worse.

 

For example, during the Cultural Revolution in China, many landowners lost everything, and not just their land.

 

And, also, just due to a scam, the scam of Mr. Mao.

 

They were subjected to struggle sessions after losing everything....

 

So, it could be far worse....

 

 

Life is so uncertain.

 

One day, you are a landowner, or a millionaire, and the next day....

Almost anything can happen.

 

This is true for all of us, of course.

 

 

[BangkokHank]

1 hour ago, Gsxrnz said:

When pressed for an explanation, Alex attributed the loss to his phone being stolen and the money subsequently being hacked, leading to the complete disappearance of their joint investment.

I used to know a boiler room swindler in Bangkok many years ago. After he finished swindling as many people as he could, including "friends", this is the excuse that he used: "Hey, I was duped too - so we all lost our money. Sorry."  That's what allowed him to get away with his crime without having the crap beaten out of him by the people he swindled.

[VR333]

16 hours ago, KhunHeineken said:

Mmmm.  Seems like "Tom" has managed to accumulate quite a nest egg on a policeman's salary. 

It could easily be the proceeds of selling a house he or his parents bought back in the eighties, in either Sydney or Melbourne. Sale prices now can easily be fifty times the original purchase price.

 

Someone who bought shares like CBA in the nineties would also do very nicely selling now.

[KhunHeineken]

1 hour ago, VR333 said:

It could easily be the proceeds of selling a house he or his parents bought back in the eighties, in either Sydney or Melbourne. Sale prices now can easily be fifty times the original purchase price.

 

Someone who bought shares like CBA in the nineties would also do very nicely selling now.

Sure, I considered that.  I was just being a little sarcastic. 

 

Well, there goes the kid's inheritance, if he has kids.  Many kids lose their inheritance to a Thai women.  His kids have lost it to a crypto scammer, and Dad was a policemen.

 

The crypto scammer even beat the Thai women to the money.  He must be really good.  They'll probably make a movie about him one day.  

[KhunHeineken]

3 hours ago, Lucky Bones said:

Dear KhunBeer. Ever heard of salary sacrifice into superannuation? Voluntary contributions into superannuation? Maybe a inheritance, stock market gains, or likely a defined benefit super scheme.

Please do not once again bombard us with your tosh. Thank You.🙃🙃

Dear KhunBones.  Ever heard of a mortgage, buying cars, raising kids and putting them through school, losing the house and car in a divorce, paying child support?

Please do not once again bombard us with your narrow minded tosh.  Thank You. 

[worgeordie]

19 hours ago, snoop1130 said:

promises of 5–10% monthly profits,

Greed is always their down fall ,blinds them to the facts .

 

regards worgeordie

[KhunHeineken]

17 hours ago, ukrules said:

 

Maybe he sold his house which would have cost very little decades ago and sell for a fortune these days.

Many people working normal jobs have a large amount of money tied up in a house they bought decades ago, mortgage fully paid off, it's essentially money in the bank when it comes time to sell it and retire abroad.

Yes, I know this, and considered it.  I was just being a little sarcastic. 

[Lucky Bones]

Just now, KhunHeineken said:

Yes, I know this, and considered it.  I was just being a little sarcastic. 

Attempted back-peddling cop-out.555.🙃🙃

[Jiggo]

18 hours ago, Briggsy said:

Don't tell anybody how much you've got. 

Don't flash it around.

Don't look for get rich quick schemes in Thailand.

Don't bring the bulk of your money here, just what you need.

Don't believe anybody who starts pitching you any kind of 'investment'.

 

These are my rules of thumb and they have worked well for me for over 20 years here. "You're not in Kansas now..."

Don't be worth more dead than alive, specially to Mrs Thai Wife.

[Magictoad]

Was he trying to make money at an advantageous rate? So what did he expect?

[Magictoad]

3 hours ago, GammaGlobulin said:

It could be worse.

 

For example, during the Cultural Revolution in China, many landowners lost everything, and not just their land.

 

And, also, just due to a scam, the scam of Mr. Mao.

 

They were subjected to struggle sessions after losing everything....

 

So, it could be far worse....

 

 

Life is so uncertain.

 

One day, you are a landowner, or a millionaire, and the next day....

Almost anything can happen.

 

This is true for all of us, of course.

 

 

Thirty million people also lost their lives to Chairman Mao's Cultural Revolution. 

[Quentin Zen]

19 hours ago, snoop1130 said:

hoping for peaceful retirement days in Thailand

Oxymoron if you're in Phuket.

 

Work all your life.  

Save every penny.

Dream of retirement.

Cut corners.

29387473 statements read

Decades after decades of the grind

9-5, yes sir, yes sir, yes sir

 

ALL GONE  in LOS, Cryto Scam!!!!!!!     Well, the scammer was on a different ARC.