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.