Picture courtesy of CH7.

 

Authorities have arrested, on 23 August, a 33-year-old South Korean national, Mr Han, at Suvarnabhumi Airport for allegedly laundering cryptocurrency into gold bars on behalf of an international call centre scam operation.

 

Mr Han, wanted under an arrest warrant issued by the Criminal Court on 6 February 2025, was apprehended while entering Thailand from South Korea. Police also seized a mobile phone containing multiple cryptocurrency accounts and other evidence linked to money laundering activities.

 

The investigation began in late February 2024, when victims seeking extra income responded to social media job postings offering “work from home” packages. Initially, victims performed small online tasks and were paid legitimately. The perpetrators later persuaded them to invest funds with promised returns of 30–50%. Over time, the victims lost access to their investments and realised they had been defrauded.

 

Authorities subsequently conducted a large-scale investigation, searching 20 locations across eight provinces in Thailand. Ten individuals were arrested, including five money launderers and five account holders used to facilitate the crimes.

 

According to police, Mr Han operated as part of a network that converted digital currencies from call centre scams into gold bars. He opened cryptocurrency accounts for a company in South Korea, which received digital funds from the gang. The company then coordinated with local brokers to purchase gold bars, which were subsequently delivered to the call centre network.

 

Investigators estimate that each gold transaction involved at least 10 kilograms of gold. Examination of Mr Han’s accounts between January and March 2024 revealed cryptocurrency receipts totaling roughly 47.3 million USDT (around 1.65 billion baht), believed to have been laundered into gold for the gang.

 

Mr Han denied the charges but admitted to his role in setting up cryptocurrency accounts and coordinating the gold purchases. He is now in police custody, pending further legal proceedings under anti-money laundering and cybercrime laws.

 

  Adapted by Asean Now from CH7 2025-08-24

 

 

 

$47M?   Daym, this is big-time.  Congrats Thai Police.  The best!

So the Koreans were selling fake crypto accounts.

 

Then they used the proceeds to buy gold bars in order to launder the criminal proceeds.

 

Seems a bit old school.