Crypto Scammer Arrested in Bangkok After Fleeing With 500 Million Baht – Regulation Bitcoin News

Bangkok has arrested a suspect in a crypto investment fraud. A man who promised high returns in his crypto investment scheme lured victims into the scam. He claimed that investors could get a 400% return if they invest in 200 days.

Bangkok Police arrest a suspected cryptoscammer

Bangkok, Thailand – A man aged 50 who was accused of swindling cryptocurrency and Thai investors was taken into custody on Saturday. According to the Bangkok Post, he tried to escape with more than 500 million baht (about $15 million).

Major General Montri Thetkhan is the commander of Crime Suppression Division. (CSD). Mana Jumuang and his Thai- and Vietnamese complicities allegedly conspired to defraud investors in 2018 and 2019.

Jumuang claimed that he was a crypto guru and manipulated investors to invest in Onecoin, promising them high returns. CSD Chief stated that Jumuang promised to give investors 400% in return for their investment within just 200 days.

He and his accomplices also claimed that they owned stores selling goods for Onecoin. This included houses, cars and land plots.

It is not clear whether Jumuang’s fraudulent crypto scheme is actually connected to the infamous Onecoin Ponzi scheme founded by “Cryptoqueen” Ruja Ignatova. It is estimated that the scheme brought in $4 billion globally. The leaders of Onecoin have disappeared, or were arrested. Ruja Ignatova vanished in 2017.

According to Thai authorities, Jumuang originally paid investors dividends. His co-conspirators and Jumuang were not able to contact him after 500 million baht in total investment.

The victims subsequently filed complaints with police at several stations, and a warrant was issued for Jumuang’s arrest. In May 2019, he was taken into custody and released after posting bail. After he was freed on bail, another warrant for his arrest was issued. Jumuang was arrested on more than fourteen occasions, according to the local media. Jumuang escaped from the law and lived in Bangkok, where he was detained Saturday.

How do you feel about the case? Please comment below.

Kevin Helms

Kevin, a student of Austrian Economics and evangelist since 2011, discovered Bitcoin. His main interests are in Bitcoin security, open source systems, network effects, cryptography, and intersections between economics, cryptography, and Cryptography.

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