Singaporean Arrested in Thailand for 22.4 Million Baht Crypto Scam

Thai authorities have apprehended a 32-year-old Singaporean man suspected of being part of a transnational syndicate involved in cryptocurrency scams. The group is accused of defrauding victims of more than 22.4 million baht (S$886,000) through a fraudulent trading platform.

According to reports, the syndicate operated by creating a counterfeit application mimicking the Tidex cryptocurrency trading platform. The fake app lured victims with promises of high investment returns, prompting them to transfer funds under false pretences. Investigations by the Anti-Online Scam Operation Centre in Bangkok revealed that victims made at least 17 transfers without any actual investments being executed.

The arrested Singaporean was allegedly responsible for opening digital wallet accounts used to store the illicit proceeds. Thai media, citing the Phrakhanong Criminal Court in Bangkok, disclosed that an arrest warrant had been issued against him for his involvement in the scheme.

The arrest is part of a broader crackdown by Thailands Technology Crime Suppression Division (TCSD), which has targeted members of the syndicate across the country. On 3 December, the Central Investigation Bureau of Thailand confirmed that 13 individuals connected to the scam had been detained in Bangkok, Chiang Rai, Rayong, and Phuket.

Among those arrested were two alleged leaders of the group: a 29-year-old female Chinese national and a 38-year-old Thai man. Others apprehended included a Vietnamese suspect and several individuals accused of either converting cryptocurrency into baht or providing their bank accounts for fraudulent transactions.

Authorities linked the group to earlier arrests made in July of six other members of a gang known as Lock Star, which was also involved in call centre scams. Those detained in July included two Chinese nationals and four Thai individuals.

The TCSD has initiated legal proceedings against the suspects, charging them with offences such as illegal assembly, participation in a transnational criminal organisation, and money laundering. Assets seized during the operation include a luxury house, vehicles, and land title deeds with a combined value exceeding 14 million baht.