Chinese Ponzi Scheme Key Member Arrested

cybercrime fraud

Cybercrime, Fraud, and Investment Scams

A 35-year-old key member of a Chinese Ponzi scheme network has been arrested by immigration police on charges of cybercrime, fraud, and investment scams. The suspect, identified only as Mr. Zhao, was apprehended after the Chinese embassy in Bangkok worked with the Immigration Bureau (IB) to track him down.

Promising High Returns of up to 10%

Mr. Zhao and his associates allegedly operated an investment firm that lured people into investing in a Ponzi scheme by promising high returns of up to 10%. According to Immigration Bureau Commissioner Pol Lt Gen Pakphumpipat Sajjaphan, the scheme has deceived victims out of more than 150 billion baht.

Retrieving Assets Worth 75 Billion Baht

Authorities are now investigating past transactions in an effort to recover the remaining assets, valued at approximately 75 billion baht. The commissioner stated that Mr. Zhao was the right-hand man of the network’s alleged mastermind.

Arrest Made at Condominium on Rama IX Road

The arrest took place during a raid at a condominium on Rama IX Road in Huai Khwang district. Mobile phones and computers were seized in the operation, and Mr. Zhao’s visa was revoked.

More Arrests: Tax Evasion and Smuggling

In a separate case, police arrested three other Chinese nationals following information obtained by the embassy in Bangkok. Yan Fang, 35, was apprehended at a condominium in Huai Khwang district and is accused of evading approximately 125 million baht in taxes. The other two individuals, Qing Yi, 44, and Yuan, 45, were wanted for smuggling operations. Mr. Yi allegedly smuggled 15 tonnes of plastic waste, while Mr. Yuan was accused of smuggling 474 tonnes.