Police have arrested a Singaporean man allegedly linked to a fake digital trading platform.
Singapore.- Police in Thailand have arrested a Singaporean man for alleged involvement in a cryptocurrency scam that defrauded investors of over THB22.4m (US$657,700). According to The Straits Times, the man is suspected of being part of a group that created a fake app resembling the Tidex digital cryptocurrency trading platform and of opening digital wallets to store the proceeds from victims.
The app promised high investment returns. Police had already arrested 13 alleged members of the group in four Thai provinces: Bangkok, Chiang Rai, Rayong, and Phuket. Those arrested include two suspected leaders: a 29-year-old female Chinese national and a 38-year-old Thai man. The others are believed to have helped convert crypto assets into baht or allowed their bank accounts to be used for fraud.
Thai police connected the group to a gang called Lock Star, which is involved in call centre scams. In July, six members were arrested. They face charges for illegal gathering, participating in a transnational criminal organisation, and colluding to launder money. Police have seized assets.
