Authorities in Thailand have taken into custody a 33-year-old man from South Korea. He is suspected of using digital currencies to purchase gold, which was then utilized by a criminal call center operation.
A news outlet, The Nation, reports that the illicit activity involved the movement of funds totaling over $50 million.
The arrest occurred on August 23rd at Suvarnabhumi Airport in Bangkok. The individual, identified as Han, was apprehended under the authority of an arrest warrant that was issued earlier in February.
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During the arrest, his mobile device was confiscated, and investigators found that it provided access to several digital currency accounts directly related to the illicit scheme. Han is now facing multiple charges, including fraud, financial crime, cyber offenses, and connections to an organized crime syndicate.
The investigation was launched following reports from numerous individuals who stated they had been victims of a scam in 2024. These individuals were lured by promises of substantial profits, ranging from 30% to 50%, through purported investment opportunities.
These reports prompted the Technology Crime Suppression Division (TCSD) to initiate an investigation, which has resulted in the arrest of 10 individuals. Five are accused of managing illicit funds, while the other five are alleged to be account holders assisting the fraud.
Law enforcement officials stated that Han had previously studied in China before being employed by a South Korean company that facilitated the fraudulent network by converting cryptocurrency assets into gold. His alleged role involved managing accounts used to accumulate funds from victims, utilizing those funds to buy gold from international vendors, and overseeing the shipment of the gold back to the orchestrators of the scam.
Authorities estimate that from January to March of 2024, approximately 47.3 million USDT was processed through Han’s digital wallets. Each instance of money laundering reportedly involved at least 10 kilograms of gold, with an estimated value of $1 million for each shipment.
In related news, the Taiwan Shilin District Prosecutor’s Office recently apprehended fourteen people suspected of operating a digital currency laundering operation. What led to these arrests? Discover the complete details here.