Alleged Cryptocurrency Pyramid Scam in Thailand

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A human rights attorney speaking for victims of a suspected crypto pyramid scheme in Thailand has requested to forward the case to Thailand’s Department of Special Investigation.

According to a news release by the Bangkok Post on the 16th of January, 20 victims of the scheme, whose losses sum up to 75 million baht (approximately $2.5 million), are looking to get swift justice and so are involving the DSI instead of the local police due to the severity of the matter.

The DSI is a division of the Ministry of Justice in Thailand which operates unaided by the Thai Police Force and is charged with the Inquisition of major cases like those that involve organized crime syndicates or issues regarded as threats to the national security.

Mouth-Watering Turnover
Based on the publication, the pyramid scheme, which is known as “Khung Nong Cryptocurrency Trading”, was operating in Krabi province in 2018. The program promised a turnover rate as high as 8% weekly which caused locals in Krabi as well as neighboring towns to sell off their assets and properties to generate capital so they could invest in the program.

The program ran from October 2018 through February 2019, drawing in more victims, until it suddenly halted dividends payouts. Soon after investors started reporting that the checks they received as payments from the program started bouncing.

One particular victim Ms. Noopad explained that her recruiter asserted that her investment was being run by state officers. Other victims have also recounted numerous tricks used by the operators to swindle investors.

More Thai Scams
In late 2019, it was reported that Bangkok police had apprehended a middle-aged man who was known as the “cryptocurrency wizard” over a 500 million baht (approximately $16 million) crypto exchange scam.

Also, in 2018 another popular character, Thai movie star Jiratpisit Jaravijt, was jailed for his involvement in 797 million baht (approximately $24.5 million) Bitcoin investment rip-off, which he carried out with his relatives.

The Thai government has assured its citizens that it is working to curb such fraudulent activities from occurring in the future.