Thailand police arrested 24 Chinese citizens for the running crypto call center scam

Thailand immigration police have arrested a cryptocurrency-related scam in Bangkok, arresting 24 Chinese nationals who are operating a crypto fraud call center in Bangkok’s Rama III neighborhood.

The members of the organization rented a house in the city’s capital city to run their suspicious activity.

According to the official announcement on December 2, the Royal Thai Immigration Department arrested 24 individuals, seized 61 laptops, 424 mobile phones, and some routers.

Image: immigration.go.th

The Immigration Department further reported that the head of operations would hire staff under a three-month contract. All of their expenses are paid, including a monthly salary of 5,000 yuan ($ 710). Upon arrival, workers will hand over their passports to the head of operations. Staff will work shifts from 9 am to 10 pm.

According to a Thai police statement released on Wednesday, members of organized scams lured citizens in mainland China to trade digital currencies on the Huobi cryptocurrency exchange. Global. This scam call center is supposed to run since March of this year.

In addition to Chinese citizens, the police are also suspicious of Thai citizens’ involvement. However, no arrests of any Thai nationals have been made.

Thai police target telephone scams

Local news daily Chiang Rai Times said the Immigration Bureau broke some call center scams run by Chinese citizens. Police in southern Thailand arrested 54 teenagers, mostly Chinese, for operating a call center out of a hotel in Koh Samui. Authorities were tipped off by the Chinese nation that was lured into the work of gangs. The Koh Samui police raided the hotel and found young men working.

According to Koh Samui police, they were lured by gang leaders to Thailand and ran scams from the hotel. Young Chinese also work on cheating national compatriots who invest in bogus stocks.

Thailand has been used by some Chinese citizens to operate call center scams targeting Chinese victims. Some are also running speculation on stock market prices.

The crooks are thought to have the goal of raising 5 million Thai baht ($ 165,000) from investors they met in internet chat rooms.

Chinese gangs also have more than 100 online chat rooms through which they lure victims into giving money online. Those arrested said they were given the goal of donating 5 million baht from each victim. When the money was transferred, they closed the application.

The police are still hunting the activist, who, like the head of a purposeful Bitcoin scam, owns the employee’s passport.

Cryptocurrency trading comes with caution in Thailand

While cryptocurrency trading in Thailand is legal, the country has a legal framework and compliance standards for the industry.

Both token issuance and cryptocurrency trading in a secondary market are regulated by a series of decrees. Acceptable trading pairs for cryptocurrencies are national fiat currencies, baht or cryptocurrencies approved by the Thailand Securities Trading Commission, in crypto exchanges.

In addition, business activities related to cryptocurrencies must be considered a financial institution in the country Anti-money laundering, against terrorist finance and know your customer regulations.

Lawmakers in Thailand have plans to reform the cryptocurrency law that such regulations make the country uncompetitive.

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