Cryptocurrency Pyramid Scheme To Be Investigated By Thai Officials
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Cryptocurrency Pyramid Scheme To Be Investigated By Thai Officials

January 16, 2020      Shailesh Panwar

A case of cryptocurrency pyramid scheme has been forwarded to the Department of Special Investigation of Thailand by a human rights lawyer. According to the Bangkok Post, 20 victims suffered the loss of 75 million baht are looking up to go beyond the investigation of local police of Krabi province in Thailand. 

Working independently of the Thai Royal Police Force, The DSI, a department of the Thai Ministry of Justice has been tasked with taking care of special cases, including criminal network cases that threaten national security. 

Victims Get Duped With a Promise of 8% Returns

According to reports, the alleged pyramid scheme naming ‘’Khung Nong cryptocurrency Trading’’ was operating since 2018 in Krabi province. Duped with the promise of 8% returns, the locals of Krabi, Yala, Trang, Narathiwat and Pattani falsely became the victim and sold off their essential belongings, including cars, motorcycles and even private land in the purpose of raising their money for making investments.

The Cryptocurrency Pyramid scheme operator dragged more victims and later stopped paying the dividends to them. It happened all in the year 2018, between the months of October and February. According to Noopad Wachedi, who too became the victim of the cryptocurrency pyramid scheme, sold off her land to raise the money needed for investment. But unfortunately, the check that she received from Khung Nong Cryptocurrency Trading operators was finally bounced.

She is not the only one who became the victim; her relative too was trapped in the scam by alleged tricks used by scammers to deceive investors.

Local Theft

Thailand has often come under the scanner for cases related to crypto scams. Recently, Thailand police were investigating a Thai actor for Bitcoin ransom kidnapping case. In the year 2019, the authorities arrested a 48-year-old man. He called himself a ‘cryptocurrency wizard’ and was involved in 500 million baht crypto exchange fraud case. During the same year, another local goon naming Jiratpisit Jaravijit, a well known Thai opera star, was arrested for his alleged involvement in 797 million baht Bitcoin theft, which he did with the help of his siblings.

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Shailesh Panwar
Shailesh Panwar

Shailesh is an ardent follower of the crypto world and keenly watches every development taking place in the cryptocurrency space. He loves to voice his opinions through well-curated blogs and articles, which throw light on different facets of the crypto industry.