Thailand arrests two men wanted in China over $90 million crypto Ponzi

Thai immigration police have detained two Chinese men in Bangkok who are wanted in China over an alleged cryptocurrency Ponzi scheme that reportedly cost investors more than 3.2 billion baht (about $90 million).

Immigration Bureau Commissioner Nopasin Poolsawat said on November 13 that the men, aged 52 and 28, were found at a luxury condominium in the Rama IX district after the Chinese Embassy passed on details of outstanding arrest warrants. Their permission to stay in Thailand has been revoked.

Chinese crypto fraud suspects traced to Bangkok condominium

Following the Chinese Embassy’s notification, Thai immigration investigators began examining the suspects’ travel histories and accommodation records to establish their whereabouts.

The investigation eventually led officers to a luxury condominium in Bangkok’s Rama IX area, where the Chinese crypto fraud suspects were believed to be staying.

Authorities subsequently deployed surveillance teams to monitor the property and observe the movements of the two individuals before moving in to make the arrests.

According to the Immigration Bureau’s account, officers approached the suspects after spotting them outside the condominium. They requested their passports to establish their identities and verify their immigration status.

Subsequent checks confirmed that both men matched the identifying information supplied by Chinese authorities and were subject to outstanding arrest warrants.

Immigration officials then informed the pair that their permission to remain in Thailand had been revoked. Both individuals were taken into custody for further legal proceedings.

Investigators also established that the two men had entered Thailand through immigration control at Suvarnabhumi Airport.

Chinese crypto fraud suspects face immigration proceedings

The arrests followed a coordinated investigation involving information shared by Chinese authorities and enforcement action by Thailand’s Immigration Bureau.

Rather than relying solely on the initial notification, Thai investigators examined the suspects’ movements and accommodation records before identifying their reported location in Bangkok.

The verification process also enabled officers to establish that the individuals detained at the condominium were the same people identified in the arrest warrants issued by Chinese authorities.

The Immigration Bureau subsequently revoked their permission to stay in Thailand, providing the basis for their detention under the country’s immigration procedures.

The two men remain in custody pending further legal proceedings.

However, the available information does not specify when the alleged Ponzi scheme operated, how investors were recruited, which cryptocurrency assets were involved or whether the suspects allegedly controlled the investment operation.

It also does not identify the number of alleged victims or provide a breakdown of the reported THB3.2 billion in losses.

The allegations against the Chinese crypto fraud suspects have not been independently established in the information released by Thai authorities. Their detention follows the arrest warrants and information provided by Chinese officials.

Thailand warns against becoming a refuge for fugitives

Commenting on the arrests, Nopasin reaffirmed the Immigration Bureau’s commitment to working with domestic security agencies and international partners to locate foreign nationals wanted under outstanding arrest warrants.

He stressed that Thailand should not become a safe haven for fugitives or individuals involved in transnational criminal activities.

The commissioner also said authorities would continue taking firm legal action against foreign nationals whose activities threatened national security or public order.

The case adds to Thailand’s broader efforts to address cross-border criminal networks, including financial fraud and activities involving foreign nationals.