The post China Intensifies Crypto Crime Crackdown with First Extradition from Thailand appeared first on Coinpedia Fintech News
China has recently apprehended Zhang, one of the principal suspects in an elaborate crypto crime, from Thailand. This is the first instance of China’s extradition of a suspect from Thailand since the two countries signed the China-Thailand Extradition Treaty in 1999.
On the evening of August 20, with the assistance of Chinese and Thai authorities, Zhang was extradited to China as part of the activity of the Ministry of Public Security, called the “Fox Hunting Operation”, which aims at persons involved in serious crimes of an economic nature as reported by Xinhua news agency.
Zhang has been charged with extorting money via the MBI Group that engaged in a great pyramid scheme since 2012. The scheme was to persuade people to pay fees between 700 yuan and 245,000 yuan to join a platform that provided a virtual currency.
The members were promised high returns which depended on how many people the member was able to get to join the program and how much capital was invested. , which, according to the information, enrolled more than 10 million members and was worth more than 100 billion yuan.
Zhang has been under probe since November 2020, facilitated by the Chongqing Municipal Public Security Bureau. However, he fled the country and in March 2021 Interpol put him on a Red Notice, which led to him being arrested by Thai police on July 21, 2022.
When arrested, China asked for his extradition, which the Thai Court of Appeal granted on 21 May 2024. The Thai government endorsed the court’s verdict on August 14 to pave the way for the deportation of Zhang to China.
Officials from the Fox Hunting Operation have considered this a success, and so has China who has vowed to safeguard its citizens’ rights and the law. Such a case is recognized as a significant achievement in police cooperation between China and Thailand and further outcome is defined to be a positive example for future cases of extradition.
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