Bangkok Post – Crypto fraud victims to get B125m after big bust

Police discover link to crypto scheme after taking down two online gambling networks

Police say that 125 million baht in assets seized from two gambling websites were linked to a cryptocurrency fraud scheme and will be returned to the fraud victims.

Officers from the Cyber Crime Investigation Bureau (CCIB) raided the two gambling websites — ufabet-JC and plat.beer777 — and seized 117 million baht in cash and luxury cars worth about 8 million baht late last year.

Many suspects involved in the running the websites were arrested, Pol Lt Gen Worawat Watnakhonbancha, commissioner of the CCIB, said during a media briefing on Tuesday.

Representatives from the Anti-Money Laundering Office (Amlo), the Ministry of Digital Economy and Society and related agencies also attended.

While it was investigating the gambling operations, the CCIB received complaints from five people that they had been duped into investing in a fraudulent cryptocurrency scheme that caused 527 million baht in losses.

Investigators traced the money trail of those involved in the crypto fraud and found it was linked to the two gambling websites, said Pol Lt Gen Worawat.

Kanniphit, one of the suspects arrested, was tasked with laundering money for transnational crime gangs, and he also laundered money for the crypto fraud network, said the CCIB chief. He did not give the surname of the suspect.

Investigators determined that some of the assets seized from the gambling websites came from money stolen from the crypto fraud victims. They believe the network had its base in a neighbouring country that they did not identify.

As part of the extended investigation, warrants were issued for 23 suspects for colluding in public fraud, putting false information into a computer system and laundering money. All were arrested, said Pol Lt Gen Worawat.

The CCIB has reported the asset seizures to the Amlo. The seized assets worth 125 million baht would be returned to the fraud victims, said Pol Lt Gen Worawat.

Witthaya Neetitham, director of the Amlo legal division, said authorities were examining the seized assets before publishing a notice in the Royal Gazette about the return of assets to the fraud victims.

Sutthikiart Veerakitpanit, an adviser to the digital economy and society minister, said many people who fell victim to fraudulent cryptocurrency investments had filed complaints with police in recent years.

Authorities would accelerate procedures to return seized assets to victims to alleviate their problems, he said.

Pol Lt Gen Worawat Watnakhonbancha (right), head of the Cyber Crime Investigation Bureau (CCIB), and representatives from other agencies announce the seizure of assets from two major gambling websites linked to cryptocurrency fraud during a media briefing on Tuesday. (Photo supplied/Wassayos Ngamkham)