฿13M stolen in Bangkok crypto scams: Chinese nationals swindled in two cases of fraud and robbery. Police pursue suspects as concerns grow over Thailand’s visa waiver program easing entry for foreign criminals. Investigations focus on middlemen and facilitators using Bangkok as a base for theft.
On Thursday, the Superintendent of Huai Khwang Police Station in Bangkok revealed that his officers were dealing with two cases that arose at the same time on Thursday. Both involved exclusively Chinese nationals who had lost cash to middlemen and facilitators who promised to convert the money into cryptocurrency. Police Colonel Prasopchok Eamphinij stated, however, that at this time police viewed both cases as separate incidents.
On Thursday afternoon, Thai police at Huai Khwang Police Station reported two separate instances of robbery and fraud linked to cryptocurrency transfers. Both cases involved Chinese nationals exchanging money to convert to tokens.
A briefing was given by Police Colonel Prasopchok Eamphinij, the Superintendent of the station, at 3:50 PM.
At this time, active investigations and pursuits of the perpetrators are underway. The total amount of losses amounts to ฿13 million, with ฿5 million in cash taken in one instance and ฿8 million in the other.
Separate cryptocurrency fraud cases raise concerns over foreign crime and Thailand’s visa waiver program
Police insist that, at this time, both cases are separate. Nonetheless, the situation raises concerns about the activities of Chinese criminals in Thailand, particularly as they now have easier access to the country after the visa waiver regime was introduced in 2024. In essence, it means Chinese nationals can travel to Thailand without prior authorization or screening.
Earlier on Thursday, the 191 Radio Centre in Bangkok reported the robbery of ฿5 million by three men. The victim, a Chinese national, subsequently reported the case to Huai Khwang Police Station.
The victim had brought the money in a black bag to a meeting with the suspects. The venue for the meeting was a property on Soi Pracharat Bamphen 12 in the Huai Khwang district of Bangkok. Later, police suggested this was also a commercial parcel delivery address.
Victim tracks stolen funds after crypto deal goes awry in Huai Khwang, Bangkok on Thursday afternoon
The money was to be exchanged for a cryptocurrency wallet with tokens of the same value. However, after handing over the money, the Chinese national said he did not receive the cryptocurrency. Nonetheless, the three men he met left a wallet on the table, insisting the money had been transferred, and quickly departed the scene. They were travelling in a white Toyota Alphard luxury transporter.
Afterwards, the Chinese man gave chase on a motorbike taxi. When he realized he couldn’t keep up, he alerted the Royal Thai Police and then visited Huai Khwang Police Station to file a report. The victim had previously placed a mobile phone with a GPS tracker in the bag.
On Thursday afternoon, police revealed they had tracked the phone to Teochew Health Park in the Yan Nawa District of central Bangkok, near the river.
Meanwhile, at approximately the same time, an even larger amount of cash went missing. This time, the transfer involved ฿8 million. Another Chinese national intended to purchase cryptocurrency for this amount.
Fraudulent crypto deal at luxury G Tower highlights vulnerabilities in financial transactions
A meeting was organized at the G Tower in the upmarket Rama 9 area of the city. The G Tower is a prominent and luxurious office complex in the Ratchada area.
The Chinese man met with four men, who were also Chinese. Among them was a middleman being paid to facilitate the transaction.
On Thursday, Police Colonel Prasopchok highlighted that this case was not one of robbery but of fraud.
The Chinese man handed over his cash, and the mediator was supposed to transfer the cryptocurrency to him. However, it appears the mediator transferred the cryptocurrency to another party.
Chinese victims lose millions in two separate crypto scams under investigation by Bangkok police
As a result, the Chinese man who handed over his cash did not receive what he paid for. The situation escalated into an argument between the parties.
However, the mediator maintained he had transferred the cryptocurrency and then grabbed the cash and left the scene.
Later, this victim also filed a complaint with police at Huai Khwang Police Station.
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Police are now verifying the identity of the intermediary. They are also trying to determine whether he is a resident of Thailand or not.
At the same time, police investigators at the station are working on both cases.
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