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Police Uncover Crypto Scheme in Busted Online Gambling Networks

April 24, 2024 Thailand BlockchainCrime & LegaliGaming & Gambling

Authorities have uncovered a shocking connection between two demolished online gambling networks and a cryptocurrency fraud ring. As a result, assets valued at 125 million baht have been seized and will be reimbursed to the victims of the fraud.

During raids on ufabet-JC and plat.beer777, agents of the Cyber Crime Investigation Bureau (CCIB) confiscated cash valued at 117 million baht and high-end vehicles valued at 8 million baht.

The Anti-Money Laundering Office (Amlo) and the Ministry of Digital Economy and Society were present at a recent media briefing when CCIB commissioner Pol Lt Gen Worawat Watnakhonbancha announced the capture of numerous people connected to these illicit enterprises.

The CCIB received complaints from five individuals who lost 527 million baht after falling for a fraudulent cryptocurrency scheme during the gaming networks crackdown.

Following a thorough investigation, investigators were able to follow the money trail to online gambling sites, which shed light on the intricate web of illegal activity.

The CCIB chairman claimed that Kanniphit, a suspect in the money laundering of international criminal organizations, was also involved in funding the crypto fraud network.

23 people were the subject of warrants obtained as the investigation went on for their roles in money laundering, computer data fabrication, and public fraud.

The fact that everyone was apprehended shows how extensive the operation was.

The restitution of 125 million baht to the victims of fraud has been made possible by the CCIB’s notification of Amlo about the asset seizures.

The minister of digital economy and society’s adviser, Sutthikiart Veerakitpanit, welcomed efforts to expedite asset return procedures to lessen the suffering of victims.

The head of Amlo’s legal division, Witthaya Neetitham, acknowledged that the money that have been seized are currently being assessed and assured that a formal notification regarding their release to the victims of fraud will be made in the Royal Gazette.

Original Story by: BangkokPost

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