Tue. Sep 27th, 2022

The suspect reportedly worked with others to steal from unsuspecting victims through a fake cryptocurrency system.

This weekend, the Thai Crime Suppression Division arrested Mana Jumuang for running a cryptocurrency system in which victims lost their money between 2018 and 2019. The 50-year-old is said to have been the mastermind behind the fraud operation. He illegally obtained more than 500 million baht (the equivalent of almost 15 million USD) before he subsequently cut off contact with investors.

According to a post in the Bangkok Post, Jumuang had co-conspirators with whom he carried out the plan. He is said to have attracted both local and foreign victims by promising them that after investing 200 days they would make huge profits on the order of 400%.

Jumuang presented itself to investors as a crypto guru in order to gain their trust, which promises good returns from the crypto currency Onecoin. Unaware that the matter was just a scam, the unsuspecting investors invested huge sums of money in the fraudulent system.

Classic Ponzi scheme

Regarding the case, Police Maj. Gen. Montri Thetkhan, who heads the crime-fighting department, said Jumuang and his accomplice posed as business people, claiming they were experts in digital asset trading. They tricked investors into doing business in food, cosmetics, vehicles and clothing.

To sell the program and attract more investors, Jumuang paid dividends to previous participants. He became unreachable when the amount injected into the program hit 500 million baht. Investors began filing reports after Jumuang and his "partners" went offline, which resulted in Thai authorities issuing an arrest warrant. He was arrested in May 2019 but fled after being released on bail. It is reported that Jumuang had been issued a total of 14 arrest warrants prior to his arrest on Saturday.

The fraud is similar to that of the "Cryptoqueen"

Authorities are investigating the matter to find out if Jumuang's fraudulent scheme is linked to a previous Ponzi scheme involving Onecoin. The latter was administered by the Bulgarian convicted fraudster Ruja Ignatova, dubbed "Kryptoqueen" by the media.

Ignatova's Scheme defrauded victims from around the world for approximately $ 4 billion between 2014 and 2016, before disappearing in 2017. Before founding the Ponzi scheme, which ran under the crypto-coin OneCoin, Ignatova defrauded funds in another scheme called BigCoin. OneCoin has been described as a fake cryptocurrency because it is not traded and cannot be used to make payments for purchases. It was launched in September 2014 by Ignatova and her brother with the help of Sebastian Greenwood.

The post Crypto fraudsters arrested in Thailand after stealing USD 15 million appeared first on BitcoinMag.de .

By Dov Herman

Dov is a Blockchain and Forex trading enthusiast, who spends most of his time trading and examining software who are related to cryptocurrencies and forex trading. You can follow on Dov’s reviews and articles here on TrustedBrokerz and across the web.