A person allegedly behind a cryptocurrency funding rip-off has been arrested in Bangkok, Thailand. He lured individuals into investing in his fraudulent crypto scheme by promising excessive returns, telling traders they might earn a 400% return by investing in simply 200 days.
Alleged Crypto Scammer Arrested in Bangkok
A 50-year-old man who allegedly scammed Thai and overseas cryptocurrency traders was arrested on Saturday in Bangkok, Thailand. He tried to flee with over 500 million baht ($15 million), the Bangkok Post reported.
Major General Montri Thetkhan, commander of the Crime Suppression Division (CSD), mentioned Mana Jumuang, alongside along with his Thai and Vietnamese accomplices, allegedly colluded to swindle traders in 2018 and 2019.
He detailed that Jumuang claimed to be a cryptocurrency guru, duping traders into investing in Onecoin by promising excessive returns. The CSD chief famous that the suspect advised traders they might make investments and earn a 400% return in simply 200 days.
In addition, he and his co-conspirators claimed to run shops to promote items on a buying and selling platform for Onecoin, together with homes, automobiles, land plots, gold, meals dietary supplements, beauty merchandise, and garments.
It is just not clear whether or not Jumuang’s fraudulent crypto scheme is definitely linked to the notorious Onecoin Ponzi scheme based by “Cryptoqueen” Ruja Ignatova. The scheme is alleged to have introduced in roughly $4 billion worldwide. Most of the leaders of the Onecoin scheme have now disappeared or been arrested. Ruja Ignatova disappeared in 2017.
According to the Thai authorities, Jumuang initially paid dividends to traders. However, when the overall quantity of funding reached 500 million baht because the variety of traders continued to rise, he and his co-conspirators couldn’t be contacted.
The victims subsequently filed complaints with police at a number of stations, and a warrant was issued for Jumuang’s arrest. He was arrested in May 2019 however was launched on bail. He later jumped bail and one other arrest warrant was issued for him. According to native media, Jumuang has greater than 14 arrest warrants. He escaped the regulation to reside at a home in Bangkok the place he was arrested Saturday.
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