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Crypto Scammer Arrested in Bangkok After Fleeing With 500 Million Baht – Regulation Bitcoin News

A person allegedly behind a cryptocurrency funding rip-off has been arrested in Bangkok, Thailand. He lured folks into investing in his fraudulent crypto scheme by promising excessive returns, telling buyers 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 buyers 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), stated Mana Jumuang, alongside along with his Thai and Vietnamese accomplices, allegedly colluded to swindle buyers in 2018 and 2019.

He detailed that Jumuang claimed to be a cryptocurrency guru, duping buyers into investing in Onecoin by promising excessive returns. The CSD chief famous that the suspect advised buyers 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 shouldn’t be clear whether or not Jumuang’s fraudulent crypto scheme is definitely related 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 buyers. However, when the overall quantity of funding reached 500 million baht because the variety of buyers 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 legislation to reside at a home in Bangkok the place he was arrested Saturday.

What do you concentrate on this case? Let us know in the feedback part under.

Kevin Helms

A pupil of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source techniques, community results and the intersection between economics and cryptography.

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