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Immigration Bureau Arrest 24 Chinese Nationals for Alleged Bitcoin Scam facebook

Immigration Bureau Arrest 24 Chinese Nationals for Alleged Bitcoin Scam

Richard M Adrian by Richard M Adrian - 02:05 PM Dec 06, 2019
Immigration Bureau Arrest 24 Chinese Nationals for Alleged Bitcoin Scam

Immigration officers in Thailand have arrested 24 Chinese fugitives for an alleged cryptocurrency scam in Bangkok. The Immigration Bureau of the Royal Thai Police arrested the 24, seized 424 mobiles, phones, 61 laptops and a number of routers. Meanwhile, the Bureau stated that the head of operation hired employees on a three month contract.  Wherein he paid all expenses of the contract including a $710 monthly salary.

Passport Possession Scam

Once after arrival, workers surrendered their respective passports to the head of operation;  as well as begin working in shifts from 9:00 am to 10:00 am.  It is alleged that the scammers lured Chinese investors into buying; ostensibly fudged rated Bitcoins so that they could make a profit.  

Thai police target telephone scams

A local Thailand News Outlet stated the Immigration Bureau busted several call centre scams that the Chinese nationals were operating. Earlier today during a police raid, the immigration Bureau seized Chinese teenagers running a stock speculation scheme.  The bureau arrested a total of 54 minors at a Thai resort hotel for duping Chinese investors into bogus stock schemes.  The scammers allegedly targeted to raise upto $165, 000 (5 million Thai baht) from several investors they had met in internet chat rooms. Meanwhile, the police are head-on pursuit for the organizer of the operation; who similar to the head of a purported Bitcoin scam; is in illegal possession of several employees' passports. 

Crypto trading comes with caveats in Thailand

Despite the fact that crypto trading in Thailand remains legal, the nation lacks clear frameworks for compliance standards. However, the issuance and trading of tokens in the secondary market are regulated by law under specific decrees. For instance, in the crypto exchange platforms, acceptable trading pairs for the cryptocurrencies are either Thailand’s baht or cryptocurrencies already approved by the Thai Securities and Exchange Commission. The commission suggested that investors to become more wary of scams because the scammers are becoming more cunning and disguised, especially in the crypto-verse.

About The Author
Richard M Adrian

Richard M AdrianBlockchain Analyst with a demonstrated history of working in the writing and editing industry. Skilled in WordPress, Editing, SEO Copywriting, Copy Editing, and Blog Marketing. When I am not writing, analyzing bulls/bears - I will be listening to music, reading a thrilling novella or hiking. Email me at Richardmadrian@gmail.com - And we could talk about anything - business or dragons.

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