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HomeCrypto NewsAfter fleeing with 500 million Baht

After fleeing with 500 million Baht

, a crypto scammer was arrested in Bangkok

In Bangkok, Thailand, a man was arrested for allegedly running a scam on cryptocurrency investors. The man allegedly lured people to invest in his crypto scam by promising high returns and telling them they could earn a 400% profit by investing in only 200 day.

Bangkok: An alleged crypto scammer was arrested
A 50-year-old man who allegedly scammed Thai and foreign cryptocurrency investors was arrested on Saturday in Bangkok, Thailand. The Bangkok Post reported that he tried to flee with more 500 millions baht one million.

Major General Montri Thetkhan was commander of the Crime Suppression Division. (CSD). Mana Jumuang and his Thai and Vietnamese complicities allegedly conspired to swindle investors 2018, and 2019.

Jumuang claimed that he was a cryptocurrency guru and had tricked investors into buying Onecoin. He promised high returns. CSD chief pointed out that the suspect claimed to be a cryptocurrency guru and promised investors a 400% return within just 200days.

He and his accomplices also claimed that they owned stores selling goods on Onecoin’s trading platform. This included houses, cars and land plots.

It is unclear if Jumuang’s fraud crypto scheme is connected to Ruja Ignatova’s Onecoin Ponzi scheme. It is estimated that the scheme brought in $4 billion globally. The leaders of Onecoin have disappeared or been taken into custody for most of their activities. Ruja Ignatova vanished in 2017.

According to Thai authorities, Jumuang paid out dividends to investors in the beginning. He and his accomplices were unable to be reached after the investment total reached 500million baht.

After filing complaints at various stations, Jumuang was arrested. He was taken into custody in May 2019 and released on bail. Later, he jumped bail and was released on bail. Local media reports that Jumuang holds more than 14 warrants. He was arrested in Bangkok Saturday after escaping the law.

What are your thoughts on this case? Comment below to let us know your thoughts.

Kevin Helms

Kevin, a student of Austrian Economics and a evangelist since then. His interests include Bitcoin security, open source systems, network effects, and the intersection of cryptography and economics.

Image Credits: Shutterstock. Pixabay. Wiki Commons.

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Henry Hicks
Henry Hickshttps://nonfungibletalk.com
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!
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