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A man suspected of participating in a cryptocurrency investment scam was arrested in Bangkok, Thailand. He entices people to invest in his fraudulent encryption scheme by promising high returns, telling investors that they can get a 400% return on investment in just 200 days.
Suspected crypto scammer arrested in Bangkok
A 50-year-old man suspected of defrauding Thai and foreign cryptocurrency investors was arrested in Bangkok, Thailand on Saturday.He tried to escape the Bangkok Post with more than 500 million baht (15 million U.S. dollars) Report.
Major General Monterey Sethhan, Commander of the Crime Fighting Department (CSD), stated that Mana Jumang and his Thai and Vietnamese associates allegedly colluded with investors in 2018 and 2019 to defraud investors.
He described in detail that Jumuang claimed to be a cryptocurrency guru, defrauding investors to invest in Onecoin by promising high returns. The head of CSD pointed out that the suspects told investors that they could invest in just 200 days and get a 400% return.
In addition, he and his accomplices claimed to operate the store to sell goods on Onecoin’s trading platform, including houses, cars, land plots, gold, food supplements, cosmetics and clothes.
It is not clear whether Jumuang’s fraudulent encryption scheme is really related to the infamous Onecoin Ponzi scheme created by “Cryptoqueen” Luya Ignatova. It is said that the program has brought about US$4 billion in revenue worldwide. Most of the leaders of the Onecoin project are now missing or arrested. Ruja Ignatova disappeared in 2017.
According to the Thai authorities, Jumuang initially paid dividends to investors. However, as the number of investors continued to increase and the total investment reached 500 million baht, he and his accomplices could not be contacted.
The victim subsequently complained to the police at several stations and issued an arrest warrant for Jumuang. He was arrested in May 2019 but has been released on bail. He later gave up bail and issued another arrest warrant for him. According to local media reports, Jumuang has more than 14 arrest warrants. He escaped the law and lived in a house in Bangkok, where he was arrested on Saturday.
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