$24M Thailand Bitcoin Fraud Case Update; Three Banks, Investor and Family on the Hook
The $24 Million Thailand Fraud Case Entangles A Leading Stock Investor And Bank Employees
Thailand has in the past found itself in the limelight when it comes to the fraudulent acquisition of crypto coins. A recent case where a Finnish citizen lost over 5,500 BTC is now stretching the scope of investigation to include bank workers and an investor within the Thai stock market!
Bangkok Post has brought to light that, Prasit Srisuwan is the stock investor whom the investigations recently caught up with. In addition, employees from Kasikornbank, Siam and Bangkok banks are also under investigation.
According to Thai law, any transaction above 2 million baht ($600,000 USD) made in a bank account should be reported to the KYC/AML authorities by the bank employees. In this fraud case, the police accuse the bank of failing to alert them on the huge amounts of money sent by Prinya raising suspicion of collision from the bank employees.
A Case Of Breaching The Law By Bankers?
As it stands, the Thai police have considered filing charges against the financial institutions and the implicated employees. Furthermore, the stock investor, Srisuwan, has come forward hoping to settle this case out of court with the Finnish complainant. Aarni Otava is the 22-year old who was defrauded his BTC coins worth 66.5 million Baht; the Finnish national made complains that Srisuwan had since received proceeds from this fraud. Major General Maitree Chimcherd has since explained how it happened,
“The gang lured the victim to transfer 5,564 bitcoins to its e-wallet, claiming the payment was for the shares of three firms, including DNA 2002 Public Company Limited. But he never received the shares after making the transfer,”
The Jaravijiti’s FraudCase
According to reports from the police, the fraud was carried out by one of Thailand most famous actors, Jiratpisit Jaravijit and his elder sister, Suphitcha Jaravijit. The Jaravijits were caught by Wednesday after the Thai police kept an eye on them for the fraud committed. Jiratpisit was arrested earlier this week and was later freed on bail with a prohibition from leaving the country. Later on Wednesday, Suphitcha was caught and similar measures were taken.
The family involvement in the matter however does not end with the two as they both accused their elder sibling of committing the fraud and sending the money looted to their accounts. Prinya Jaravijit, who was recently spotted in the United States, is on the list of wanted men for the crime. The younger siblings, Jiratpisit and Suphitcha, both pleaded innocent to the crimes as a total of 21 million baht ($649,000 USD) and 140 million baht ($4.2 million USD) were moved to their bank accounts respectively.
The CSD have charged the circle of Jaravijit family members with fraud of $24 million USD worth of Bitcoins and measures have been put to arrest Prinya who was the mastermind of the whole thing. If he is arrested in the US, he will be extradited to Thailand to face his trial and sentence regarding one of the largest frauds in the blockchain field.