Three Chinese crypto fraud suspects held

Luxury cars, millions in cash and fake passports seized in raids in Bangkok

Three Chinese nationals have been arrested in connection with cryptocurrency fraud, with many assets including cash and luxury cars seized during police raids on 25 locations in Bangkok.

Two of the raids led to arrests, said Pol Lt Gen Worawat Watnakhonbancha, chief of the Cyber Crime Investigation Bureau (CCIB).

The first involved a search of two rooms at a luxury hotel in the Rama IX area, where a Chinese couple — Zhang Han Lin, 54, and his wife Zhou Lu, 29 — were arrested.

Seized from them were more than 4 million baht in cash, ownership documents for three luxury condominium units worth 44 million baht, three luxury cars — a Porsche Cayenne, Mercedes-Benz and Mini Cooper — plus bank account passbooks, iPads, many brand-name bags, more than 100 sacks and Chinese, Cambodian and Vanuatu passports.

In another raid in Sukhumvit Soi 101 in the Phra Khanong area, a Chinese woman identified as Liu Jiayu was arrested and many documents seized from her.

Police stand next to a Porsche Cayenne, one of three luxury cars seized from a Chinese couple said to be linked to a cryptocurrency fraud network. (Photo supplied/Wassayos Ngamkham)

Pol Lt Gen Worawat said the raids followed the arrest of a Chinese man and woman in the Srinakarin area of Bangkok during a previous operation to crack down on cryptocurrency scammers. The pair were wanted on arrest warrants issued by the Criminal Court on May 26 for fraud and money laundering.

The two had used fake profile photos to lure victims online into investing in fraudulent cryptocurrency assets, bilking victims in many countries out of about 10 billion baht, said Pol Lt Gen Worawat.

The suspects had also set up a company to launder money swindled from their victims, using Thai nationals as their nominees.

The latest arrests occurred after CCIB investigators extended the investigation to find those with links to the fraud network.

Cash and other valuables are seized from the room of the Chinese suspects. (Photo supplied/Wassayos Ngamkham)