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Cryptocurrency "Wizard" Arrested by Thai Police for Fraud

Fraudsters Stole Equivalent of $16 Million From Investors

2019-09-09 07:42:15 | Jonathan Ganor

Scams in the world of cryptocurrency and investing are rife. When dealing with cryptocurrencies, one must be just as vigilant as when dealing with cash, perhaps even more. One should avoid any offer that sounds be too good to be true, and unknown apps.

As reported previously by the Bangkok Post, A 48 year old man was arrested by Bangkok police last Wednesday. The individual, known as Mana Jumuang, was also known as the "cryptocurrency wizard" was arrested for fraud. He was arrested while playing a soccer match in Thailand's Capital. This fraud bears a resemblance to a similar cryptocurrency scam we've reported on in India.

 

The Cryptocurrency Wizard's Scam

Mana was allegedly part of a joined Thai-Vietnamese gang that managed to con thousands of victims across 10 different Asian nations. The gang reportedly managed to scam investors across Asia over the past two years accumulating a whooping equivalent of $16 million USD. The gang were promoting known cryptocurrency scam, Onecoin.

Each member of the gang had different rolls, such as presenting themselves as cryptocurrency experts and opening bank accounts. Investors and financial backers received returns initially, but later the payments stopped. Efforts by investors to try to contact the gang members were unsuccessful. 

Mana has been accused of using portions of the investors funds to purchase land in Thailand.

Thai police are currently tracking down two additional Thai suspects for their association with the gang. Four additional Vietnamese suspects have apparently fled Thailand.

Additional arrests will likely be made in the future by Thai police.


 Credits to MGR Online VDO for the arrest video


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