Crypto Crime In Thailand: Chinese Man Held Over $14M Ponzi Scheme

A Chinese national was arrested in Bangkok on Thursday, after police moved on a search warrant tied to an alleged crypto Ponzi scheme that took in more than 100 million yuan — roughly $14 million.

The man, named Liang Ai-Bing, was found living in a three-storey house in the Wang Thonglang district, and officers recovered an unlicensed Beretta pistol with 20 rounds of ammunition at the scene.

Operation And Arrest

Reports have disclosed that Liang and four other suspects set up a platform called FINTOCH between December 2022 and May 2023.

Authorities say the group used mobile apps to attract money from investors. Names linked to the case include Al Qing-Hua, Wu Jiang-Yan, Tang Zhen-Que and Zuo Lai-Jun.

Based on reports, all five reportedly left the country except Zuo, who was arrested earlier and later released on bail pending trial. At the Bangkok residence, police noted a high monthly rent of 150,000 baht, which is about $4,645.

Crypto Scam: Cross Border Cooperation

Thai and Chinese officials shared intelligence that led to the arrest. Legal steps beyond the detention were not detailed in initial accounts, and it is still unclear whether extradition or formal charges will be filed in either country.

Some details remain missing, such as how many people invested, the exact methods used to promise and pay returns, and whether any of the money has been tracked or frozen so far. The presence of a firearm at the property may lead to additional legal counts being considered.

Authorities say the platform operated for roughly six months. How victims were recruited has not been confirmed. Reports have disclosed only the broad outline: an app-based scheme that promised returns and took in more than 100 million yuan.

Investigators typically need to trace transfers, exchange records and crypto wallets to find out how much is recoverable. That work can take months, especially when funds cross borders and move through multiple accounts or currencies.

When arrests happen, they do not always mean victims get their money back. Recovering assets requires frozen accounts, cooperation from exchanges, and court orders in several countries.

Featured image from Unsplash, chart from TradingView