Thai Authorities Arrest 5 Foreign Nationals for $27M Crypto Scam

• Five foreign nationals have been arrested in Thailand for operating a fraudulent cryptocurrency investment platform.
• The platform scammed over 3,200 residents, resulting in a loss of $27 million.
• The investigation was conducted by Thailand's Cyber Crime Investigation Bureau (CCIB) in collaboration with international law enforcement agencies.
• The accused individuals, four from China and one from Laos, have been charged with public fraud, money laundering, and conspiring to commit transnational crime.
• The Office of the Attorney General in Thailand is prosecuting the suspects, and property worth 585 million Thai baht has been confiscated by the Anti-Money Laundering office.
• Victims were approached by strangers or foreigners who invited them to invest in the platform, promising high and guaranteed returns over a short time.
• Online investment scams involving cryptocurrencies are on the rise in Thailand, with over 200,000 people falling victim to scams promoted through Facebook advertisements.
• The Ministry of Digital Economy and Society of Thailand has requested Facebook to block fake pages and fraudulent advertisements.

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