Police have arrested two of seven suspects in connection with a 3.4-million-baht robbery at a Bangkok shopping mall, where cash was taken from the victims during a bogus cryptocurrency exchange meeting.

The two men, identified only as said Sherpat, 25, and Nana, 31, were arrested at a hotel in Pathum Thani at 1am on Tuesday, police said.

They were suspected of arranging to exchange cryptocurrency with the three victims.

Police found 1.9 million baht in cash in the suspects’ room and believed the remaining cash was with the five other suspects at large.

Police found the gang had sold cryptocurrency to the victims twice before, for 200,000 and 300,000 baht respectively. The previous exchanges had taken place without a problem, so the victims decided to raise the third purchase to 3.4 million baht on Monday evening.

Both sides met at a coffee shop in the Central Ladprao shopping mall in Chatuchak district of Bangkok. Then the victims were brought to a car in the mall parking building. They were robbed by other men who threatened them in the car with knives. A victim told police some robbers claimed to also have guns. The robbery was at 7.44pm on Monday.

The gang then fled in a silver Honda Civic.

Police said the suspects in the case had long criminal records including theft, robbery, drug abuse and extortion. 

The five suspects at large are men aged 26-43 years old. The oldest one is believed to be the gang leader, identified as Worawat aka Suea Poon.

Police said the gang reached victims through Facebook.