Chinese man arrested for crypto fraud

Chinese man arrested for crypto fraud

A 40-year-old Chinese man has been arrested on charges of using social media to lure people into investing in bogus cryptocurrency trading.

Pol Col Wirachan Khunchaikaeo, a superintendent of the Crime Suppression Division, said Zhentao Yang was taken into custody from house 70/27 at The Privilege Laemchabang housing estate in tambon Bueng of Si Racha district, Chon Buri, on Wednesday afternoon.

Police executed an arrest warrant issued by the Chon Buri Court on Tuesday.

He is accused of using a Facebook account called Num Thip to lure a 58-year-old man identified only as Worapol into "investing in cryptocurrency trade" through his website (https://th666.monster/m/index.html).

The victim was led to believe he was making a profit, prompting him to up his investment to 1.5 million baht. When he was unable to withdraw money, he suspected he was being cheated and filed a complaint with Don Hua Lo police station in Chon Buri province.

Mr Yang was charged with fraud and putting false information into a computer system.

He denied he was the administrator of the website but allegedly admitted to enticing people to invest and hiring people to open bank accounts to support the fraud.

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