Pig butchering scams related to cryptocurrency, a form of investment fraud, have become increasingly prevalent in Southeast Asia, particularly in the areas surrounding Thailand, Cambodia, and Laos. These scams often involve cybercriminals posing as legitimate investment advisors to swindle victims out of their savings.
AMLBot: Blockchain Investigation Tool used by Law Enforcement to Tackle Pig Butchering Scams
Thai law enforcement has integrated with an advanced blockchain analytics tools provider to combat the rising menace of pig butchering scams in the region. AMLBot, anti-money laundering solutions for crypto businesses, and crypto investigations have recently joined forces in a significant collaboration with the Thai Police at Pathum Thani Police Station, Bangkok.
Thai Police Intensify Efforts to Tackle Cross-Border Scam Syndicates
The Thai police, represented by Captain Pakkanit Tanomjit at Pathum Thani Police Station, expressed their determination to bring justice to the victims of these scams and have already made significant strides in recovering funds in multiple cases.
Pakkanit Tanomjit, police captain, shared that they are particularly focused on pig butchering cases, as the activity is significantly linked to criminal syndicates operating from Cambodia and Laos, with the laundered funds ending up in Thailand.
Blockchain Tools Training Aid in Fund Tracing of Crypto Scam Cases
An insightful training of the advanced blockchain investigation tool was led by Anmol Jain, Head of Investigations, for the Thai police team. The focus was on how the tool can aid in tracking and recovering funds from pig butchering scams and arresting the perpetrators.
“This collaboration will undoubtedly enhance the capabilities of Thai law enforcement in tackling these scams,” said Anmol Jain to the Bangkok Post. The use of the tool was met with feedback from the officers, who found the tool extremely user-friendly, and praised its efficacy and impact on their ongoing investigations.
Comments and Future Cooperation
The police captain, who is well-versed in crypto investigations, appreciated the demo and the additional resources. “AMLBot’s cryptocurrency tracking programme has enabled law enforcement to keep pace with modern criminals who use cryptocurrency as a primary tool for money laundering and moving funds obtained from victims. Pakkanit Tanomjit stated.
"We appreciate Thai Law Enforcement's understanding of the rapidly evolving crypto space and their proactive approach in tackling these scams which plays a crucial role in aiding victims. To support these efforts, our tools are designed to assist in tracking and disrupting these financial crimes,” said Slava Demchuk, CEO of AMLBot, to the Bangkok Post.
Thai Police on Cryptocurrency-Linked Crimes in Thailand
“On the surface, cryptocurrency might seem related only to hacking crimes or computer system offences. However, in reality, cryptocurrency is now involved in all forms of financial crime in Thailand. This is particularly true for investment scams and call centre gangs, which are currently posing a national threat. Criminals convert the money they swindle or extort from victims into cryptocurrency to conceal their financial tracks and move assets out of Thailand,” said Police captain.