RATE Group | Thai Officials to Investigate Alleged Cryptocurrency Pyramid Scheme
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Thai Officials to Investigate Alleged Cryptocurrency Pyramid Scheme

16 Jan Thai Officials to Investigate Alleged Cryptocurrency Pyramid Scheme

Posted at 12:26h in Cryptocurrency News by

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A human rights lawyer representing victims of an alleged cryptocurrency pyramid scheme in Thailand is taking their case to the country’s Department of Special Investigation (DSI).

The Bangkok Post reported on Jan. 16 that roughly 20 victims, whose losses are alleged to total 75 million baht (~$2.5 million), are seeking to go beyond the investigations of local police in Thailand’s Krabi province given the gravity of the case. 

The DSI, a department of the Thai Ministry of Justice, works independently of the Thai Royal Police force and is tasked with the investigation of “special cases,” such as those involving organized criminal networks or cases tied to national security threats.

Eight percent weekly returns — until the check bounces

According to the report, the alleged pyramid scheme, dubbed “Khung Nong Cryptocurrency Trading,” operated in Krabi province in 2018. Promising returns of as high as 8% weekly, locals in the towns of Krabi, Trang, Yala, Pattani, and Narathiwat…

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