Overview of the Case
Thai law enforcement has apprehended a South Korean national, Han, aged 33, who has been implicated in a scandal involving a call center operation that laundered cryptocurrencies, converting them into gold valued at over $50 million. The operation, which was investigated by the Technology Crime Suppression Division (TCSD), saw Han detained on Saturday at Suvarnabhumi Airport in Bangkok based on an arrest warrant that was issued in February of this year, according to reports from The Nation.
Charges and Investigation
Han is facing serious charges, including fraud, money laundering, participation in organized crime, and computer offenses. The investigation was launched in response to numerous complaints concerning a fraudulent call center scheme that emerged in early 2024. Victims were initially enticed by promises of lucrative investment returns ranging from 30% to 50%. They were misled by early payouts, which created a false security before their attempts to withdraw funds were obstructed under the pretext of unmet conditions. This led to a growing number of victims reporting the incident to the TCSD.
Arrests and Operations
As a result, authorities have already arrested ten individuals linked to the operation, including five suspects involved in money laundering and five who were holding mule accounts. Upon learning of Han’s entry into Thailand, an operation was coordinated with the Immigration Bureau, leading to his detention and the seizure of his mobile device, which was found to contain crypto accounts associated with the laundering scheme.
Han’s Background and Role
Reportedly, Han had previously spent time studying in China and later worked for a South Korean company that was responsible for converting cryptocurrencies into gold bars for the criminal syndicate. He allegedly managed the cryptocurrency accounts that collected funds from victims, which were then used to acquire gold from international suppliers, ultimately returning to the gang. Estimates suggest that from January through March of 2024, Han’s accounts facilitated transactions amounting to around $47.3 million USDt, leading to the acquisition of over 10 kilograms of gold per laundering operation, each valued at approximately $1 million.
Current Status and Related Cases
While Han has contested certain aspects of the charges against him, he remains in custody as Thai authorities continue to investigate the expansive network involved in this illicit operation.
In parallel developments, Taiwanese prosecutors are taking action against a significant cryptocurrency money laundering case involving 14 suspects, which has been reported as the largest in the region. This case includes more than 1,500 victims and over $70 million in illicit gains. The Shilin District Prosecutor’s Office has brought forward accusations of fraud, organized crime, and money laundering, also seeking to confiscate nearly $40 million in assets derived from these illegal activities. Authorities are attempting to seize a variety of assets, including around 640,000 USDt, various amounts of Bitcoin and Tron, luxury vehicles, and more than $3.13 million in frozen bank accounts.
