Crypto Millionaire Lost 5,500 Bitcoins in Alleged Investment Scam

A 22-year-old cryptocurrency millionaire has misplaced greater than 5,500 bitcoins in an alleged funding rip-off in Thailand that drew public consideration as a result of alleged involvement of a Thai movie actor.

According to a media report from Bangkok Post on Monday, a bunch of Thai individuals approached and solicited Finnish businessman Aarni Otava Saarimaa in June 2017 for investing in a number of Thai shares, a on line casino in Macau in addition to a brand new cryptocurrency known as Dragon Coin.

The group touted that upon issuance, the Dragon Coin can be utilized on the on line casino, the report stated. They additionally introduced Saarimaa to on line casino in Macau to point out the legitimacy of the plan. Saarimaa, who purchased into the scheme, transferred a complete of 5,564 bitcoins to the group, the report stated.

Yet having seen no returns in any respect months after the funding, Saarimaa filed a criticism to Thailand’s Crime Suppression Division (CSD) in January collectively together with his native enterprise companion who believed the funding plan was a rip-off.

The CSD subsequently began an investigation and alleged within the report that the group didn’t make any investments for Saarimaa however as an alternative liquidated all of the bitcoins into Thai baht, which have been deposited into seven financial institution accounts.

Although it’s unclear when the group bought the bitcoin belongings, the CSD stated the fraudsters made income of almost 800 million baht, or round $24 million.

And, following a months-long investigation, the CSD suspected that the Thai movie actor Jiratpisit “Boom” Jaravijit was concerned within the plan and arrested him final Wednesday.

In addition, the CSD alleged that the actor’s sibling Prinya Jaravijit is suspected to be the “ringleader” of the scheme, who had left Thailand for the U.S. by way of South Korea. The CSD is now engaged on collaborating with authorities within the U.S. to trace down the first suspect, the report stated.

Thai baht picture by way of Shutterstock

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Original article first appeared in https://www.coindesk.com/crypto-millionaire-lost-5500-bitcoins-in-alleged-investment-scam/

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