Earlier today the Bangkok Post reported the arrest of 27-year old Thai actor Jiratpist Jaravijit.

In yet another apparent crypto scam, a charge of money laundering was levelled against Jiratpisit A.K.A Boom after he was accused of defrauding a Finn by convincing him to invest 797 million baht ($23.9 million) in a cryptocurrency investing company. The arrest took place on 8th August in the Chatuchak district.

On 26th July, the warrant for the arrest was issued by the Thai Criminal Court and Jiratpisit was charged with collusion in money-laundering. Mr. Jiratpisit was in the middle of film-shoot at the Major Cineplex Ratchayothin complex when he was apprehended by the authorities. The actor has since denied any wrongdoing in the case.

How $23.9 Million Dollars Was Lost

The police compliant was lodged by Aarni Otava Saarimaa. The Finn explained that he was persuaded to send $23.9 million dollars’ worth of bitcoin to the electronic wallets of Mr. Jiratpisit and seven other accomplices. The money sent was to be used to purchase shares of a company that invested in the cryptocurrency known as Dragon Coin. The accomplices, including two siblings of Mr. Jiratpisit, are also expected to be arrested.

No returns whatsoever were received by Mr. Saarimaa after the transfer was made, nor could he get straight answers from the suspects when he asked about what his ‘investment’ was being used for.

It turned that out the company he thought he was investing in did not invest in Dragon Coin but instead converted the BTC into the local currency, which was then deposited into the suspects’ bank accounts.

The withdrawal of the bitcoins was carried out by a local gang according to the Thai police’s Crime Suppression Division.

With this just the latest in a seemingly never-ending string of cryptocurrency scams to plague the Asian continent, it will be hoped by investors, enthusiasts and officials alike that lessons are learned from the latest incident to capitalize upon the allure of crypto-assets.