Thai Police to Expand $25 Million Bitcoin Theft Case Investigation

  • A young Thai actor was arrested two weeks ago for allegedly defrauding a Finn out of $25 million worth of bitcoin.
  • New information about the case suggests the accused used the funds to purchase shares of a company and land in his own name.
  • Police continue investigating and plan to bring in more suspects for questioning.

On August 10, CryptoGlobe reported on the alleged theft of $25 million worth of bitcoin belonging to a Finnish investor. Two weeks after the arrest of Jiratpisit Jaravijit, the main suspect in the case, the National Post reports the Thai police are about to take their investigations to the next level.

New Information

As covered, it is alleged that Jiratpisit Jaravijit, a soap opera actor, along with his siblings and other suspects, tricked the Finn to send funds to invest in Expay Software Co. and a cryptocurrency-investing company. Subsequently, the bitcoins were converted into the local currency and deposited into accounts by the perpetrators.

It has since been found out that the funds were deposited into 51 bank accounts owned by 7 individuals. have also uncovered documents that show that Jaravijit actually bought shares in said companies. Other documents also show the actor and his siblings bought land near the Thai capital with the funds. The accused has, however, denied having acquired the assets.

New information now suggests some of the Finn’s money was to be invested in  casino in Macau. He is said to have been promised huge returns from said investments as well.

According to details found in court documents, the young actor and his accomplices are being accused of money laundering and fraud involving $25 million worth of bitcoins received from Aarni Otava Saarimaa, the 22-year-old plaintiff from Finland.

Saarimaa, after several fruitless attempts to get the suspects to send him the returns on his investments, filed a complaint in January. Chonnikarn Kaewsalee, Aarni Saaremaa's Thai business partner helped file the complaint.

Warrants have also been issued for the arrest of the main suspect’s accomplices and siblings. Parinya Jaravijit, the actor’s elder brother has since eloped from the country. Police have also made it clear they would be querying more suspects in the case.

Controlling Thailand’s Crypto Space

In a bid to have more oversight and control over the rapidly growing crypto space, the Thai government imposed new crypto regulations in March. Industry specialists have, however, said there hasn’t been any strict enforcement of these new laws.

The governor of the Bank of Thailand, after clarifying the fraud case was about “misuse of money” and not crypto trading, told citizens to avoid jumping into crypto investments without first studying the basics of crypto investments.

It’s crucial that anyone who wants to invest in high-risk assets such as digital currencies and bitcoin educate themselves and fully understand it

Veerathai Santiprahhob

Brazilian Investor Buys 28 BTC With 30% Discount on Facebook

Neil Dennis

A Brazilian crypto consultant has reportedly brokered a sale of 28 bitcoins at a 30% discount on Facebook.

According to Livecoins, Márcio José Motta, the consultant, advertised earlier this week that he was selling 28 BTC – worth around $280,000 – on a Facebook group, with the catch that the coins were on the Atlas Quantum investment platform.

The sale was made a 30% discount, as the platform itself is facing various challenges. For one, it’s widely believed to be a Ponzi scheme, as it claims to use a bot – an internet software application – that can examine prices across exchanges to take advantage of arbitrage opportunities, and reward traders for their investments.

 

 

Facebook bitcoin sales adsSource: Livecoins

The company has also been notified by Brazil’s Securities Commission (CVM), as users have been reporting withdrawal issues from its platform. This means the discount came from a user who likely tried – and failed – to withdraw his funds.

The BTC sale was reportedly completed in less than an hour, as the crypto consultant claims to have connected the seller to a group of investors who’re always looking for cheap BTC. Márcio added that he had concluded similar operations with other exchanges, telling the Brazilian news outlet:

The same thing happened with Negociecoins. In transactions related to that exchange alone I’ve moved over 40 BTC a day.

Meanwhile, Atlas Quantum, the platform that’s seeing users struggle to withdraw, has said it’ll reward them with a 25% premium once they are indeed able to get their funds out. The bonus, the company claims, is related to days in which it failed to pay out “arbitrage” revenues. The company further said it’s unaware of any discounted BTC sales going on between its users.

The cryptocurrency scene has been growing in Brazil. As covered last month the public transportation system of the city of Fortaleza, the capital of the state of Ceará, has started embracing cryptocurrency payments.