Thai police have detained a 33-year-old South Korean man suspected of converting cryptocurrencies into gold for a call center network.
According to a report by The Nation, Authorities noted that the group moved more than $50 million through this process.
The arrest happened at Bangkok’s Suvarnabhumi Airport on August 23, where officers stopped the suspect, identified as Han, under a warrant issued in February.
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His phone was taken during the operation, and investigators said it held access to several cryptocurrency accounts connected to the scheme. Han faces charges that include fraud, money laundering, computer crimes, and links to a criminal syndicate.
The investigation began after multiple people reported falling for a scam in 2024. They were promised high returns of 30% to 50% through what appeared to be investment deals.
The reports led the Technology Crime Suppression Division (TCSD) to open a case, which resulted in the arrests of 10 suspects: five accused of handling illegal funds and five alleged account mules.
Police said Han had studied in China before working for a South Korean business that helped the fraud network by turning crypto into gold bars. He allegedly managed the accounts that gathered victim funds, used them to buy gold from foreign sellers, and ensured the shipments went back to the group behind the scam.
Investigators estimate that from January to March 2024, about 47.3 million USDT passed through Han’s wallets. Each round of laundering is said to have involved at least 10 kilograms of gold, worth around $1 million per shipment.
Recently, Taiwan Shilin District Prosecutor’s Office arrested fourteen individuals accused of running a cryptocurrency laundering scheme. How did the case unfold? Read the full story.
