Bangkok: The Central Investigation Bureau raided an international money laundering ring using Huione Pay, seizing over 46 million baht in cash.
According to Thai News Agency, the Central Investigation Bureau (CIB) launched Operation “SKYFALL” to disrupt a transnational money laundering network operating through the Huione Pay platform. Three Myanmar suspects were arrested: Mr. U, 57, Ms. Thida, 57, and Mr. Lao, 54, along with over 46 million baht in cash seized. They were charged with “colluding to defraud the public by impersonating others, colluding to be a member of a secret society, fraud or collusion by entering false or fictitious information into a computer system, conspiracy to commit money laundering, and money laundering.”
This arrest stemmed from a victim filing a complaint with the Technology Crime Suppression Division, claiming she was tricked into investing through a Facebook post claiming to be about stock trading. She was then invited to a Line group with numerous members, with “shills” insisting on withdrawing funds. After observing the group for two to three months, the victim decided to invest. The group admin invited her to the VIP group and instructed her to contact them via Line Official. The admin then sent her a link to download a fake app called “Ulela Max” and then asked her to transfer the investment funds. Initially, the victim saw real returns, leading to an additional transfer of over 20 million baht within two months.
Pol. Lt. Gen. Jiraphop Phuridet, Commissioner of the Central Investigation Bureau, revealed that the fraudulent funds were transferred to four corporate and eight individual accounts, totaling over 20 million baht, 18 times. The funds were then converted to cryptocurrency via the BinanceTH platform and transferred to numerous private wallets to make them more difficult to track.
It was later discovered that the digital money had been transferred to a Huione Pay wallet in Cambodia, then to multiple beneficiary wallets before being transferred back to the Myanmar suspects in Thailand. The suspects were withdrawing approximately 20-30 million baht per day through a bank in Mae Sot District, Tak Province. A retrospective investigation revealed that the group was withdrawing over 1 billion baht per month and transporting the cash across the border to Myawaddy, Myanmar. Arrest warrants were issued for 28 suspects, including 24 mule accounts and four Myanmar beneficiaries. A search warrant was issued by the Mae Sot Provincial Court. The three suspects were arrested and over 46 million baht in cash was seized. All suspects initially denied all charges.
Operation “SKYFALL” marks another successful integration between government agencies, the banking sector, and the digital asset business sector to disrupt transnational money laundering operations that utilize sophisticated technology and cyberspace. The Central Investigation Bureau continues to expand its investigation and pursue any remaining accomplices.