In a significant development in the realm of cryptocurrency and financial crime, Thai police apprehended a South Korean man on allegations of facilitating a large-scale laundering scheme involving over $50 million in cryptocurrencies, converted into gold. This operation is linked to a notorious call center gang that has gained infamy in recent years.
According to reports from the Technology Crime Suppression Division (TCSD), the suspect, identified as Han, 33, was arrested at Bangkok’s Suvarnabhumi Airport on Saturday. His apprehension was executed under a warrant issued back in February 2025. Han faces serious charges, including fraud, computer crimes, money laundering, and participation in a criminal syndicate.
The investigation traces its roots to a widespread call center scam that initially emerged in early 2024. Victims were drawn into investing under the guise of lucrative opportunities, promising returns ranging from 30% to 50%. However, as deposits increased, investors faced obstacles in withdrawing their funds, often met with claims that they had not met specific requirements. This led to numerous complaints culminating in a formal inquiry by the TCSD.
As the investigation unfolded, authorities arrested ten individuals linked to the operation, which included five alleged money launderers and five individuals managing mule accounts. The TCSD reported that Han’s arrival in Thailand was closely monitored, leading to a coordinated effort with the Immigration Bureau to detain him upon landing.
During the arrest, officials seized Han’s mobile phone, which reportedly contained multiple cryptocurrency accounts associated with the laundering network. Evidence suggests that prior to his involvement in this operation, Han had studied in China and later joined a South Korean firm that specialized in converting cryptocurrencies into gold bars for illicit purposes. He is believed to have managed crypto accounts that received funds from victims, which were subsequently used to purchase gold from overseas suppliers, with the gold then shipped back to the syndicate.
Authorities estimate that between January and March 2024, Han’s accounts processed approximately $47.3 million in USDt, which was funneled into gold purchases. Each laundering transaction reportedly involved over 10 kilograms of gold, valued at around $1 million per operation. Despite the gravity of the charges, Han has denied several accusations but remains in custody as investigations continue.
In a related context, Taiwanese prosecutors recently indicted 14 individuals in what is described as the nation’s largest cryptocurrency money laundering case. This case involves over 1,500 victims and more than $70 million in illicit proceeds. The Shilin District Prosecutor’s Office has filed charges of fraud, money laundering, and organized crime, seeking to confiscate nearly $40 million in illegally obtained assets.
As the landscape of cryptocurrency continues to evolve, incidents like these highlight the vulnerabilities within the system and the necessity for stringent regulatory measures. The ongoing investigations in both Thailand and Taiwan underscore the importance of international cooperation in combating financial crimes linked to digital currencies.
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