BANGKOK, Thailand — A 33-year-old South Korean man faces charges for allegedly laundering a staggering sum of cryptocurrency, reportedly converting over 1.6 billion baht into gold bars within a three-month span to aid call-center fraud operations.
South Korean nabbed for massive crypto-to-gold laundering
Police arrest suspect in alleged scheme funneling illicit funds.
- A 33-year-old South Korean national was arrested in Thailand.
- He is accused of laundering cryptocurrency for call-center gangs.
- Transactions involved converting crypto into gold bars.
- Over 1.6 billion baht were allegedly laundered in three months.
Authorities apprehended the suspect, whose identity has not been released, as part of an operation targeting financial crimes. The alleged laundering activities directly supported the operations of call-center gangs, notorious for defrauding victims through sophisticated schemes.
Scheme involved converting digital assets to tangible wealth
The core of the alleged operation involved converting cryptocurrency, often the digital currency of choice for illicit transactions, into physical gold bars. This method provides a way to obscure the origins of the funds and convert them into a more easily transferable and less traceable asset.
Investigators revealed that the volume of transactions processed over a mere three-month period was substantial, exceeding 1.6 billion Thai baht. This highlights the significant scale at which these criminal enterprises operate, utilizing complex financial maneuvers to legitimize ill-gotten gains.
The arrest marks a significant step in Thailand’s ongoing efforts to combat financial crime, particularly those involving cryptocurrencies and transnational fraud rings. Authorities continue to investigate the full extent of the network and the individuals involved in the laundering operation.
