A 50-year-old man, who allegedly scammed people to invest in a fraudulent crypto scheme Onecoin, was arrested in Bangkok, Thailand on Christmas day. The man had enticed people by promising them high returns of 400% in just 200 days. He later fled with over 500 million baht.
Pol Maj. Gen. Montri Thetkam, commander of the Crime Suppression Division (CSD), said the accused – Mana Jumuang claimed to be a cryptocurrency guru. The commander said Mana told the people that if they invested for just 200 days, they would earn a high return of 400%. The accused had partnered with Thai and Vietnamese accomplices. Together, they duped people as crypto traders and swindled money from them in 2018 and 2019.
The police said the people were fooled with promises of high returns in the form of gold, Mercedes-Benz sedans, and houses. They said that initially, Mana and his gang paid dividends to the investors to rope them in. However, when the number of investors rocketed and the investment reached 500 million baht, Mana and his accomplices couldn’t be contacted.
The aggrieved parties filed complaints with the authorities and as such, a warrant was issued. The police caught him in late-2019 but the court awarded him bail. Mana jumped the bail and another warrant was issued for his arrest.
Authorities are investigating whether this is linked to the notorious Onecoin Ponzi scheme. It was run by Cryptoqueen Ruja Ignatova. The whereabouts of the persons running this scheme is not known. But reports say many have either been arrested or have disappeared.