Stock Exchange Trader and Banks Implicated in $24 Million Thai Bitcoin Scam

An investor in the Stock Exchange of Thailand (SET) as well as employees in no less than three banks have been implicated in the $24 million Bitcoin scam involving actor Jiratpisit “Boom” Jaravijit. Meanwhile, several members of the Jaravijit family continue to be associated with the fraud, and investigators are ramping up their investigations into the matter.

More Suspects Emerge in Thailand Bitcoin Scam Saga

In the latest development in the ongoing Thai Bitcoin scam scandal, more participants in the elaborate scheme have been discovered by the authorities. Among them are employees of three commercial banks in the country–Siam Commercial Bank, Bangkok Bank, and Kasikornbank– as well as a stock market trader, Prasit Srisuwan.

According to an article in the Bangkok Post, employees of the banks failed to adhere to strict anti-money laundering protocols put in place by financial regulators in the country. As per Thai law, money transfers that exceed 2 million baht ($60,000) must be flagged by bank officials and reported to the country’s Anti-Money Laundering Office (Amlo). Failure to do this constitutes a severe violation of bank rules.

The stock trader in question, Srisuwan, is believed to have been a recipient of some of the proceeds of the fraud. Srisuwan is accused of deceiving the victims to the tune of 66.5 million baht ($2 million) to buy company shares on behalf of the victims. According to local sources, the SET whale is attempting to negotiate a settlement with the victims of the scam. Meanwhile, police authorities are considering whether to file charges against the banks and the suspected employees.

As for the victims, they reportedly believe that Srisuwan acted dishonestly, whereas the stock trader himself continues to protest his innocence. According to an inside source, Srisuwan hopes to repurchase the shares as a way of escaping prosecution.

Members of the Jaravijit Family Claim Innocence

When the Bitcoin scam first came to light, it was headlined by the arrest of the Thailand-based actor, Jiratpisit “Boom” Jaravijit. Afterward, it was revealed that several members of the Jaravijit family have also been implicated in the case. Meanwhile, the actor was able to secure bail a few days later.

The country’s Criminal Suppression Division (CSD) has charged the three Jaravijit siblings, including the actor’s elder sister Suphitcha and brother Prinya, who is the suspected kingpin of the scheme. According to reports, Prinya has absconded from the country.

The post Stock Exchange Trader and Banks Implicated in $24 Million Thai Bitcoin Scam appeared first on UNHASHED.