Thailand arrests two Chinese nationals over alleged $92M crypto scam
Thai police have arrested two Chinese nationals accused of involvement in a cryptocurrency investment pyramid scheme that allegedly caused more than 3.2 billion baht ($92 million) in losses.
Summary
- Thai immigration police arrested two Chinese nationals in Bangkok on November 12 over an alleged cryptocurrency investment pyramid scheme.
- Chinese authorities linked the alleged scheme to losses exceeding 3.2 billion baht, approximately $92 million.
- The suspects, aged 52 and 28, were wanted under Chinese arrest warrants dated December 18, 2025.
- Investigators traced the pair to a Bangkok condominium using travel and accommodation records.
- Thailand revoked both suspects’ permission to stay and is coordinating their return to China for legal proceedings.
According to a November 12 police account, the suspects, a 52-year-old man and a 28-year-old woman, were detained in Bangkok after officers matched them to Chinese arrest warrants. Thailand has revoked their permission to remain in the country and is coordinating their return to China for further legal proceedings.
The suspects were identified in Thai police reporting as Mr. Xu and Ms. Ni, with their names withheld. Chinese authorities allege that the pair helped deceive people into putting money into cryptocurrency investments through a pyramid-style operation. No conviction or ruling establishing their individual involvement has been reported.
Thai police trace crypto fraud suspects to Bangkok condominium
The warrants were issued by public security authorities in Changde, Hunan province, on December 18, 2025. The case remained active in China when Thai immigration officers received information that the two suspects were staying in Bangkok.
The Chinese Embassy in Thailand contacted the Immigration Bureau and provided details of the outstanding warrants. Investigators checked the pair’s travel and accommodation records before tracing them to a condominium in the Rama IX area of the capital.
Officers placed the building under surveillance and waited until the suspects appeared outside. They approached the pair, requested identification and used a Chinese interpreter while checking their passports against the information supplied by Chinese authorities.
The investigators confirmed that the two people matched the warrant details. Police records showed that both had entered Thailand through Suvarnabhumi Airport, although officials did not specify when they arrived or how long they had been living at the condominium.
Immigration Commissioner Lt. Gen. Nopasin Poolsawat said the operation followed Thailand’s policy of pursuing foreign nationals wanted in other jurisdictions. He described cooperation with overseas law enforcement agencies as part of the bureau’s work against transnational crime.
Chinese warrants allege losses exceeding $92 million
Chinese investigators accuse the suspects of running or participating in a scheme that encouraged members of the public to invest in cryptocurrencies. The reported financial damage exceeds 3.2 billion baht, equivalent to approximately $92 million.
The figure represents alleged losses in the Chinese investigation, not an amount that Thai authorities said they had recovered. The published police accounts did not identify the name of a trading platform, specific cryptocurrencies, a customer count or any digital wallets associated with the accusations.
They did not give a detailed account of how investor funds were raised, which promises were made to customers or how the money moved after collection. The descriptions used by authorities characterize the alleged activity as a pyramid scheme involving cryptocurrency investments.
The police accounts did not identify any asset seizures linked to the Bangkok arrests. The reported developments concern the suspects’ identities, the Chinese warrants and their immigration status, with the underlying fraud allegations left for proceedings in China.
Thailand revokes suspects’ permission to stay
After confirming the warrants, Thai officers informed both suspects that their permission to remain in Thailand had been canceled under Section 12(7) of the Immigration Act of 1979.
Thailand’s Foreign Ministry explains that the provision covers people subject to arrest warrants issued by competent officials of foreign governments, among other grounds for refusing entry. Police relied on that provision when revoking the suspects’ immigration permissions.
Officers informed the pair of their legal rights and transferred them to Division 3 of the Immigration Bureau’s Investigation Division. Thai authorities are arranging their return to China, where investigators are expected to continue the case.
The action was taken through Thailand’s immigration system. The reported arrest and cancellation of permission to stay do not amount to a Thai court finding that the two suspects committed the alleged investment fraud.
Thai authorities pursue other crypto-linked crime suspects
The arrests follow another immigration operation in October involving a Chinese national wanted over suspected financial crimes. In that case, Thai police detained a 37-year-old man identified as Wu at a property in Bangkok’s Saphan Sung district.
As crypto.news previously reported, Wu was accused of exchanging cryptocurrency and foreign currency for an alleged laundering network connected to more than 500 million yuan in transactions. Police said the investigation involved over 133 bank accounts, while the suspect separately faced an immigration overstay allegation in Thailand.
Separate US Treasury research identified Southeast Asian investment scams in 33,904 suspicious activity reports covering $12.7 billion between 2023 and 2025. FinCEN cautioned that the total represented reported suspicious activity, not confirmed losses suffered by victims.
International investigations involving Thailand have targeted cryptocurrency investment fraud as well. A September law enforcement agreement between the US and UK covered intelligence sharing and operations against scam centers. A preceding multinational effort involving Thai authorities resulted in seven arrests in Thailand and the freezing of more than $3.8 million in cryptocurrency linked to suspected fraud.
