A major cryptocurrency fraud case has come to light in Thailand following the implementation of the country's digital asset regulations. A 22-year-old Finnish Bitcoin millionaire claims to have been defrauded of over 5,564 BTC by a group including a well-known Thai soap actor, his sister, brother, and six others. The alleged mastermind has fled to the United States, while Thailand's Securities and Exchange Commission (SEC) is working closely with police.
The Scheme: Luring a Bitcoin Millionaire
According to the Bangkok Post, 27-year-old actor and model Jiratpisit Jaravijit (nicknamed "Boom") and his siblings convinced the victim, Aarni Otava Saarimaa, and his business partner to invest in three companies, a casino, and a new cryptocurrency called Dragon Coins. The promoters promised that Dragon Coins would be used at a casino in Macau, even taking the victims to visit Macau to add credibility. After receiving the bitcoins, the gang sold the cryptocurrency and transferred the proceeds to multiple bank accounts. No returns were ever paid.
Arrests and Flight
Boom was arrested last week at a filming location in Bangkok's Chatuchak district after police traced part of the stolen money to him; he was later released on bail. However, his brother and the alleged ringleader, Prinya Jaravijit, fled the country via South Korea and is now in the United States. The Crime Suppression Division (CSD) is asking U.S. authorities for assistance. Boom's sister is expected to surrender on Wednesday. The CSD, led by Deputy Commander Pol Col Chakrit Sawasdee, began investigating in January after Saarimaa's Thai business partner filed a complaint. After seven months of gathering evidence, arrest warrants were issued. The investigation has frozen 51 bank accounts and 14 plots of land valued at 176 million baht (~$5.3 million). Police stated: “The money must be frozen and returned to the victims.”
Thai SEC Warning and Regulatory Context
Thai SEC Secretary-General Rapee Sucharitakul commented that Boom's case may violate the country's new crypto regulations or constitute a criminal act. The SEC is collaborating with police and issued a public warning about crypto-related frauds. The regulator emphasized that no permit has yet been granted to any ICO token issuer or portal. Businesses operating crypto services before May 14 are allowed to continue temporarily under a transitional license, but new businesses must obtain approval. The SEC urged caution, noting that some schemes do not involve real investments.
This case underscores the risks in the nascent cryptocurrency market and highlights the need for robust enforcement of regulations. Authorities are determined to recover the stolen assets and hold all perpetrators accountable.