A high-profile cryptocurrency fraud case involving a well-known Thai actor has captured public attention in Thailand, following the enforcement of the country's digital asset regulations. Authorities report that a 22-year-old Finnish bitcoin millionaire was defrauded of over 5,564 bitcoins by a group of eight individuals, including a popular soap opera star. The alleged mastermind has fled to the United States, and Thailand's Securities and Exchange Commission (SEC) is actively cooperating with police on the investigation.
Case Details
The suspects include Jiratpisit Jaravijit, a 27-year-old actor and model known by his stage name 'Boom', his older brother Prinya Jaravijit (identified as the ringleader), his sister, and five other individuals. The victim, Aarni Otava Saarimaa, is a Finnish bitcoin millionaire. He filed a complaint in January 2018 through his Thai business partner, Chonnikan Kaeosali. The fraudsters initially approached the victim in June 2017, according to the Bangkok Post and police statements.
Fraud Scheme
The gang allegedly lured Saarimaa and his partner into buying shares in three companies and investing in a casino and a new cryptocurrency called Dragon Coins. They claimed the Dragon Coins would be used at a casino in Macau and even took the victims on a visit to Macau to substantiate their claims. After receiving the bitcoins, the gang sold the cryptocurrency and transferred the proceeds into multiple bank accounts, police said.
Arrests and Asset Freezes
Boom was arrested last week at a filming location in Bangkok's Chatuchak district after police traced his share of the swindled funds. He was later released on bail. His brother Prinya fled the country via South Korea and is believed to be in the U.S. Thai police's Crime Suppression Division (CSD) has requested U.S. authorities to help track him down. Boom's sister is expected to turn herself in imminently. Leading the investigation, Deputy Commander Pol Col Chakrit Sawasdee revealed that the CSD collaborated with the Thai Anti-Money Laundering Office (Amlo) for nearly seven months before obtaining arrest warrants for the first group of suspects. To date, authorities have frozen 51 bank accounts and 14 plots of land valued at approximately 176 million baht (around $5.29 million). 'This case is complicated. We had to carefully examine documents and trace the money trail,' Pol Col Chakrit stated. 'The frozen money needs to be returned to the victims.'
Thai SEC's Warning
As the case unfolds, the Thai SEC, the country's primary crypto regulator, issued a public warning. Secretary-General Rapee Sucharitakul commented that the case may constitute a violation of Thailand's new crypto regulations or a criminal act. The SEC affirmed its cooperation with police. The regulator urged the public to exercise caution when approached to invest in cryptocurrencies or related projects, noting that some schemes do not involve real investments. Regarding initial coin offerings (ICOs), the SEC clarified that as of August 14, 2018, no permits had been granted to any token issuers or ICO portals. Companies that operated crypto businesses prior to May 14, 2018, and applied for a temporary license by August 14 are allowed to continue operating temporarily; new businesses must obtain approval beforehand. This case stands as one of the first major enforcement actions under Thailand's crypto regulatory framework, underscoring the risks of digital asset fraud and the authorities' commitment to cracking down on illicit activities.