Chinese Man Arrested For Investment Fraud

Crypto Scammer Arrested
Police arrest Zhentao Yang, red shirt, at his home in a housing estate in Si Racha district, Chon Buri, on Wednesday afternoon.

A 40-year-old Chinese man has been arrested on charges of using social media to lure people into investing in bogus cryptocurrency trading.

Pol Col Wirachan Khunchaikaeo, a superintendent of the Crime Suppression Division, said Zhentao Yang was taken into custody from house 70/27 in The Privilege Laemchabang housing estate in tambon Bueng of Si Racha district, Chon Buri, on Wednesday afternoon.

Police executed an arrest warrant issued by Chon Buri Court on Tuesday.

He is accused of using a Facebook account, Num Thip, to lure a 58-year-old man identified only as Worapol into “investing in cryptocurrency trade” through his website

The victim was led to believe he was making a profit and he then increased his investment to 1.5 million baht. When he was later unable to withdraw money, he suspected he was being cheated.

Worapol filed a complaint at Don Hua Lo police station in Chon Buri province and that led to the arrest warrant being issued.

Yang was charged with fraud and putting false information into a computer system.

He denied he was the administrator of the website but allegedly admitted to enticing people to invest and hiring people to open bank accounts to support the alleged fraud.