Thai Police Suspect Russian Expat In Phuket Of Masterminding $20 Mln Crypto Fraud- Reports

Thai police is looking for a Russian expat living in Phuket, who is suspected of masterminding an online foreign-currency exchange (Forex) trading scheme that has lured 1.4 million people to invest at least 730 million baht ($22 million), local media reported, citing police.

BANGKOK (UrduPoint News / Sputnik - 17th August, 2018) Thai police is looking for a Russian expat living in Phuket, who is suspected of masterminding an online foreign-currency exchange (Forex) trading scheme that has lured 1.4 million people to invest at least 730 million Baht ($22 million), local media reported, citing police.

Police have already arrested 19 suspects involved in the fraud scheme, The Phuket news reported on Thursday, citing Tourist Police Deputy Commander Maj. Gen. Surachate Hakparn.

The Russian national was identified as Alexey Chikalov, 37, from St. Petersburg.

"This is quite a big network. There are major investors behind this, one of them is a Russian - but he has already fled Phuket .

.. Right now were are tracking about B130 million in the scheme, but there is another B600mn that we are trying to get back for the victims," the police representative said, as quoted by the publication.

According to the media outlet, a firm that was registered in Bangkok and had offices in Khon Kaen province acted as an investment consultant and attracted through the internet and in real space investments of local citizens to funds linked to forex, promising a profit margin of 10 percent for investors. In fact, this money was used to play on crypto-currency exchange, which is prohibited by Thai law. As a result of gambling and the effect of the pyramid, many investors have lost their money.