Cyber ??police say ‘digital assets’ are used as a source for money laundering or transferring money across countries, making it difficult for officers to detect. In-depth data reveals that 2 bosses took cash from the team leader to exchange for digital assets, hoping to launder money and hide the financial trail.
Pol. Maj. Gen. Chusak Kanthanid, Commander of the Technology Crime Investigation and Analysis Division, Cyber ??Police Bureau, said about the case of ‘digital assets’ that there are 2 parts: crypto currency and token. Crypto currency works like a blockchain and can be transferred, such as cryptocurrency bitcoin, which in countries that accept it can be used to buy goods instead of cash, without the need for a bank to accept it. Anyone who uses digital assets can open a wallet in the online system. In Thailand, there are 4-5 exchanges that can be used to buy and sell. As for token, it is still popular in a narrow circle, but it works in the same way, which is to transfer money into a digital wallet.
For USDT, it is a crypto currency. The owner is Binance. There are clear conditions set by Binance: 1 USDT = 1 US dollar and fluctuates according to the real currency. The operation will use the same system as Bitcoin. For USDT, Thailand does not accept it yet. But it can be exchanged for cash at authorized currency exchange points. And if there is an announcement to exchange USDT outside the market or outside the trading board, it will be an offense under the Digital Asset Act. It must be traded on the trading board only.
Pol. Col. Chusak also stated that currently, almost all fraudsters will transfer the money obtained from fraud to digital assets by using the method of having the mule open a digital wallet. Then, they will use the money obtained from fraudulently deceiving the victim to buy cryptocurrency, buy USD or buy Bitcoin and transfer the money to the digital wallet created by the system. This is the point where the officers cannot access the information because the digital wallet created by the sy
stem will conceal the real owner of the wallet. It will use the name created by the system such as xxyz. Then the fraudsters will transfer the money to the next person. The form of digital assets is therefore used to launder money or transfer money across countries or sell on the black market without anyone knowing anyone because there is no recording system like financial transactions through banks.
For example, Mr. A wants to send money to Mr. B, so he will use the cash to buy digital assets, such as buying USDT and then transfer the USDT to Mr. B. If Mr. B wants to convert it to cash, he will hire Mr. C, who may be abroad or a foreigner, to trade for cash. Then Mr. C will transfer the cash back to Mr. B, who may be in Thailand or abroad. The officer will not be able to check or know who Mr. C is. This method is very popular among professional groups right now.
Reporters reported that from checking in-depth information with news sources in the case of the 2 bosses who were identified as being responsible
for exchanging cash received from the team leader for digital assets in the USD currency, it was found that every time the two bosses were going to buy digital assets, they would make an appointment to meet the other party in front of the bank. Because in addition to the two bosses bringing their own cash, sometimes they would have to withdraw a large amount of money from the team leader who transferred it from another province. Therefore, they had to withdraw the money from the bank and then send it to the other party who made an appointment to meet to buy digital assets immediately, in a manner that ended in front of the bank on the appointed day.
As for the Chinese gang that is involved, the source said that it is a Chinese gang that operates a call center business and online gambling websites in neighboring countries. They will meet to buy and sell digital assets along the border. When the Chinese gang receives cash, they will use it to buy a condo or a village. This Chinese gang also has an entertainmen
t business in the Ratchada area.
For the list of 4 individuals whose assets have been seized by the AMLO in the Digital Group case, an investigation found that the first and second names are Boss Paul, the old names and the names that were later changed. As for the young woman named number 3, information found that her name opened a bank account with ‘Boss Paul’, which resulted in her name being seized as well.
Source: Thai News Agency