Thai police have arrested a South Korean national accused of helping a call centre syndicate launder more than $50 million worth of cryptocurrency into gold.
Arrest at Bangkok Airport
The Technology Crime Suppression Division (TCSD) confirmed that officers apprehended Han, 33, at Bangkok’s Suvarnabhumi Airport on Saturday under a warrant issued in February. According to local media outlet The Nation, he faces charges of fraud, computer crimes, money laundering, and participation in a criminal syndicate. Authorities seized his mobile phone, which allegedly contained access to multiple cryptocurrency accounts linked to the laundering network.
Fraudulent Investment Scheme
The case is tied to a large-scale call centre scam that began in early 2024. Victims were enticed with fraudulent investment opportunities claiming returns of 30 to 50 per cent. Initial payouts were made to build trust, but once deposits increased, withdrawals were blocked under the pretext that requirements had not been met. Dozens of complaints were eventually filed with the TCSD, leading to a wider investigation.
So far, ten suspects have been arrested, including five alleged launderers and five mule account holders who facilitated transactions.
Crypto Converted into Gold
Investigators found that Han had previously studied in China before working with a South Korean company that specialised in converting cryptocurrencies into gold. He is accused of overseeing accounts used to receive victim funds, which were then used to purchase gold from overseas suppliers. The gold was subsequently shipped back to the syndicate.
Between January and March 2024 alone, Han’s accounts reportedly processed around 47.3 million USDt, equivalent to over $47 million, which was funnelled into gold purchases. Each laundering round involved more than 10 kilograms of gold, with each transaction valued at approximately $1 million. Han has denied parts of the allegations but remains in custody as investigations continue.
Taiwan Charges 14 in Record Money Laundering Case
In a separate development, Taiwanese prosecutors have indicted 14 people in what they describe as the country’s largest cryptocurrency money laundering case. The Shilin District Prosecutor’s Office said the network defrauded more than 1,500 victims, generating over $70 million in illicit proceeds.
Charges filed include fraud, money laundering, and organised crime. Authorities are seeking the confiscation of nearly $40 million in criminal assets. Seizures already carried out include 640,000 USDt, undisclosed amounts of Bitcoin and Tron, $1.8 million in cash, two luxury vehicles, and more than $3.1 million in frozen bank deposits.
According to prosecutors, the group laundered funds by converting cash into foreign currency before purchasing USDt through local exchange BiXiang Technology. The cryptocurrency was then transferred overseas in an attempt to obscure its origin.
Ongoing Crackdown in Asia
Both cases highlight growing concerns across Asia about the use of cryptocurrencies for large-scale fraud and money laundering. Authorities in Thailand and Taiwan continue to investigate wider networks connected to the schemes, which have collectively impacted thousands of victims and resulted in losses exceeding $120 million.
