SURAT THANI, THAILAND – A mother and her son allegedly laundered billions of baht for a Chinese fraud syndicate before Thai police dismantled the crypto network with help from US authorities.
Billions Moved Past the Law
Police arrested 51-year-old Parichart and her 20-year-old son Sermsak on Friday at their home in Surat Thani. Officers took them into custody there.
The pair were suspected of laundering more than four billion baht for a criminal group from China. They allegedly used digital currencies to obscure the money trail.
Front Company for Romance Scammers
According to investigators, the son admitted during questioning that he had set up a shell company. Officially, the business was meant to act as a consulting office for research.
In reality, the company served only as a front for illegal activities. Through it, the suspects allegedly cleaned funds from so-called love investment scams.
Trail Reached the United States
US homeland security agencies uncovered the scheme and identified the suspects. In the United States, thousands of people reportedly lost their savings to the fraudulent operations.
American investigators had already seized cryptocurrencies worth more than 100 million dollars. The money trail then led directly to Thailand.
Ten Known Fraud Cases in Thailand
In Thailand, the scammers had already taken about eight million baht from local victims. Targets were lured into bogus investments and fake online jobs.
During the raid, police seized mobile phones, bank books and a computer. The 20-year-old son had also been wanted in connection with another stock fraud case.
High Risk, Low Reward
For every million baht laundered, the young man reportedly received a reward equivalent to only about 100 dollars. He moved digital coins back and forth between different networks.
Three further accomplices were believed to have assisted the duo. Mother and son now faced harsh penalties for alleged computer crime and money laundering.