The suspect is alleged to have collaborated with others to steal from unsuspecting victims by means of a bogus cryptocurrency scheme
This weekend, Thailand’s Crime Suppression Division apprehended Mana Jumuang for working a cryptocurrency scheme that noticed victims lose their funds between 2018 and 2019. The 50-year previous is alleged to have been the mastermind behind the rip-off operation. He illegally obtained greater than 500 million Baht (the equal of just about $15 million) earlier than deserting traders.
In keeping with a narrative within the Bangkok Put up, Jumuang had co-conspirators with whom he ran the scheme. He’s stated to have lured each native and international victims by promising them that they’d acquire big income within the vary of 400% after an funding interval of 200 days.
Jumuang offered himself as a crypto guru to traders to earn their belief promising good returns from the cryptocurrency Onecoin. Unaware that it’s however a rip-off to steal from them, the unsuspecting traders would plough in big sums of cash into the fraudulent scheme.
Traditional Ponzi scheme
Talking concerning the case, Police Main Common Montri Thetkhan, who instructions the Crime Suppression Division, stated that Jumuang and his confederate posed as businessmen along with claiming they have been digital property buying and selling specialists. They deceived traders into considering they operated shops coping with meals, cosmetics, autos, and attire.
To promote the scheme and draw in additional traders, Jumuang paid dividends to the sooner individuals. He grew to become unreachable when the quantity channelled into the scheme hit 500 million Baht. The traders began submitting reviews after Jumuang and his ‘companions’ went off the grid, which noticed Thailand authorities put out an arrest warrant. He was busted in Might 2019, however he fled after being launched on bail. It’s reported {that a} whole of 14 arrest warrants had been issued for Jumuang earlier than his Saturday apprehension.
The scheme is much like that involving the ‘Cryptoqueen’
Authorities are investigating the matter to search out out if Jumuang’s fraudulent scheme has any connection to an earlier Ponzi scheme round Onecoin. The latter was managed by Bulgarian convicted fraudster Ruja Ignatova who was referred to by the media as ‘Cryptoqueen.’
Ignatova’s scheme defrauded victims from all all over the world about $4 billion between 2014 and 2016 earlier than going lacking in 2017. Previous to founding the Ponzi scheme that ran beneath the crypto coin OneCoin, Ignatova swindled funds in one other scheme dubbed BigCoin. OneCoin has been described as a faux cryptocurrency because it isn’t traded and can’t be used to settle funds for purchases. It was launched in September 2014 by Ignatova and her brother with assist from Sebastian Greenwood.
