Luxury cars worth tens of millions of baht seized from Ponzi scheme boss in Chiang Mai
Technology Crime Suppression Division (TCSD) police in Thailand have seized luxury sports cars, Harley Davidson motorcycles and brand name products from the house of an executive of an illegal cryptocurrency trading firm in Chiang Mai.
The seizure of the assets from the house of Nitikorn Inta, the chief executive officer of P Miner Cryptocurrency Group, was the result of an investigation by TCSD police, after they had received complaints from multiple investors who believed they had been cheated by the company.
They claimed that the company had offered more than 30 investment projects, from which they could choose, all of which promised attractive returns. One project promised a return of 80,000 baht, payable as 8,000 baht for the first month and 13,000 baht, 15,000 baht, 20,000 baht and 24,000 baht for the next four months for an initial investment of 50,000 baht.
The complainants said that each of them would receive an investment contract, specifying the amount of the returns that they would receive on their investment, giving an impression that the company’s business was credible.
They said that they were given the returns as promised for just a few months, after which the company defaulted, claiming that they had experienced a “liquidity problem”. Eventually, they received no returns at all and could not contact any of the executives.
TCSD police said that the investment was just a Ponzi scheme and not a legal cryptocurrency exchange, adding that the total amount of invested by the victims of the scam was estimated at about 439 million baht over a short period of time.
Police also said that most of the company’s executives have fled and police are currently trying to locate them.