According to a report by the Bangkok Post on Friday, Prinya Jaravijit was arrested for allegedly scamming a Finnish investor of Bitcoin (BTC) worth $21 million. Prinya Jaravijit is a citizen of Thailand and he was arrested at the Suvarnabhumi Airport in Bangkok.
According to the report, the Thai citizen was detained in Bangkok on a flight from S. Korea en route from the United States. His brother was also recently detained in connection with the same crime. After spending two months with his brother, Jaravijit was arrested on his way back.
After his brother was arrested, he ran to the United States to avoid charges. Prinya Jaravijit was asked to come back to Thailand on the 8th of October, but he refused. His license was later revoked by the Thai Foreign Ministry, this made his further stay in the United States illegal.
Prinya Jaravijit was wanted on charges of money laundering and conspiracy to defraud. Shortly after he was arrested, he was handed over to the local police for questioning. According to reports, the lawyers of Prinya Jaravijit are preparing to apply for bail.
The Victims of the Bitcoin (BTC) Scam
According to the Bangkok Post, the victims of the scam are Aarni Otava, a Finnish investor, and his Thai business partner Chonnikan Kaewkasee. The victims made a complaint to the Thai CSD (Crime Suppression Division). The victims said Prinya Jaravijit and six others duped them into investing Bitcoin (BTC) worth $24M into a gambling-oriented digital currency token, Dragon Coin (DRG), and a scheme involving three firms.
Nevertheless, the victims were not given proof of investment in Dragon Coin, dividend from the investment, neither were they part of the stakeholders of the firm. This issue came to light when the younger brother of Prinya Jaravijit was detained back in August.
The Thai CSD said that Bitcoins worth $24 were withdrawn from the Bitcoin wallets of the victims. The fraudsters converted the funds into baht and spent it.
The Thai Money Laundering Office has recovered funds worth $6.4 million from the family of Prinya Jaravijit and others connected to the case. The agency is preparing to charge the suspects with fraud.
Bitcoin (BTC) Resumes Its Stability after the Crypto Market Suffers $18 Billion Loss
The beginning of this week was a very tough one for digital currencies. Bitcoin (BTC) traded sideways and broke below its key support level. Over the past three days, the digital currency market has lost about $18 billion. On the other hand, Bitcoin (BTC) declined heavily and fell below the $6,200 mark for the first time in one month.
Nevertheless, the digital currency has finally started to stabilize, but it is still trading below the $6,300 mark. Bitcoin (BTC) has been quite stable before it lost 5 percent of its value. However, it has resumed its stability on Friday and it might remain within this range throughout the weekend.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin (BTC) is currently worth $6,280 after an increase of less than one percent over the past twenty-four hours. The market cap of the coin has reduced to $108.78 billion and its trading volume over the past twenty-four hours is $3.48 billion.