Thai Police Allegedly Hold Chinese Businessman Hostage for $10 Million Crypto Ransom

In a chilling display of corruption and audacity, a group of Thai police officers allegedly held a Chinese businessman hostage, demanding a staggering $10 million ransom in cryptocurrency. The scheme, which involved fabricated charges and threats of imprisonment, has sent shockwaves through Thailand and raised alarming questions about the integrity of the nation’s law enforcement.

The ordeal began in mid-October when six uniformed Thai police officers, accompanied by a civilian posing as law enforcement, stormed the Samutprakarn residence of Mr. Sai, a Chinese businessman from Vanuatu, News.qq reported. Brandishing what appeared to be a search warrant, they claimed Mr. Sai was suspected of passport forgery. Unable to read Thai, Mr. Sai and his family, along with several friends and domestic helpers present at the scene, accepted the document as legitimate, misled by the presence of the Thai royal emblem. Two Chinese translators who arrived with the officers further solidified the deception, reading aloud the fabricated “warrant.”

During the search, the officers allegedly confiscated all mobile phones and a computer from the premises. They amplified their intimidation tactics by threatening additional charges for illegally employing foreign domestic workers, a common tactic used to pressure victims. They then delivered their ultimatum: a ransom of 300 million Thai baht, equivalent to $10 million, in USDT to “settle the case privately.”

Despite Mr. Sai’s repeated assertions of his innocence, the group escorted him and others to a purported “government building,” where they lowered their demand to 10 million Thai baht. Even with the reduced amount, Mr. Sai refused to comply. Subsequently, he and his wife were separated and taken to a police station for further “examination,” a thinly veiled guise for continued interrogation and pressure.

Under duress and fearing for his safety, Mr. Sai eventually agreed to a series of transfers. He initially sent 5.6 million baht (approximately $160,000) and then made two additional cryptocurrency transfers later that afternoon, totaling the equivalent of $1.17 million yuan. These payments went directly to digital wallets controlled by the rogue officers.

Following the transfer, the officers allegedly coerced Mr. Sai and the others present to record a video, falsely stating they observed no police misconduct during the “investigation.” While they returned the confiscated mobile phones, the computer remained in their possession.

The extortion, however, did not end there. On October 17, the gang reportedly contacted Mr. Sai yet again, demanding an additional 700,000 Thai baht (approximately $20,000) in exchange for revealing the identity of the mastermind behind the operation. Mr. Sai complied with this demand as well, but the promised information never came. At this point, recognizing the full extent of the deception and the futility of further cooperation, Mr. Sai sought legal counsel and reported the incident to the authorities.

The Thai police initiated an investigation, uncovering a network of 12 individuals implicated in the extortion plot. Shockingly, nine of the suspects were police officers, exposing a deep-seated level of corruption within the force. As of the latest reports, seven suspects, including six officers, have been arrested, and three cyber police officers surrendered themselves. Authorities are still actively pursuing the two Chinese translators involved in the scheme. This incident highlights the urgent need for increased accountability within law enforcement and the ongoing challenges of combating crypto-related crimes.

Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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