3 Thai siblings deny Bitcoin-related money laundering scheme

thai bitcoin


November 8, 2018

Actor Jiratpisit ‘Boom’ Jaravijit, 27, and two of his siblings pleaded ‘not guilty’ to charges of money laundering at the Criminal Court in Bangkok. The actor, his brother and sister are embroiled in a money laundering scheme in which they are alleged to have swindled a 21 year-old Finnish investor off 797 Million baht ($27 Million) in Bitcoin. They are later reported to have laundered the proceeds through buying of land across various locations in Thailand before being apprehended.

Finnish victim

In the suit, the prosecution alleges that on diverse dates between June and December 2017 the trio and six other accomplices lured Finn Aamai Otava Saarimaa into investing with them. He said that on the advice of the three defendants, Mr. Saarimaa bought shares in Expay Software Co., invested in Dragon coin of NX Chain Inc. as well as buying 500 Million shares in DNA (2002) Co. The victim transferred the full amount needed to effect the above investments to the trio’s accounts in Bitcoin to their e-wallets.

Three defendants and six accomplices

However, the defendants and their six accomplices did not act according to the investment agreement. The investments were not filed. Records emerged that the trio had sold digital assets worth 797.41 Million baht.

The prosecution tracked the funds from the point of sale. The trail led investigations to a finding that the money had been used to acquire several blocks of land in Thailand. Mr. Saarima however received no Returns on his Investments which led him to take up the matter with the Thai Crime Suppression Division (CSD).

Revoked passport

The prosecution charged the three Jaravijit siblings with Collusion and conspiracy to launder money. Jiratpisit and Supitcha were arrested in August and freed on a $61,000 bail each.  The third sibling, Prinya Jaravijit however fled to the U.S. in an attempt to escape the trial. The CSD revoked his passport and travelling documents which made his stay in the U.S. illegal. Upon returning to Thailand, he was arrested in Bangkok and detained without bail.

The case against the trio will resume on December 24 when witness examination will be conducted. CRYPTO IS COMING!

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