A man has been detained on charges of defrauding thousands of Thai investors with a OneCoin-related digital currency scheme. The individual is accused of cheating investors out of over 500 million baht ($15 million) by promising instant riches.
According to Maj Gen Montri Thetkhan, commander of the Crime Suppression Division, Mana Jumuang was recently detained in Bang Khen, a district in Bangkok’s capital (CSD). On December 23, the Phichit provincial court issued an arrest order for him for colluding in public fraud.
According to the local daily Bangkok Post, the scheme dates back three years to 2018, which cited the police commander. Mana is accused of conspiring with Thai and Vietnamese accomplices to defraud Thai and other adjacent country investors.
His criminal gang claimed to be made up of top-tier digital currency dealers who promised investors astronomically large returns. During one of his investor pitches, he stated that if they locked up their money with him for just 200 days, he could deliver them 400 percent profits.
Mana and his co-conspirators also allegedly claimed to be associated with OneCoin, a global Ponzi scheme whose executives allegedly stole over $4 billion from thousands of investors. They claimed to be running shops selling goods on a OneCoin trading network. Cars, houses, gold, real estate, clothing, cosmetics, and other items were on the market.
In a real Ponzi scheme, Mana would pay back some of the earlier investors, many of them being compensated by late-stage investors. These payments eventually stopped, and he stopped communicating with his investors. He allegedly got away with 500 million baht ($15 million).
Mana was apprehended and brought before a court in 2019. He was released on bond and took advantage of the situation.