An allegedly fraudulent cryptocurrency mining company has made away with 42 million baht ($1.34 million) worth of investor funds according to the Bangkok Post.
The company which has offices located in famous Thai cities like Chiang Mai and Bangkok did this through an investment scheme called CryptoMining.Farm.
The investment scheme was the subject of 30 complaint cases filed with the Thai Technology Crime Suppression Division in recent times with at least 140 individuals affected.
Like several fraudulent projects reported in the cryptocurrency, the scheme with Cryptomining.farm promised unusually high returns. The company had said it would give investors a 70% annual returns with the option to withdraw their money at any time and without conditions.
The investment contracts could last from three months to a lifetime.
An anonymous source who invested in the project said in the report that from August 2018, the mining scheme began to impose limitations on fund withdrawal.
In February, the scheme announced that investors would no be paid in 84 installments spanning seven years.
The payment would also be made in foreign currencies which are forbidden under Thai laws.
An investigation has revealed that the CryptoMining.farm is operated by Lifetime Technology Co Ltd, which victimized investors say belongs to a certain Pimongkol Tawp.
The report did not mention whether any of the scheme's investors were paid the promised returns.
Given that Thailand is one of the few regions in Asia with a sound regulatory framework for the crypto and blockchain space, authorities are expected to pursue actions against the allegedly fraudulent crypto scheme.
Additionally, the securities watchdog have created an ICO portal to ensure that citizens only invest in legitimate projects within the country.
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