Chinese Fugitive Arrested in Thailand Over $14M Crypto Ponzi Scheme

Thai police arrested Chinese national Liang Ai-Bing in Bangkok for orchestrating a large crypto Ponzi scheme called FINTOCH that defrauded nearly 100 investors of over $14 million. Liang and four partners created the fraudulent platform between December 2022 and May 2023, using aggressive marketing, fake testimonials, and a fabricated CEO named "Bob Lambert" to lure victims with promises of high returns on digital currency lending and staking. Despite warnings from the Monetary Authority of Singapore, FINTOCH collected around $31 million before collapsing, with the scammers allegedly exit scamming by moving funds across multiple blockchain networks. Liang had been living in a luxury home since December 2024, evading Chinese law enforcement until intelligence sharing between Thai and Chinese authorities led to his arrest under a court-issued warrant. Police found an unlicensed Beretta pistol and ammunition during the raid, and Liang now faces charges including illegal firearm possession and unlawful entry into Thailand. The case underscores ongoing challenges with transnational crypto fraud schemes exploiting investors across borders.