$128M Crypto Scam: Chinese Suspect Nabbed in Thailand

Thai authorities have arrested a Chinese national believed to be behind a massive cryptocurrency investment scam that allegedly caused losses of around US$128 million, equivalent to roughly 4 billion baht. The suspect, identified as Tuan Jianlei, also known as “Boss Tuan,” was taken into custody at a luxury residential area in Bang Phli district, Samut Prakan, following weeks of surveillance.

According to immigration police, the arrest came after investigators monitored his movements for about a month. Tuan is reportedly wanted by Chinese authorities for his alleged role in creating a fraudulent digital asset trading platform known as BHE Exchange in 2024. The platform is said to have promoted a fake cryptocurrency while promising attractive returns, a tactic that drew in a large number of investors.

Chinese investigators believe the scheme affected approximately 20,000 victims. Before the platform was eventually shut down, estimated losses had already reached US$128 million. Authorities say the suspect fled overseas after the operation collapsed, prompting an international search effort.

Police revealed that Tuan entered Thailand later in 2024 and had frequently changed residences, apparently to avoid detection. Through intelligence sharing and coordination with Chinese law enforcement agencies, Thai officers were able to track his location and carry out the arrest.

Officials confirmed that his visa has since been revoked. He is now being held by immigration authorities while awaiting deportation to China, where he is expected to face fraud-related charges. The case highlights continued cross-border cooperation between regional enforcement agencies in addressing cybercrime and investment scams, which remain a growing concern across Asia.