Chinese authorities revealed they have extradited a suspect in a “mega economic crime” with the help of Thai law enforcement. The man is believed to be the mastermind behind a $14 billion cryptocurrency pyramid scheme, making his extradition the first in connection with economic crimes between the two countries.
Crypto scammer from Thailand extradited
On Friday, China’s Ministry of Public Security (MPS) announced the successful extradition of Zhang Moumou from Thailand as part of “Operation Fox Hunt.” The operation was a joint effort between the Chinese Embassy in Thailand, Thai authorities, the MPS and relevant domestic departments to successfully deport the suspected criminal back to China.
The extradition took place on Tuesday evening, making Zhang the first economic crime suspect to be extradited from Thailand by China since the extradition treaty between the countries was signed in 1999.
The criminal, who was on the run from 2020 to 2022, is suspected of organizing and leading a crypto incident. pyramid scheme which affected millions of people, leading authorities to label them as “suspects of serious economic crime”.
The head of the “Operation Fox Hunt” office stated that the successful extradition of the suspect was a “major achievement of law enforcement and judicial cooperation between China and Thailand.” In addition, they emphasized the significance of the milestone for consolidating cooperative relations between the countries and other nations in the future.
Zhang’s $14 billion pyramid scheme
According to the report, Zhang allegedly ran and headed the MBI Group since 2012. The organization ran an online crypto pyramid scheme that attracted users with crypto and high returns about investments.
MBI customers were required to pay fees ranging from 700 Yuan to 245,000 Yuan, equivalent to around $98 and $34,300. The “fees” were required to join the crypto platform. In addition, participants were offered incentives for recruiting new users, with revenues tied to the number of new members and the amount invested by victims.
Through this method, the cryptocurrency system managed to attract more than 10 million members between 2012 and 2019, with a total amount of more than 100 billion yuan, worth about 14 billion dollars.
In 2020, the Chongqing Municipal Public Security Bureau (PSB) began investigating Zhang after filing a case against the criminal. Following the investigation, China’s National Central Bureau (NCB) of Interpol issued a red notice for the fugitive in 2021.
Zhang, who had been at large for two years, was arrested by Thai police on July 21, 2022. Following the arrest, Chinese authorities filed charges extradition request under the bilateral extradition treaty, and this was granted by the Thai Court of Appeals in May 2024.
Ultimately, the Thai government supported the court’s final decision on August 14, setting the end of the international manhunt for August 20, 2024.
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