Suspected Crypto Scammer Linked to $580 Million in Stolen Funds Arrested in Bangkok

A Portuguese man who police suspect of orchestrating cryptocurrency and credit card fraud worth $580 million (€500 million) has been apprehended in Bangkok, Thailand.

The man, identified as 39-year-old Pedro M. by English-language Thai newspaper Khaosod, was first spotted in a luxury shopping mall by a Portuguese journalist who was on holiday in the city.

Pedro’s last name was not confirmed by Khaosod, but his profile and images match that of Pedro Mourato, who’s well-known in Portuguese media.

Thai authorities say they confirmed his identity using facial recognition and biometric data. The police dispatched more than 10 plainclothes investigators to search the mall. Pedro M. was reportedly found while making a call on his smartphone with a “tense” expression.

Police say that Pedro, born in Lisbon, has been living in Thailand since 2023. He had managed to avoid an initial arrest warrant that was issued after he first entered the country and remained there. But he was there illegally after failing to renew his visa or officially register his address.

He reportedly continued his fraudulent activity in Thailand, allegedly defrauding investors of more than 1 million baht ($30,800) while in Bangkok. Citing Interpol databases, Khaosod says that Pedro has been implicated in frauds across the planet in Portugal, Europe, the Philippines, and Thailand.

Thailand Hits Back at Crypto Refugees

Fleeing to Thailand may not be an effective strategy for avoiding punishment for crypto crime. The Southeast Asian nation has nabbed plenty of suspected crypto criminals on the run over just the past year.

In May, a 30-year-old Vietnamese woman was arrested in Bangkok for her involvement in a cryptocurrency scam that allegedly deceived more than 2,600 victims and resulted in losses of roughly $300 million.

In August, Thai police apprehended a 33-year-old South Korean man at Bangkok’s Suvarnabhumi Airport for his alleged role in laundering cryptocurrency via gold bars for international criminals.

The same week, the 34-year-old “mastermind” of another fraudulent scheme was extradited to his home country of South Korea. The scheme was thought to have defrauded K-pop star Jungkook, a member of BTS, among many others.