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Chinese national caught in a 150M scam

Chinese national caught in a 150M scam

Immigration authorities announced on Thursday the apprehension of a Chinese woman wanted in connection with a Ponzi scheme in China, where damages exceeded 150 million baht ($4 million).

According to Pol. Maj. Gen. Phantana Nuch-cha-nart, Deputy Commissioner of the Immigration Bureau, officers from Division 4 led the operation that led to the arrest of 24-year-old Hu Yuqi. She faces charges of illegal entry and residence in Thailand.

Hu was captured at a condominium in Pattaya, Bang Lamung District, Chonburi Province, following an investigation revealing her illegal stay. Immigration officers verified her identity and criminal record using the BIOMETRICS system, confirming her illegal entry into Thailand.

Chinese authorities at the Embassy in Thailand verified Hu’s involvement in a Ponzi scheme using an app named “bxin,” where she allegedly deceived investors into funding shares, resulting in significant financial losses.

During questioning, Hu confessed to entering Thailand illegally through natural routes near Chiang Rai’s Golden Triangle. She was subsequently transferred to Pattaya City Police Station for legal procedures before being handed over to Chinese authorities for further action.

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