China has successfully extradited a suspect involved in a massive $14 billion cryptocurrency pyramid scheme from Thailand.
Investigation Stages
The investigation into Zhang began in November 2020, led by police in Chongqing, China. In March 2021, Interpol issued a red notice for Zhang, leading to his arrest by Thai authorities in July 2022. A Thai court ruled in May 2023 to extradite Zhang to China, and the extradition was completed on August 20, 2024.
Role of the Ministry of Public Security
According to China's Ministry of Public Security, Zhang’s scheme required participants to pay fees ranging from 700 yuan ($98) to 245,000 yuan ($34,300) in exchange for platform membership through the issuance of virtual digital currency. The group reportedly accumulated over 100 billion yuan ($14 billion) in funds.
Reaction of Chinese Authorities
Chinese authorities have emphasized that this extradition demonstrates their commitment to safeguarding citizens’ rights and upholding the law.
This case marks the first financial crime suspect to be extradited under the China-Thailand extradition treaty since it took effect in 1999. Chinese authorities hope this signifies a significant step in the fight against financial crimes.
Comments