A 33-year-old South Korean man named Han was arrested by Thai police at Bangkok’s Suvarnabhumi Airport for allegedly helping a call center gang launder over $50 million in cryptocurrency by converting it into gold.
The case involves a large-scale call center scam that began in early 2024, where victims were deceived with fraudulent investment schemes promising 30% to 50% returns. Initial payouts were made to create trust, but as victims deposited more funds, withdrawals were blocked under false pretenses.
Han is accused of managing multiple crypto accounts that received victim funds, which were then used to purchase gold bars from overseas suppliers. The physical gold was shipped back to the syndicate, effectively laundering the illicit proceeds. Between January and March 2024, Han’s accounts reportedly processed about 47.3 million USDT (Tether), with each laundering round involving more than 10 kilograms of gold, roughly worth $1 million per transaction.
Han has been charged with fraud, computer crimes, money laundering, and participation in a criminal syndicate. Thai authorities have already arrested ten suspects related to the operation, including alleged launderers and mule account holders. Han was detained under a court warrant issued in February 2025 and remains in custody as investigations continue.
This case highlights the complexity of crypto-enabled money laundering, especially when converting digital assets into physical commodities like gold to evade regulatory scrutiny. It also underscores the increasing need for international cooperation to combat hybrid financial crimes involving both digital and physical asset flows.
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