A 33-year-old South Korean “Goldfinger” arrested at Suvarnabhumi Airport for laundering cryptocurrency into gold bars for a call centre gang, generating ฿1.65 billion. Police deliver massive blow to the global cybercrime network.
A 33-year-old South Korean was arrested at Suvarnabhumi Airport on Friday as he landed from South Korea. Thai cyber police, acting on tip-offs from their South Korean counterparts, intercepted him in a high-profile operation. The suspect is said to be a master at turning cryptocurrency into gold bars and sits at the heart of a massive online fraud network. Investigators warn the scheme has generated staggering profits, with recent gains estimated at ฿1.65 billion. Authorities called the arrest a major blow to the international criminal network.
A 33-year-old South Korean man was arrested at Suvarnabhumi Airport on Friday, August 23 for allegedly laundering cryptocurrency into gold bars for a call centre gang. Police reported the operation generated roughly ฿1.65 billion in illicit profits. Thai police acted swiftly after receiving intelligence from South Korea and coordinated closely to intercept the suspect upon arrival.
Pol. Col. Athip Phongsiwapai, Commander of the Technology Crime Suppression Division (TCSD), instructed a specialised team to arrest the suspect. Pol. Col. Supoj Phumyaem, along with Pol. Lt. Cols. Chaiweng Phaduang and Chakkraphong Rungkamchat led the operation.
The suspect, identified as Mr. Han, faced multiple charges, including defrauding the public, impersonation through false computer data, money laundering, and joining a secret society. Authorities emphasised that the arrest followed Criminal Court warrant No. 822/2568, issued on February 6, 2025.
Fraud scheme targeted online job seekers with returns before large cryptocurrency investments were blocked
Investigators said the fraud scheme began in February 2024, targeting individuals seeking extra income. Victims were initially recruited for online jobs, such as liking social media posts and increasing follower counts.
However, scammers soon invited victims to participate in “special activities” requiring upfront investments. They promised returns between 30% and 50% to lure trust. At first, victims received legitimate returns, encouraging them to invest larger sums. Eventually, withdrawals were blocked, revealing the scam. Victims filed reports with the TCSD, prompting immediate investigations.
Police identified ten individuals connected to the scheme. Five were money launderers linked to the call centre gang, while the remaining five served as “mule” account operators. Subsequent inquiries revealed Han as a central figure in converting digital currencies into physical gold for the criminal network. Investigators described the operation as highly sophisticated and internationally coordinated.
Authorities intercepted suspect at airport and seized cryptocurrency accounts used in laundering
Authorities tracked Han’s flight from South Korea to Thailand. The Immigration Bureau coordinated with TCSD officers to ensure he would be detained immediately. Han was arrested at the arrivals counter, preventing him from leaving the airport.
During the arrest, police seized his mobile phone, which contained evidence of multiple cryptocurrency accounts and detailed records of laundering activities.
Han denied most charges but admitted he studied in China for six years before returning to South Korea. Upon returning, he joined a company specialising in converting digital currencies into gold bars for scammers.
Investigators said Han opened cryptocurrency accounts to receive funds from the call centre gang. Afterwards, his company contacted suppliers abroad, purchased gold bars, and sent them directly to criminal networks.
Cryptocurrency laundering involved large gold shipments worth millions. Scaled, modern cybercrime
Authorities found that each laundering transaction involved at least 10 kilograms of gold, worth roughly ฿33 million. A review of Han’s accounts revealed that between January and March 2024, he received approximately $47.3 million. Investigators believe these funds were systematically converted into gold bars for distribution to the call centre gang. The case demonstrates both the scale and the sophistication of modern cybercrime operations.
Following the arrest, Han was handed over to Division 2 of the TCSD for further legal proceedings. Authorities said the case illustrates the global reach of cybercrime and the challenges of tracking cryptocurrency fraud.
They warned that digital currencies are often exploited to hide criminal networks, while physical gold adds a layer of tangibility, making illicit gains harder to trace. Officials urged the public to remain vigilant when investing in online platforms, especially those promising unusually high returns.
Thai officials coordinated with Interpol and Southeast Asia Justice Network to ensure swift extradition
Cybercrime experts said cryptocurrency and gold create dual enforcement challenges. Digital currencies enable near-instant, often untraceable transfers, while physical gold provides a tangible method to launder large sums. Authorities stressed that cross-border investigations and cooperation are essential to disrupt sophisticated criminal networks.
Investigators are continuing to examine additional cryptocurrency accounts and transactions linked to Han. They are also investigating connections to other suspected members of the call centre gang.
Officials noted that victims’ early reporting significantly contributed to uncovering the laundering operation and leading to arrests. Authorities emphasised that scammers exploit trust-building techniques, giving small initial returns to encourage larger investments.
Case illustrates sophistication and international reach of financial fraud exploiting cryptocurrency systems
The case illustrates the sophistication and international reach of financial fraud today. It exposes risks posed by call centre gangs and highlights vulnerabilities in digital currency systems. Police said that joint operations between countries, especially in Asia, are critical to dismantling such networks. The arrest also serves as a warning to criminals exploiting cryptocurrency to conduct illegal activity.
Authorities confirmed the investigation remains ongoing. They plan to trace additional digital asset transfers and gold shipments. Police urged the public to report suspicious online investment schemes and highlighted the importance of maintaining vigilance against fraudsters. Experts also emphasised that swift action, intelligence sharing, and international collaboration remain key to halting cybercriminal operations.
This case spotlights the growing complexity of cybercrime, showing how sophisticated networks leverage digital finance and global supply chains.
Authorities described laundering operation as carefully planned with multiple layers concealing fund flows
Officials described the operation as carefully planned, with multiple layers to conceal the true flow of funds. The laundering of cryptocurrencies into gold bars illustrates both ingenuity and audacity, targeting victims across borders.
Finally, authorities reiterated that the public must exercise caution online. They warned against promises of guaranteed returns or unusual investment schemes. At the same time, law enforcement agencies in Thailand and South Korea promise to continue cooperation.
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Their goal is to prevent similar crimes and hold perpetrators accountable. Investigators said that international coordination, timely intelligence and meticulous tracking of assets are essential to fighting financial cybercrime.
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