Retired Australian cop loses over ฿40 million in Phuket crypto scam by a German conman. Trusting his instincts, he invested life savings in a fake digital platform. Now, he’s fighting to track the fraudster and warn other expats before more fall victim.
A 65-year-old retired Australian cop has been cleaned out by a smooth-talking German conman in Phuket—losing his entire life savings to a crypto scam. The ex-officer, married to a 50-year-old Thai woman, now faces financial ruin after trusting the slick expat, who sold him a dream and vanished. This week, the Aussie told Thai police and the media that he had relied on his instincts—and his years of law enforcement experience—when he decided to invest. He believed the German “crypto entrepreneur” was legit. That judgment cost him everything. The so-called digital currency expert disappeared without a trace, cutting off all communication and leaving the retiree high and dry.
Now, the Australian is vowing to track him down. But at this point, he doesn’t even know if the scammer is still in Phuket—or anywhere in Thailand.
A retired Australian police officer has lost his entire life savings—more than ฿40 million —in a cryptocurrency scam allegedly run by a German national in Phuket. Michael “Tom” Reinecke, 65, thought he was investing in a safe and exclusive digital platform. Instead, he became the latest victim in a growing wave of international crypto fraud targeting expats across Thailand.
Reinecke, who moved to Thailand to retire with his Thai wife, Areerat Noonyot, 50, now faces a financial disaster. His dreams of a quiet retirement in Udon Thani have turned into a legal battle and a personal crisis.
Retired Australian officer files complaint after losing ฿40 million in crypto scam run from Phuket
After months of trying to recover the money privately, Reinecke formally filed a police complaint on Friday at Mueang Udon Thani Police Station.
Accompanied by his wife and lawyer Kritsada “Lawyer Nobi” Lohitdee, Reinecke submitted a thick file of evidence. The documents include screenshots, messages, payment records, and investment summaries. The man accused of orchestrating the scam is known only as “Alex,” a German national believed to be residing in Phuket.
According to Reinecke, he met Alex online roughly one year ago. Initially, their interactions seemed casual and friendly. However, over time, Alex began discussing investment opportunities in cryptocurrency. He claimed to have access to a high-yield platform offering returns between 5% and 10% per month.
Eventually, Alex invited Reinecke to Phuket for a face-to-face meeting. During the visit, he presented charts, login dashboards, and wallet trackers. He spoke confidently about blockchain technology and market movements. Therefore, Reinecke said he felt reassured and fully convinced by Alex’s professionalism.
“As a former cop, I’m trained to spot liars,” Reinecke said. “But he came off like a pro—calm, clear and calculated.”
Crypto pitch sounded legitimate until scammer vanished and cut contact after claiming platform collapse
Soon after returning home, Reinecke transferred his savings to the account Alex provided. However, just weeks later, Alex reported that the cryptocurrency platform had crashed. He claimed his phone had been stolen and the account hacked. Then, without warning, he cut all contact.
Since then, Reinecke has received no updates, no refunds, and no further replies. Therefore, he and his wife decided to go public and involve the Thai police. Their goal is not only to recover the funds but also to warn other foreign retirees of similar scams.
Moreover, their legal advisor, Lawyer Nobi, emphasised the need for urgency. “There may be more victims,” he said. “This man is still out there, possibly preying on others.”
The case is now under investigation, with authorities working to locate Alex’s whereabouts in Phuket. Meanwhile, cybercrime experts believe this scam shares hallmarks with other fraud rings operating in Southeast Asia.
Police believe the fraud bears striking similarities to other crypto scams across Southeast Asia
In fact, the Cyber Crime Investigation Bureau (CCIB) has been cracking down on cross-border crypto scams for months. Earlier this year, the CCIB exposed the Huione Group in Cambodia as a major operator of digital cons tied to online gambling. Additionally, a similar case in Phuket involved a Thai man impersonating a politician. He conned a businesswoman out of ฿22 million through another fake crypto platform.
CCIB Commissioner Police Lieutenant General Trairong Phiewphan has pledged to strengthen surveillance and tighten cross-border cooperation. “Thailand will not be a haven for foreign fraudsters,” he said in a press briefing last month.
Crypto-related crime has risen sharply in Thailand. While digital currencies continue to attract investors, the lack of regulation leaves many vulnerable. In particular, expat communities have become common targets. Fraudsters use professional-looking websites, fake endorsements and staged meetings to gain trust.
Because of this, Reinecke is now urging other retirees to remain sceptical. “If it sounds too good to be true, it is,” he warned. “Don’t trust anyone offering guaranteed profits.”
Scammers target expats as crypto crime surges in Thailand with calls for vigilance and fast action
His wife, Areerat, expressed her heartbreak as well. “We were going to build a home. Maybe open a café. Now we have nothing.”
Although the financial loss is severe, the emotional toll has been even heavier. “This was our dream life,” she said. “But it’s turned into a nightmare.”
For now, Reinecke remains focused on seeking justice. He hopes Thai authorities will act swiftly before Alex disappears for good. In the meantime, he has started volunteering at a local community centre, offering security tips to fellow expats.
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“I may have lost the money,” Reinecke said, “but I haven’t lost my sense of duty. If I can help stop this from happening to someone else, then at least something good can come from this mess.”
While his future is uncertain, one thing is clear: scams like these are becoming more advanced, more global, and more personal. Therefore, vigilance, legal support, and rapid police action remain the most effective lines of defence.
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