Foreign business was linked to a scam network by Reuters investigation.
PUBLISHED: December 6, 2023, 17 :02.
A Chinese entrepreneur who was interviewed by Reuters about cryptocurrency purchase fraud is no longer a board member of the business group he once represented in Bangkok, the organization announced on Monday.
According to the Thai-Asian Economic Exchange Trade Association’s site, the organization was in response to a Reuters research into Wang Yicheng, its former vice president.
An account registered in Wang’s brand received millions of dollars from a crypto bag over the course of recent years, according to the story that was published on November 23. A US bitcoin research firm claimed that this wallet was connected to cryptocurrency investment scams.
According to a cryptocurrency analysis company, some frauds involving deposits made into Wang’s Binance account were conducted out of an industrial park near the Myanmar-Thai border. According to two former employees and organizations that assist employees or fraud patients, groups that force them to con people electronically drive workers to the area known as KK Park.
Requests for comment on the Nov. 23 record went unanswered from the business group. The Thai-Asia business group claimed Wang had left the agency’s table more than three months ago in a letter dated December 4 to Reuters.
Without providing any further explanation, it stated that Wang’s failure to pay the business group the new membership dues and the departure were “due to specific reasons.”
In its notice, the group claimed that background checks carried out on Wang when he first applied for membership revealed that Wang did not possess a criminal history at the time. Following the Reuters report, the team claimed to have conducted additional investigations and discovered Wang had no criminal history in Thailand or other nations.
Wang did not respond to the in-depth inquiries for the content on November 23. Regarding his standing with the Thai-Asia group, he did not respond to inquiries for this report.
According to a Reuters report from November, the Thai-Asia business group shared its little office tower in Bangkok until late with another Chinese group. Thai police claimed to have raided the office of the other Chinese party in February because they believed they were connected to the 14K Triad legal organization.
In its letter dated December 4, the Thai-Asia association stated that it “has never had any relations or ties” with gang-related organizations.
It claimed to be a non-profit organization that encourages “economic and social marketplaces between China and Thailand.” It claimed that the association’s primary source of funding comes from people ‘ volunteer funds and that their personal businesses have “nothing to do” with the organization.
The ties between the Thai-Asia business team and Thai government officials were also discussed in the Reuters report from November 23. Some of the officials, according to the Thai Asia association’s Dec. 4 email, “are certainly the consultants and friends” and “have come up for” the common goal of promoting markets between China and Thailand.”
There were no additional “business or economic interests” between consultants and the business group or its members, the letter continued. It did not go into detail.