Popular Thai actor, Jiratpisit “Boom” Jaravijit, has been arrested in an alleged cryptocurrency scam, worth nearly a billion baht (about $24 million) worth of cryptocurrency. This was reported by Bangkok Post, a Thai news agency.

According to reports, the Thai actor is not the only one involved in the messy incident, as Jiratpisit is part of a total of seven suspects who have been detained for the alleged crime. It is interesting to know that Jiratpisit’s older brother and sister are also included in the seven alleged swindlers. This is only reminiscent of a similar peculiar case where the husband of a familiar Bollywood actress was recently embroiled in a cryptocurrency fraud.

Jiratpisit Charged for Money Laundering

Following a complaint by Finnish Businessman, Aarni Otava Saarimaa, and the court issued a warrant for his arrest on July 26, and the arrest was made. Investigation reveals Jiraviji and his accomplices received and withdrew the bitcoin before converting them to fiat, which was then transferred back into their respective accounts.  Jiratpisit, however, denies that he is being detained on charges of money-laundering.

Failed Promises

According to Saarimaa, Jiratpisit and his alleged swindlers had promised to buy shares in companies that invested in DragCoin, a cryptocurrency. However, investors failed to receive dividends that they were earlier promised or even an invitation to a shareholder meeting. And after six months of expectation and silence, Saarimaa promptly contacted the Thai Royal police.

Unfortunately, the rate of cryptocurrency scams over the year seems to be on a steep increasing trend as just earlier this week. The South Korean police stormed the Shinil Group office; a corporate scam that has generated about 60 billion won, roughly USD 54 million.

The Shinil scam had promised investors the spoils of a Russian warship named Dmitrii Donskoi, which sank more than a century ago. To persuade and tempt investors to purchase the Shinil’s digital currency, Shinil allegedly promised to reward them with gold which is supposed to be available in the ship.

Although just launched early this year, the coin has already attracted investments of almost $60 million from more than 100,000 investors. It is however not the least surprising that the ship does not seem to contain anything of value.

As of now, Jiratpisit alleged accomplices, including his brother and sister, are still at large.