Assets worth THB101 million seized of absconding crypto firm CEO

The company, located in Muang district of Chiang Mai province, has been under investigation for allegedly running an online investment scam since January this year.

Chief of the Cyber Crime Investigation Division 1, Pol Maj-General Ronnachai Jindamuk, said the CCIB had received complaints from over 380 victims who had invested in the company’s cryptocurrency mining programmes, totalling more than 300 million baht, but had yet to receive any dividends as promised.

Ronnachai said the company was registered in February 2019 as a limited partnership engaged in domain registration with three partners — Kittkorn, his girlfriend and his brother. The company later expanded into the cloud rental business and since January 1, 2022 started inviting investments from people in over a dozen cryptocurrency mining programmes, each promising a different amount in profits.

“Kittkorn and his gang advertised the company on social media as a successful business, while posting photos of him driving sport cars and wearing luxury watches to attract the victims. Furthermore, they also posted evidence of donations to different charities to create a positive image,” said Ronnachai.

Police visited Kittkorn’s house in San Sai district of Chiang Mai on Tuesday, but he was not present. Officials then proceeded to seize five sports cars, luxury watches, title deeds of houses and lands, and over 10 saving accounts passbooks, all together worth more than 101 million baht.

Ronnachai said police are tracking down the three suspects who are still on the run. He was positive that they were still in the country.