A $75 million network and 133 bank accounts: Thai police arrest a Chinese man accused of swapping crypto for criminal gangs

Police in Thailand have arrested a 37-year-old Chinese man in Bangkok who is wanted by the authorities in China, accusing him of running money for criminal groups, Cointelegraph and crypto.news reported, citing Thai outlets including Khaosod English.

Investigators say the network he worked for handled more than 500 million yuan, about $75 million, and was linked to more than 133 bank accounts. Police allege he exchanged cryptocurrency and foreign currency for criminal groups and arranged visas for people tied to other money-laundering cases. They have not said how much of the 500 million yuan moved in crypto, crypto.news notes, and no exchange or coin has been named.

He was found in a luxury house in Bangkok. Police say he used forged documents to register where he lived and changed the plates on his car to avoid being traced.

For now the Thai case is about immigration: his permission to stay ran out more than three years ago, both outlets report. He will face proceedings in Thailand before being sent back to China, where the laundering allegations sit.