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An investment scam centre “boiler room” targeting Australians has been taken down, and thirteen people, including five Aussies, have been arrested.
Royal Thai Police (RTP) has arrested 13 individuals linked to the alleged operation of a scam centre “boiler room” on the outskirts of Bangkok in Thailand.
Five Australian citizens, six UK nationals, one Canadian, and one South African were all taken into custody following a joint investigation by the RTP and the Australian Federal Police’s Joint Policing Cybercrime Coordination Centre (JPC3) under the auspices of Operation Firestorm.
“South-east Asia is fast becoming a hot spot for scam centre activity. Since the establishment of the AFP-led Operation Firestorm, three scam centres in Manila have been taken down, resulting in the seizure of thousands of digital devices and hundreds of arrests. This will be the first takedown in Thailand,” AFP Assistant Commissioner Richard Chin said in an 18 June statement.
“These arrests have been a result of the dedication of the AFP and law enforcement partners in Australia and Thailand and have potentially saved tens of thousands of Australians from being financially impacted.
“Cyber crime has no borders, and it is vital law enforcement agencies work together across borders to disrupt these scam centres and the criminals that operate them.”
Police allege that members of the criminal syndicate robbed at least $1.9 million from multiple Australian victims who were tricked into a fraudulent investment bond scheme.
The JPC3 and RTP began working together after Australian authorities were warned about Australians being recruited to take part in the scam operation. The scammers impersonated members of international financial firms to trick victims into investing in high-yield, fixed-income bonds, using a detailed script and high-pressure tactics.
Police allege that once secured, the funds were converted into cryptocurrency before being moved to other accounts.
A spreadsheet was recovered from the scam centre that listed thousands of potential victims, and the AFP is hoping to identify the scheme’s victims and recover their stolen funds.
In the last four years, Australians have reported scam losses totalling more than $4.45 billion, with investment scams costing Australians more than $945 million in 2024 alone.
“These syndicates do not care about their victims and are only interested in the profits this crime type can bring in,” Assistant Commissioner Chin said.
“Unfortunately, Australia is a big target for cyber criminals as we are a relatively prosperous country and tend to be very trusting.
“We encourage all Australians to be extremely cautious when approached by someone online offering an investment opportunity.”
What to do if you think you’ve been scammed
David Hollingworth has been writing about technology for over 20 years, and has worked for a range of print and online titles in his career. He is enjoying getting to grips with cyber security, especially when it lets him talk about Lego.
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