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On August 20, Thai law enforcement agencies handed over the founder of the MBI Group cryptocurrency pyramid Zhang Moumou to the Chinese authorities. This is reported by the Chinese media.
According to journalists, this is the first case of successful extradition of a suspect in economic crimes from Thailand to China.
MBI Group has been operating since 2012. Victims had to pay a contribution of 700 to 245,000 yuan ($98 to ~$34,300) and were promised high returns on investments in the digital currency. More than 10 million people participated in the scam project, the total amount of funds raised exceeded 100 billion yuan (approximately $14 billion).
In 2020, a criminal case was opened against Zhang. A year later, the Chinese authorities issued a "red notice" on the detention of the founder of MBI Group. He was caught on July 21, 2022 in Thailand. The decision on extradition was made by a local court in May of this year.
According to journalists, this is the first case of successful extradition of a suspect in economic crimes from Thailand to China.
MBI Group has been operating since 2012. Victims had to pay a contribution of 700 to 245,000 yuan ($98 to ~$34,300) and were promised high returns on investments in the digital currency. More than 10 million people participated in the scam project, the total amount of funds raised exceeded 100 billion yuan (approximately $14 billion).
In 2020, a criminal case was opened against Zhang. A year later, the Chinese authorities issued a "red notice" on the detention of the founder of MBI Group. He was caught on July 21, 2022 in Thailand. The decision on extradition was made by a local court in May of this year.
