The suspect reportedly collaborated with others to defraud victims through a fake cryptocurrency scheme
Thailand’s Crime Suppression Division arrested Mana Jumuang this weekend on charges related to a cryptocurrency fraud that allegedly defrauded investors between 2018 and 2019. The 50-year-old is accused of masterminding the operation and unlawfully obtaining more than 500 million baht—nearly $15 million—before abandoning investors.
According to a report in the Bangkok Post, Jumuang worked with co-conspirators to promote the scheme. They allegedly targeted both domestic and foreign victims by promising extraordinary returns, claiming investors could earn up to 400% after an investment period of 200 days.
Jumuang cultivated a reputation as a cryptocurrency expert, reassuring investors that they would receive strong returns by investing in the token OneCoin. Unaware that the offer was fraudulent, many investors contributed significant sums to the scheme.
Classic Ponzi scheme
Police Major General Montri Thetkhan, commander of the Crime Suppression Division, said Jumuang and his accomplices posed as legitimate businesspeople and digital asset traders. They reportedly told investors they operated legitimate storefronts dealing in food, cosmetics, vehicles and clothing to bolster their credibility.
To attract and retain participants, Jumuang paid early investors dividends from funds provided by later participants—consistent with a classic Ponzi structure. He became unreachable once the total inflows reached about 500 million baht, prompting victims to file complaints after Jumuang and his associates vanished. Authorities issued arrest warrants, and although Jumuang was initially arrested in May 2019, he fled after being released on bail. Reports indicate a total of 14 warrants had been issued before his recent apprehension.
Possible links to the “Cryptoqueen” case
Investigators are looking into whether Jumuang’s operation is connected to a prior OneCoin-related Ponzi scheme run by Bulgarian fraudster Ruja Ignatova, widely referred to in the media as the “Cryptoqueen.”
Ignatova’s OneCoin scheme reportedly defrauded victims worldwide of roughly $4 billion between 2014 and 2016 before she disappeared in 2017. Before launching OneCoin, Ignatova allegedly ran an earlier scam known as BigCoin. OneCoin has been described by authorities and analysts as a fraudulent cryptocurrency because it was never traded on legitimate exchanges and could not be used for real purchases. The project was launched in September 2014 by Ignatova and her brother, with involvement from associates including Sebastian Greenwood.