- Zhang, associated with the MBI Group, led a pyramid scheme affecting over 10 million members globally.
- Legal actions against Zhang started in November 2020, culminating in his extradition in August 2022.
- The extradition showcases effective China-Thailand legal collaboration, enhancing global economic security efforts.
Recently, the Chinese government has successfully banished an economic crime suspect from Thailand, marking an essential step in its fight against financial crimes. The suspect, associated with the MBI Group, allegedly ran a digital currency pyramid scheme that assembled over 10 million members and involved funds exceeding 13 billion US dollars.
Read CRYPTONEWSLAND on
google news
Extradition and Crime
The suspect, Zhang, is believed to have led an expansive scheme under the name of the MBI Group. This group promised great returns on investments in digital currencies, which authorities have determined to be a pyramid scheme, as noted by Wu Blockchain.
The operation attracted millions of investors globally, drawing them into a web of unrealistic financial promises and investments in non-existent digital assets. The scheme’s vast reach and the amount involved showed the complex nature of modern financial crimes that span multiple jurisdictions.
According to Xinhua News Agency, Zhang is accused of heading the MBI, which has been involved in a digital currency pyramid scheme since 2012. The group allegedly required members to invest 700 to 245,000 yuan to join, noting high returns based on recruitment and investment levels. The scheme reportedly amassed over 10 million members and involved over 100 billion yuan.
International Cooperation and Legal Proceedings
The legal steps against Zhang began when the Chongqing Municipal Public Security Bureau filed a case in November 2020. Following an international red notice by Interpol’s China National Central Bureau in March 2021, Zhang was detained by Thai police on July 21, 2022.
After his arrest, China requested his extradition, which the Thai Court of Appeal approved on May 21 this year. The decision was finalized with the Thai government’s administrative support on August 14. The suspect is now expected to face legal proceedings in China, where the courts will further investigate the allegations and administer justice.
Crypto News Land, also abbreviated as “CNL”, is an independent media entity – we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
