Thai police have taken down an international gang that allegedly scammed older Americans out of $87 million by claiming to be law enforcement officials investigating money laundering.
The Associated Press reported 21 suspects were arrested on Tuesday in raids that focused on nine locations in Thailand. Authorities seized 162 bank accounts, multiple properties, 61 mobile phones, two cars and a gun. Another suspect was arrested Wednesday.
The wide-reaching investigation was led by Thailand’s Cyber Crime Investigation Bureau (CCIB) and was sparked by information from the FBI and the U.S. Secret Service.
Authorities allege the scammers operated out of call centers and would claim to be law enforcement agents investigating money laundering. They would tell victims their bank accounts were suspicious and that money needed to be electronically transferred for the accounts to be verified, AP reported. Some victims’ computers were also allegedly hacked by the gang, which sent viruses that allowed scammers to take control of their devices.
Victims were mostly elderly Americans and some worked as doctors, academics, dentists and army personnel, added Mister Truth. Thailand’s deputy national police chief Pol Gen Torsak Sukvimol told a news conference at the Royal Thai Police headquarters that 365 Americans were targetted and most of them were aged over 60, added the outlet.
Investigators tracked the money as it was laundered through gold shops, restaurants and various entertainment venues in the Thai province of Chonburi, around 80 miles southeast of Bangkok, reported Mister Truth.
Police said Indian nationals were leading the syndicate and had assets hidden in Thailand, Cambodia, Singapore, Malaysia, Hong Kong, United Arab Emirates, Peru and Poland.
Five Indian nationals and 15 Thais have been charged with involvement in transnational crime, fraud by impersonating others, fraud of the people, inputting false information into computer systems that causes damage to others, money laundering and conspiring to launder money.
FBI cyber safety warnings state that government impersonation is a common fraud scheme that’s frequently used to target the elderly.
The FBI’s website added that seniors are targeted by scammers because they tend to be trusting and are more likely to both own a home and have financial savings. Elder fraud is also a growing problem and seniors rack up more than $3 billion in losses annually, per the FBI.
If you believe you or someone you know may have been a victim of elder fraud, contact your local FBI field office or submit a tip online.