The Chinese government has declared that Zhang Moumou, the architect of a large-scale crypto pyramid scheme, has been handed over from Thailand to China after a thorough international search.
Local media reports that this is the first time China has successfully brought an economic crime suspect from Thailand since the two countries signed the Extradition Treaty back in 1999.
Zhang’s Extradition: Major victory in crypto fraud battle
Zhang’s handover on Aug. 20 is a major step forward in the worldwide battle against financial crime, especially in the fast-changing world of digital currencies. Zhang, who’s been on the run since 2020, led the infamous MBI Group. Since 2012, this criminal outfit has run a complex online pyramid scheme, tricking people by offering virtual currency and promising big returns on their investments.
Participants had to pay fees ranging from 700 to 245,000 yuan ($98 to $34,316) to join the platform. Their earnings depended on the number of new members they recruited and the amount of money invested. Ultimately, the scheme trapped over 10 million people, with the total funds involved surpassing 100 billion yuan ($14 billion).
The vast and complex operations of the MBI Group made Zhang one of China’s most sought-after suspects for economic crimes. In Nov. 2020, the Chongqing Municipal Public Security Bureau officially charged him. By Mar. 2021, Interpol’s China National Central Bureau had issued a red notice calling for his arrest.
Arrest to deportation
China’s request to extradite Zhang was based on the agreement between the two countries. The Thai Court of Appeal gave its final approval for the extradition on May. 21, 2024. The Thai government officially confirmed the decision on Aug. 14, paving the way for Zhang’s return to China shortly afterward.
Moreover, this successful operation is the result of a team effort involving China’s Ministry of Public Security, thai law enforcement, and the Chinese Embassy in Thailand. They all collaborated under the “Fox Hunting Operation” banner.
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