Chinese authorities have extradited a man suspected of running a massive $14 billion cryptocurrency pyramid scheme. This marks the first time China has extradited someone for an economic crime from Thailand.
The Case of Zhang Moumou
Zhang Moumou, the alleged mastermind behind the scheme, was extradited from Thailand as part of China’s “Operation Fox Hunt.” This operation is a joint effort between Chinese and Thai authorities to track down and bring back criminals.
Zhang, who was on the run since 2020, is accused of leading a crypto pyramid scheme that scammed millions of people. Chinese authorities consider him a “major economic crime suspect.”
How the Scam Worked
Zhang was the head of the MBI Group, which operated an online crypto pyramid scheme. They lured people in with promises of high returns on investments.
Here’s how it worked:
- Membership Fees: People paid fees to join the platform, ranging from $98 to $34,300.
- Recruitment Bonuses: Participants earned money by recruiting new members and the more people they brought in, the more they earned.
This scheme managed to trap over 10 million people between 2012 and 2019, with a total of $14 billion involved.
The Long Road to Justice
- Investigation: In 2020, Chinese authorities began investigating Zhang and filed a case against him.
- Red Notice: Interpol issued a red notice for Zhang in 2021.
- Capture: Thai police arrested Zhang in July 2022.
- Extradition Request: Chinese authorities requested his extradition under a bilateral treaty.
- Court Approval: Thailand’s Court of Appeal approved the extradition in May 2024.
- Final Decision: Thailand’s government finalized the decision in August 2024, bringing the international manhunt to an end.
The successful extradition of Zhang is a significant achievement for law enforcement cooperation between China and Thailand. It highlights the growing importance of international collaboration in fighting financial crimes.
