International operation shuts nine crypto scam centers, arrests 276 suspects
Summary
An international operation led by Dubai Police arrested at least 276 suspects and shut nine crypto investment fraud centers. U.S. authorities linked millions in losses to the schemes, which used romance-baiting to lure victims to fake platforms.
Key points
- Dubai Police and international partners shut down nine crypto investment fraud centers and arrested at least 276 suspects.
- The schemes used fabricated friendships or romances to steer victims to fake cryptocurrency platforms; court documents say victims lost control of transferred funds, which were then laundered.
- Prosecutors charged Thet Min Nyi and Indonesian nationals Wiliang Awang, Andreas Chandra, and Lisa Mariam in alleged operations linked to Ko Thet Company, Sanduo Group, and Giant Company.
- FBI investigators linked the schemes to millions of dollars in U.S. losses through IC3 complaints; the FBI’s 2025 report recorded $8.6 billion in investment-fraud losses.
- Two co-conspirators were reported to remain fugitives. The article also notes the U.S. Scam Center Strike Force and a separate European operation against a crypto-fraud ring.
Article Details
- Event Type
- International law enforcement operation arresting suspects and dismantling cryptocurrency investment fraud centers.
- Impact
- Authorities arrested at least 276 suspects and shut down nine fraud centers. The schemes used romance baiting to direct victims to fake cryptocurrency investment platforms; court documents state victims lost control of transferred funds, which were then laundered. Investigators linked U.S. victims to losses totaling millions of dollars.
People
Threat Actors
Andreas ChandraIndonesian national facing wire fraud conspiracy charges tied to the alleged Giant Company scam ring; Dubai Police arrested him.Giant CompanyIdentified as an alleged scam ring linked to wire fraud conspiracy charges.Ko Thet CompanyNamed as a scam operation for which prosecutors allege Thet Min Nyi acted as manager and recruiter.Lisa MariamIndonesian national facing wire fraud conspiracy charges tied to the alleged Giant Company scam ring; Dubai Police arrested her.Prince GroupDescribed in the article as a criminal organization that stole billions from Americans through cryptocurrency investment scams; the DOJ seized $15 billion from its leader.Sanduo GroupIdentified as an alleged scam ring linked to wire fraud conspiracy charges.Thet Min NyiFaces wire fraud and money-laundering conspiracy charges; prosecutors allege he managed and recruited for the Ko Thet Company scam operation.Wiliang AwangIndonesian national facing wire fraud conspiracy charges tied to the alleged Sanduo Group scam ring; Thailand’s Royal Thai Police apprehended him.
Countries
ThailandWhile Dubai Police arrested Thet Min Nyi, Chandra, and Mariam, and Thailand’s Royal Thai Police apprehended Awang, two additional co-conspirators remain fugitives.UAEThe crackdown was led by Dubai Police under the UAE Ministry of Interior and targeted crime networks running so-called pig-butchering schemes (also known as romance baiting), a form of fraud in which scammers buildUnited StatesA joint international operation led by Dubai Police with U.S., Chinese and other partners arrested at least 276 suspects and shut down nine cryptocurrency investment fraud centers that ran pig-butchering romance-baiting