Three defendants accused of defrauding a Finnish man of over 5000 BTC, worth $24 million at the time, have pleaded not guilty to money laundering charges. Prinya Jaravijit and his younger siblings Supitcha and Jiratpisit entered the pleas in a criminal court in their native Thailand, as reported by the Bangkok Post.
The case involved a fake crypto called Dragon Coin, which was apparently to be used for gambling purposes, as well as a software company called Expay Software Co. 21-year-old Aamai Otava Saarimaa invested his BTC between June and December 2017, and it was subsequently appropriated and laundered through a number of different wallets by the Jaravijit siblings’ parents.
The parents of the siblings face more serious charges, as they were the ones directly laundering the Bitcoin assets. Staff at three major Thai banks are also suspected of involvement in the fraud.
Most of the funds were used to buy real estate in various places around Thailand. The younger Jaravijit brother Jiratpisit, a 27-year-old TV actor also known as “Boom”, spent 43 million baht ($1.3 million) buying land in the Chatuchak district of Bangkok
The victim no longer wished to press charges after his funds were returned to him, but Thai law enforcement is going ahead to get a conviction. The next court date is set for December 24, when evidence and witness lists will be examined in preparation for the trial.
*This post is credited to Chepicap