Thai police arrested a Chinese man suspected of operating a large cryptocurrency fraud that swindled close to 100 people out of over $14 million. Suspect Liang Ai-Bing was arrested on October 29, 2025, inside a posh three-storey house in the Wang Thonglang area of Bangkok.
Investigators said Liang had been living there alone since December 2024, paying about 150,000 baht ($4,645) in rent per month, according to a local news report. The arrest came after Thai and Chinese authorities worked together, sharing information that led to a court-approved search. Liang had been keeping a low profile until investigators linked him to a massive crypto Ponzi scheme that rattled investors across Asia.
The FINTOCH scam unfolds
Chinese officials said Liang and four partners, Al Qing-Hua, Wu Jiang-Yan, Tang Zhen-Que, and Zuo Lai-Jun, created a fake crypto investment platform called FINTOCH between December 2022 and May 2023. The site promised big profits from digital currency lending and staking. But in reality, it was a well-planned scam that collapsed after the team drained investors’ money.
The founders of FINTOCH cleverly applied marketing tricks to present their project as legitimate. They even invented a fake CEO named “Bob Lambert,” using a photo of American actor Mike Provenzano to give him a more realistic appearance. Despite warnings about the platform from the Monetary Authority of Singapore (MAS) in May 2023, investors kept funding it. The crew took about $31 million in user payments by the time it crashed.
Blockchain security firm Immunefi later reported that the FINTOCH rug pull was one of the major incidents that contributed to a 63% rise in crypto losses during Q2 2023 compared to the same quarter in 2022.
Inside the arrest and evidence
When police searched Liang’s home, they found an unlicensed Beretta pistol along with 20 bullets. They also took several electronic devices that may hold evidence of money transfers and chats with his partners. Liang now faces charges for owning an illegal firearm and entering Thailand without proper documents. Officials said they are working with Chinese authorities to send him back to China to face trial.
ZachXBT uncovering the scam
On-chain investigator ZachXBT exposed the scam early on, posting in May 2023: “It appears the team behind the ponzi DFintoch has likely exit scammed with 31.6m USDT on BSC after the funds were bridged to multiple addresses on Tron/Ethereum and people reported being unable to withdraw.”
Investigators said Liang and Tang built the FINTOCH platform, while Al and Wu took care of public relations and online promotions. Zuo handled marketing, helping the scam spread to thousands of unsuspecting investors. The group quickly fled the country when the investigation started— except for Zuo, who was later caught and released on bail.
A growing pattern of crypto crime
The FINTOCH fraud is part of a rising trend of China-linked crypto crimes spreading across Asia. Other cases join with one being a sentence of five individuals in October 2025 by the Beijing court to prison for operating a $166 million crypto investment scam disguised as a legitimate trading platform. The group lured investors with false promises of quick profits before vanishing with their funds.
Meanwhile, earlier this month, the U.S. government filed a forfeiture case against Chen Zhi, founder of Cambodia’s Prince Holding Group, to seize 127,271 Bitcoin — worth more than $14.2 billion — tied to “pig butchering” crypto scams. These scams often involve trafficked workers forced to con victims online under threat of violence.
In India, the Enforcement Directorate (ED) reported that Chinese crime groups control most illegal loan apps and crypto scams in the region. The agency said it has already tracked over Rs 28,000 crore ($3.3 billion) in dirty money linked to these operations.
Investigations showed that apps like LoanPro, FastCredit, and SmartRupee charged extremely high fees and misused people’s personal data to threaten them. Some victims faced such intense harassment that a few tragically took their own lives.
In August, Nigeria’s Economic and Financial Crimes Commission (EFCC) deported 102 foreign nationals, including 60 Chinese and 39 Filipinos, for cybercrime and crypto-related scams. Authorities said the syndicates targeted global victims through fake online romances and digital asset investments.
Liang’s arrest shows how Asian police are teaming up to stop global crypto scams. The FINTOCH case proves that fake names, flashy ads, and shady platforms can still fool investors. The case comes as a clear warning for anyone chasing quick profits in crypto.
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