Authorities in Thailand have arrested top local OneCoin promoter Mana Chu Mueang.
Mana, who refers to himself as a “cryptocurrency wizard”, is believed to have stolen over 500 million baht from OneCoin victims ($16.3 million USD).
According to Thai authorities, Mueang’s OneCoin Ponzi downline spanned “about ten countries” in Asia.
Mueang stands accused of ripping off Thai, Vietnamese, South Korean “and other foreigners”, by getting them to invest in OneCoin.
Mueang’s OneCoin pitch saw him tell potential investors they could
get good profits by investing only 200 days to get 400% immediately.
Those promises came crashing down in early 2017 after OneCoin collapsed.
OneCoin’s collapse saw Mueang go into hiding to avoid his victims, prompting them to file complaints with Thai police.
On September 4th Mueang was arrested during a football match. The match was taking place in Phichit province, central Thailand.
Several co-conspirators remain at large, however Thai authorities believe some have already fled the country.