Thai and Chinese authorities have arrested a Chinese national in Bangkok suspected of masterminding a $14 million cryptocurrency fraud that ensnared nearly 100 victims across Asia. The suspect, identified as Liang Ai-Bing, was apprehended on October 29, 2025, following a joint investigation that exposed his ties to the notorious FINTOCH crypto scam. Police found him living alone in a lavish three-storey residence in the Wang Thonglang district of Bangkok, paying approximately 150,000 baht ($4,645) monthly rent since December 2024.
Authorities say Liang had been living quietly, avoiding attention, until investigators linked him to a vast Ponzi scheme that operated under the guise of a legitimate crypto lending and staking platform. FINTOCH was created between December 2022 and May 2023 by Liang and four other Chinese partners—Al Qing-Hua, Wu Jiang-Yan, Tang Zhen-Que, and Zuo Lai-Jun. The team promised investors high yields on digital assets, but the project was a sophisticated deception that collapsed after the operators siphoned off millions of dollars.
To lend credibility to the fake platform, the scammers invented a fictitious CEO named “Bob Lambert,” using an image of American actor Mike Provenzano to create an identity that appeared authentic. Despite a public warning from the Monetary Authority of Singapore in May 2023, investors continued to pour funds into the project. By the time it imploded, FINTOCH had reportedly amassed about $31 million in deposits. Blockchain security firm Immunefi later noted that the scam contributed significantly to a 63% surge in crypto-related losses in the second quarter of 2023 compared to the previous year.
During the arrest, police discovered a Beretta pistol with 20 bullets and several electronic devices believed to contain key evidence, including financial records and communications with his co-conspirators. Liang faces charges for illegal possession of a firearm and unlawful entry into Thailand. Officials said he would be extradited to China to face prosecution.
The FINTOCH operation first came to light after blockchain investigator ZachXBT flagged suspicious fund movements in May 2023, noting that the team had “likely exit scammed with 31.6 million USDT” after bridging funds across multiple blockchains. Investigations later revealed that Liang and Tang developed the core platform, while Al and Wu handled communications and promotions, and Zuo oversaw marketing.
Liang’s arrest reflects an escalating wave of crypto-related crimes linked to Chinese networks across Asia. Earlier in October, a Beijing court sentenced five individuals to prison for a $166 million crypto investment fraud. In a separate case, U.S. prosecutors moved to seize 127,271 Bitcoin—worth more than $14 billion—from Chen Zhi, a Cambodian tycoon accused of running large-scale “pig butchering” scams. Similar patterns have emerged in India and Nigeria, where authorities continue to crack down on fraudulent loan and crypto schemes targeting global victims.
The FINTOCH saga underscores how persuasive branding, false identities, and cross-border operations continue to exploit the crypto industry’s trust gap—reminding investors that even polished platforms can conceal deep deception.
