Cybercrime Syndicate in Myanmar

A cybercrime syndicate in Myanmar has been accused of launching a gold coin cryptocurrency investment scam, primarily targeting U.S. citizens, as reported by two victims from Telangana, India.

Modus Operandi

The syndicate allegedly deceived individuals by promoting a fraudulent investment scheme, manipulating prices, and using fake online identities. The crypto investments were falsely claimed to be backed by gold, misleading victims into investing.

Victims were recruited and forced into illegal activities. One victim, 23-year-old Katam Venu, was assigned to the Shanshub Company, where he used a fake identity to build trust with potential U.S. investors.

Katam engaged with investors over WhatsApp and Facebook, convincing them to buy digital assets associated with gold coins. The scammers manipulated prices to create an illusion of profitability. However, victims discovered that their funds were locked and inaccessible upon trying to withdraw.

Criminal Work and Exploitation

Over three months, Katam received no payment and was pressured to recruit more victims. Another victim, Mohammed Arbaz Bin Ba Bazer, detailed his experience in social media manipulation for the Zhantu Company. The syndicate created fake accounts posing as celebrities, building trust before introducing fraudulent investment opportunities.

Using U.S. numbers, Mohammed engaged targets, leading them to purchase assets from a controlled platform. Yet, once transactions were completed, withdrawal was impossible.

Both Katam and Mohammed were rescued in a military operation at KK Park in Myanmar and returned to India.