In a significant international operation, authorities have arrested 276 individuals and dismantled nine centers involved in cryptocurrency investment fraud, seizing assets totaling $701 million. This crackdown, led by the Dubai Police under the United Arab Emirates (UAE) Ministry of Interior, was conducted in partnership with the U.S. Federal Bureau of Investigation (FBI) and the Chinese Ministry of Public Security. The operation targeted scam centers that orchestrated fraudulent cryptocurrency investment schemes, resulting in substantial financial losses for victims, particularly in the United States.
Among those apprehended are individuals from Burma and Indonesia, detained by authorities in Dubai and Thailand. Notably, Thet Min Nyi, 27; Wiliang Awang, 23; Andreas Chandra, 29; Lisa Mariam, 29; and two fugitive co-conspirators have been charged in the U.S. with federal fraud and money laundering offenses. Assistant Attorney General A. Tysen Duva of the Justice Department’s Criminal Division emphasized the global reach of law enforcement, stating, Fraudsters who target Americans from overseas cannot operate with impunity, no matter where in the world they reside.
The indictment alleges that the defendants managed and recruited for three companies—Ko Thet Company, Sanduo Group, and Giant Company—that operated multiple scam centers. Thet Min Nyi is identified as the manager and recruiter for Ko Thet Company. These operations employed deceptive tactics, commonly known as pig butchering or romance baiting, where scammers build trust through friendly or romantic relationships before enticing victims into fraudulent cryptocurrency investments. This scheme is often linked to human trafficking, with individuals coerced into participating under false pretenses of lucrative employment.
The fraudulent process involved scammers promoting cryptocurrency investments, assisting victims in setting up accounts, and transferring funds to fictitious investment platforms. They showcased their own alleged successes to persuade victims to invest more, even encouraging them to borrow money from friends, family, or take out loans to increase their investments. Once the funds were transferred, they were laundered through various cryptocurrency accounts, including those controlled by the fraudsters.
The FBI, through its initiative Operation Level Up launched in January 2024, has proactively identified and alerted victims of such schemes. As of April 2026, the FBI has notified nearly 9,000 victims and prevented an estimated $562 million in potential losses.
In a related development, the Department of Justice recently charged two Chinese nationals, Jiang Wen Jie (aka Jiang Nan) and Huang Xingshan (aka Ah Zhe and Huang Xing Saan), for their involvement in a significant cryptocurrency investment fraud operation. They are accused of operating the Shunda scam compound in Min Let Pan, Myanmar, and planning to establish a second scam center in Cambodia after the first was seized by Burmese authorities in November 2025.
These coordinated efforts underscore the commitment of international law enforcement agencies to combat transnational financial crimes and protect individuals from sophisticated cryptocurrency investment fraud schemes.
