Thimphu Police Freeze Bank Account in Bhutanese Currency Exchange Scam; Two Bhutanese Victims Lost over 188,000 Ngultrum

In a recent development, the Thimphu Police have taken action against a Bhutanese resident in Bangkok accused of defrauding two Bhutanese nationals in alleged currency exchange scams that resulted in financial losses of over 188,000 Ngultrum. Following a court order, the police have frozen the accused’s bank account.

Two Separate Incidents

The first incident involved a Bhutanese man residing in Australia who attempted to exchange Nu 116,000 for Australian dollars (AUD) on social media. However, after transferring the funds, he did not receive Australian dollars in return. Instead, he discovered that the person he had interacted with had disappeared. This case was reported to the police in March.

In the second instance, a Bhutanese student studying in Bangkok was reportedly swindled out of Nu 72,000 while attempting to exchange US dollars. The student encountered a perpetrator claiming to have US dollars for sale online. The victim transferred the funds, but no US dollars were received. This case was reported to the Thimphu Police in February.

Investigation Reveals Phishing Scheme

Investigations revealed that the alleged scammers in both cases had hacked into the social media accounts of two Bhutanese citizens and phished their bank account details. The scammers then contacted the victims proposing currency exchange, providing fake Bhutanese bank account numbers to carry out the transactions.

Victims Unaware of Deceitful Activities

However, according to the police, the Bhutanese individuals involved in the scams were unaware of the deceitful activities. They claimed to have received notifications regarding deposited amounts in their accounts, which were withdrawn almost immediately.

Scammers Used Fake Bank Account Numbers and Threat Messages

The Bhutanese man in Thailand, who reportedly received the deposited funds, was unaware of the crime. He believed he was selling cryptocurrency to an anonymous buyer. However, upon police inquiry, he admitted to receiving threat messages from the hackers after he failed to transfer the cryptocurrencies as demanded.

Rise of Currency Exchange Scams in Bhutan

The police are currently investigating the cases while emphasizing the rise of currency exchange scams in the country. Thimphu Police have registered 45 such cases since the beginning of 2023, resulting in losses exceeding nine million ngultrum.

Advice to Bhutanese Residents

The police advised Bhutanese residents traveling or residing overseas to exercise caution when exchanging currency and remain vigilant. They also suggested securing banking apps and verifying the authenticity of online interactions to avoid falling victim to money scams.

Key Takeaways:

Two Bhutanese nationals lost over 188,000 Ngultrum in alleged currency exchange scams
Scammers hacked into social media accounts and phished bank details
Victims were unaware of deceitful activities until after the transactions
Police have registered 45 such cases since January 2023, resulting in losses exceeding nine million ngultrum
Residents are advised to exercise caution when exchanging currency and secure banking apps.