Financial Crime World

Thimphu Police Uncover Two Separate Financial Fraud Cases Involving Bhutanese Citizens

Thimphu, Bhutan - The Thimphu Police have taken significant strides in freezing a bank account linked to a Bhutanese resident in Thailand following a court order. The account is believed to be associated with two separate financial fraud cases involving Bhutanese victims seeking to exchange their ngultrum for foreign currencies.

Two Instances of Financial Fraud

  1. Australian Victim A Bhutanese man residing in Australia attempted to exchange his Bhutanese currency into Australian dollars (AUD). He came into contact with an individual on social media, falsely claiming to be a Bhutanese national based in Australia with Australian dollars for exchange. The Australian transferred Nu 116,000 to the account provided by the fraudster but did not receive any AUD in return.

  2. Bangkok Student Victim A Bhutanese student studying in Bangkok attempted to exchange his ngultrum for US dollars (USD). He linked up with someone on social media, pretending to be another Bhutanese student studying in Bangkok and in possession of USD for exchange. The student wired Nu 72,000 but did not receive the USD he was expecting.

Scammers Hacked Social Media Accounts and Phished Bank Details

Thimphu Police investigations revealed both perpetrators had hacked into the social media accounts of the two Bhutanese victims to phish their bank account details. Utilizing the social media accounts, the scammers sent the account numbers of the Bhutanese citizens to the victims seeking foreign currencies.

Both victims claimed they had received messages about funds being deposited into their accounts, but the funds were withdrawn minutes later. While the victims were initially unaware of the fraudulent activities, the police discovered that the criminal proceeds from both scam cases were deposited into a Bank of Bhutan (BOB) account owned by a Bhutanese man residing in Thailand.

The man, who deals in cryptocurrency, reported that he had sold cryptocurrency for the deposited funds but was unaware of the crime. He also reported receiving threat messages from the hackers after he learned about the incidents.

The Threat of Financial Frauds in Bhutan

Since 2023, Thimphu Police have documented 45 financial fraud cases, leading to financial losses of over nine million ngultrum. The most widespread reported fraud involves hacking bank accounts using one-time passwords (OTPs).

Prevention and Protection

  • Bhutanese traveling or residing overseas are advised to exercise caution when exchanging currencies.
  • Staying vigilant and verifying the authenticity of online interactions is essential to avoid falling victim to money scams.
  • Securing your banking apps is crucial to prevent unauthorized access and keep your personal and financial information safe.