Financial Crime World

Title: Thimphu Police Unravel Currency Exchange Scams in Bhutan: Hackings and Deception Lead to Millions in Losses

Currency Exchange Scams in Bhutan: Two recent cases and million-dollar losses

The Thimphu Police have recently uncovered two separate cases of currency exchange scams in Bhutan, resulting in significant financial losses for two Bhutanese citizens residing overseas.

  1. The First Case:

    • A Bhutanese man residing in Australia tried to exchange Nu 116,000 for Australian dollars.
    • He fell victim to a scammer after providing his account number.
    • The transaction was completed, but the Australian dollars never arrived.
    • The incident was reported to the police last month.

  2. The Second Case:

    • A Bhutanese student in Bangkok tried to exchange Nu 72,000 for US dollars.
    • She met with an individual on social media who claimed to be a fellow Bhutanese student with US dollars for exchange.
    • After transferring the funds, she did not receive US dollars and reported the incident to the police in February this year.

The Discovery: Hacked Social Media Accounts and Bank Details

Upon further investigation, the police discovered that:

  • The scammers had hacked into the social media accounts of the two Bhutanese victims and sent their bank account details to other individuals seeking foreign currencies.
  • In both cases, the scammers had allegedly deposited the funds obtained into a Bank of Bhutan (BOB) account belonging to a Bhutanese man living in Thailand who deals in cryptocurrency.

The Role of the Man in Thailand

When questioned by the police, the man in Thailand claimed:

  • He was unaware of the alleged crime.
  • He believed the funds he received were for selling cryptocurrency.

However, when learning about the incidents, he stopped releasing the cryptocurrencies upon receipt and received threat messages from the hackers.

The Extent of Financial Frauds in Bhutan

Financial frauds have become increasingly common in Bhutan:

  • Thimphu police recorded 45 such cases since 2023, causing losses over nine million ngultrum.
  • The most frequently reported fraud is related to hacking bank accounts using one-time passwords (OTPs).

Protecting Yourself from Currency Exchange Scams

To avoid falling victim to such scams:

  • Exercise caution when exchanging currency online.
  • Maintain the security of your banking applications.
  • Verify the authenticity of online interactions.