Thailand has issued a wanted notice for a Chinese businessman: $28 million in stolen electricity and illegal mining.
Thai law enforcement authorities have issued an arrest warrant for Chinese entrepreneur Wang Yicheng, suspected of organizing a large-scale illegal crypto mining scheme. This case has attracted regional attention due to the record-breaking damage and the sophistication of the criminal network.
According to the investigation, the criminal group, allegedly led by Wang Yicheng, illegally connected to Thailand's power grids, stealing electricity worth approximately $28 million. These resources were used to power industrial mining farms extracting cryptocurrencies. Furthermore, it was revealed that the proceeds were laundered through a chain of shell companies linked to online gambling and scam projects.
In November of this year, Wang Yicheng was officially charged with electricity theft and violations of computer crime laws. Investigators believe the businessman has already left Thailand, significantly complicating his capture. Thailand's Department of Special Investigation (DSI) has sent requests to Interpol to place the suspect on an international wanted list.
This case highlights the growing problem of illegal mining in Southeast Asia, where cheap electricity is often a target for theft. In my estimation, such schemes could cause hundreds of millions of dollars in annual damage to the state budgets of countries in the region. Without strengthening oversight of industrial energy consumption and implementing a monitoring system for mining capacities, we will see an increase in such crimes.