Former Aussie cop loses $1.9m in crypto scam
Michael John Reinecke, 63, was allegedly convinced into handing over his life savings to a high-flying German expat through an illegitimate cryptocurrency website.
The accused scammer is said to have lured the Aussie in with promises of lucrative monthly returns of 5 to 10 per cent through a supposedly exclusive crypto platform.
Things took a turn for the worse when the man suddenly shut down the 'investment platform' and disappeared with the funds.
Adding insult to injury, the alleged scam artist continued to live the high life after Thai police issued a warrant for his arrest.
Extraordinary photos shared to social media show him posing in swimming pools, driving luxury cars, spending time on yachts, riding private jets and holding designer goods.
Mr Reinecke and his Thai wife Areeat Noonyot, 50, reported the alleged scam at their local police station in Udon Thani Province on July 18.
The pair told local police that they lost over 40,000,000 Thai Baht ($1.9 million).
The expat, who retired to Thailand after a career as a cop in Queensland admitted he had 'made a mistake.'
'I was genuinely looking forward to a happy retirement with my Thai wife and never imagined I would be defrauded of nearly 40 million Baht like this. I am deeply saddened,' he said.
Thai cops facilitate bizarre face-off
In a bizarre form of conflict resolution, Thai police seated filmed the moment they arrested the alleged scammer and led him into a conference room to face off with Mr Reinecke.
'These guys are on top of you,' Mr Reinecke says, before signalling to surrounding officers.
'Do you really think this is going to help the situation? That you are going to get your money back?,' the alleged scammer replies.
'You should've thought about that before you did it, before you bullsh***ed me,' shoots back Mr Reinecke.
'Believe what you want. I have my lawyers and my witness statements, it will take time but I will be fine,' the alleged scammer continues.
'I will mostly die here in Thai prison, is that what you want?'
'You should have thought about that before you started ripping people off,' Mr Reinecke retorts.
The pair continue to go back and forth for one minute until the footage cuts to the accused scammer being led away by police while Mr Reinecke takes photos with a Thai officer.
The 63-year-old revealed he became acquainted with his alleged scammer through social media before travelling to Phuket to discuss the investment in person, saying he was influenced by his apparent credibility and knowledge.
The accused, a self-proclaimed 'crypto millionaire', posted a string of videos and pictures of himself living the high-life on social media after ghosting Mr Reinecke.
Inside dramatic arrest of alleged crypto scammer
Police launched an investigation into the matter and secured a warrant for the German expat's arrest before storming his home on August 1.
CCTV captured the man scrambling to evade police moments later by climbing a fence.
Police eventually caught up with the alleged scammer at Adrenaline Fitness Club where he confessed to being the subject of the arrest warrant, but denied scamming Mr Reinecke.
In a press conference over the weekend, police Colonel Phattanawong Chanphon, superintendent of Mueang Udon Thani Police Station, told local media: 'The subject denied all charges, insisting he did not intend to trick Reinecke.'
'He claimed that he lost his phone and was hacked, which prevented him from calling or refunding the money.
'However, we do not believe him because while we were waiting for the court to issue his warrant, he was still livestreaming on his accounts and luring people to invest with him.
'We believe there are more Thai and foreign victims who fell for his scam,' he concluded.
Authorities confirmed the expat would be charged with fraud and 'fraudulently importing false computer data in a computer system in a manner likely to cause damage to the public.'
Mr Reinecke and his wife thanked police for the arrest, detailing how he 'couldn't sleep' after being scammed.
'I was so worried that I even had to see a doctor. When I heard the news yesterday that the police had arrested him, I was so happy that I finally had a good night's sleep.'
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