Tech

Russian cyber crook who co-founded online fraud group which stole $530m nabbed in Thailand

Russian cyber crook who co-founded online fraud group which stole $530m nabbed in Thailand

Thai authorities have arrested 31-year-old Russian cybercriminal Sergey Medvedev who is accused of co-founding the “Infraud Organisation”, an online network which focuses on financial fraud.

According to Nuthapon Rattanamongkolsak, an officer from Thailand’s Crime Suppression Division, Medvedev is now “being detained at Bangkok Remand Prison waiting for authorities to take him to the US for prosecution.

Medvedev was one of the 36 individuals cited in an indictment for racketeering and their involvement with Infraud, which allowed its members to buy and sell credit card and other financial information.

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According to US authorities, the conspiracy caused $530m (£380m) of losses during its existence between October 2010 and this February, when a US-led operation shut it down.

Infraud had 10,901 members when it was closed down, according to US authorities, 13 of whom were arrested in February across a number of countries including the US, France, Australia, Italy, Kosovo, Serbia, and the UK.

Sealed charges were filed against these suspects and 23 others on October 31, 2017, although the seal on those court documents have now been lifted.

 

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