Thailand seizes more than $300m in assets and issues 42 arrest warrants in cyberscam crackdown | Thailand
Thailand has seized assets worth more than $300 million, including shares of a major regional energy company, and issued arrest warrants for 42 people in a high-profile operation against regional fraud networks, authorities said on Wednesday.
Parts of Southeast Asia, including the border regions between Thailand, Myanmar and Cambodia, have become hubs for online fraud; Criminal networks make billions of dollars from illegal settlements where trafficking victims are often forced to work.
The seizures and arrests include Chinese-Cambodian businessman Chen Zhi, chairman of the US-sanctioned Prince Group, and Cambodians Kok An and Yim Leak, who authorities say are all linked to international online fraud operations.
Prince Group did not immediately respond to a request for comment. Chen, who has also been indicted by the United States, could not be reached for comment. Last month, Prince Group denied that the company or Chen was involved in any illegal activity.
Reuters was unable to contact Kok An, Yim Leak or their representatives and had no public comment on the allegations.
Hundreds of people in the region have been detained for allegedly participating in fraud centers that defraud people around the world, but law enforcement has yet to arrest the suspected masterminds of the lucrative networks.
“We seized assets worth 10 billion 157 million baht [$318m]Sophon Saraphat, deputy commissioner of Thailand’s Central Bureau of Investigation, said at a press conference: “Arrest warrants have been issued by the criminal court for 42 people.
“As of yesterday, 29 people were arrested.”
Some of the seized assets were tied to Chen. Thailand’s Anti-Money Laundering Office (Amlo) said in a statement that investigators found “information about online fraud, human trafficking and money laundering networks” linked to Chen and his associates. They did not provide further details.
Chen’s whereabouts were unknown and it was not immediately clear whether he was one of the people for whom an arrest warrant had been issued in Thailand.
Over the past two months, authorities in Hong Kong and Singapore have frozen or seized assets linked to Prince Group worth $354 million and $116 million respectively, after the UK and the US sanctioned the southeast Asia-based multinational network on charges that it was operating fraud centres.
In October, the U.S. justice department charged Chen with wire fraud conspiracy and money laundering conspiracy for allegedly directing Prince Group’s operations related to forced labor fraud across Cambodia.
Prince Group rejected these allegations as unfounded, saying in a statement that neither the company nor Chen had engaged in illegal activity.
Another alleged fraud operation involved Yim Leak, whom Thai authorities described as “the heir to an influential network in Cambodia” who conducted fraudulent transactions, including domestic and international money transfers, the Amlo statement said.
Amlo said it seized trading accounts linked to Yim Leak as part of the investigation, including shares of energy giant Bangchak Corporation worth 6 billion baht ($188 million).
Bangchak stated that the actions taken by Thai authorities concern an individual shareholder and that he will cooperate with the authorities and remain committed to transparency.
“This matter is separate from Bangchak’s business operations and management, which continue normally and remain fully stable,” the statement said.
Bangchak’s shares closed 1.87% higher on Wednesday.
Thai authorities also claimed to have identified a criminal group operating from Kok An-owned facilities in Cambodia and using the illicit proceeds to establish assets in Thailand.
The Cambodian government and foreign ministry did not immediately respond to requests for comment about Thai authorities implicating Cambodian citizens in online scams.
