Millions of dollars in assets seized, arrest warrants issued in Thailand scam crackdown

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Thailand has seized more than $300 million in assets, including shares in a major regional energy company, and issued arrest warrants for 42 people in a high-profile crackdown on regional fraud networks, officials said on Wednesday.

Parts of Southeast Asia, including the border regions between Thailand, Myanmar and Cambodia, have become hotbeds of online fraud, with criminal networks making billions from illegal compounds where trafficked victims are often forced to work.

The raids and warrants included Chinese-Cambodian tycoon Chen Zhi, head of the US-sanctioned Prince Group, and Cambodian nationals Kok An and Yum Lek, who authorities said were linked to international online scam operations.

The Prince Group did not immediately respond to a request for comment. Chen, who is also facing indictment by the United States, could not be reached for comment. Last month, the Prince Group denied involvement in any illegal activities by the company or Chen.

Although hundreds of people have been detained in the region for their alleged involvement in scam centers that have defrauded people around the world, law enforcement agencies have yet to arrest the suspected masterminds of the lucrative networks.

“We have seized 10,157 million baht ($318 million) worth of assets. The criminal court has issued arrest warrants for 42 people,” Thai Central Investigation Bureau deputy commissioner Suphon Sarafat told a press conference.

“As of yesterday, 29 people have been arrested.”

Some of the seized assets were linked to Prince Group head Chin. Thailand’s Anti-Money Laundering Office said in a statement that investigators had received “information about online fraud, human trafficking, and money laundering networks” linked to Chen and his associates. He did not give further details.

Chen’s whereabouts were unknown and it was not immediately clear if he was one of the people subject to a Thai arrest warrant.

In the past two months, authorities in Hong Kong and Singapore have frozen assets linked to the Prince Group, or assets worth $354 million and $116 million, respectively, after the United Kingdom and the United States sanctioned the Southeast Asia-based multinational network over allegations it was involved in scam centers.

In October, the U.S. Department of Justice charged Chen with wire fraud conspiracy and money laundering conspiracy for allegedly directing the operation of Prince Group’s forced labor scam compounds throughout Cambodia.

In a statement, the Prince Group dismissed the allegations as baseless, saying that neither the company nor Chen had engaged in illegal activity.

Another alleged scam operation involved Yum Lek, described by Thai authorities as “heir to an influential network in Cambodia” that carried out fraudulent transactions, including domestic and international money transfers, the statement said.

The Anti-Money Laundering Office said it had seized trading accounts linked to the YIM leak as part of an investigation, including shares in energy major Bangchak Corp (BCPBK), which opened a new tab worth 6 billion baht ($188 million).

Bangchak said the actions taken by the Thai authorities concerned individual shareholders, adding that he would cooperate with the authorities and was committed to transparency.

“This matter is separate from Bangchak’s business operations and management, which continue as normal and remain fully stable,” it said in a statement.

Shares in Bangchak closed up 1.87 percent on Wednesday.

Thai authorities said they had also identified a criminal group operating out of facilities in another Cambodia, using illegal proceeds to acquire assets in Thailand.