On December 4, in a strong effort to eradicate high-tech crime "rings" in Southeast Asia, the Thai government announced the results of the latest crackdown campaign.
The Central Investigation Commission of Thailand (CIB) confirmed that it has frozen and seized assets worth up to 10.157 billion baht (equivalent to about 318 million USD), including many shares in large corporations.
sophon Saraphat, Deputy Director of the CIB, said the criminal court had issued arrest warrants for 42 individuals involved in cross-border fraud rings. As of December 3, the authorities have arrested 29 subjects in this list.
The investigation directly targets influential figures. The most prominent is Chen Zhi, the billionaire head of Prince Group (Prince Group).
The Anti-Money Laundering Office of Thailand (AMLO) said it had found evidence linking Chen Zhi to online fraud networks, human trafficking and money laundering.
Currently, Chen Zhi's whereabouts are still a mystery. Previously, this figure was also prosecuted by the US Department of Justice for operating labor forced fraud areas.
Another figure on target is Yim Leak, who is described as the heir to a power grid in Cambodia.
The authorities have confiscated Yim Leak's trading accounts, including shares worth up to 6 billion baht ($188 million) at Bangchak Energy Group.
Responding to this, Bangchak affirmed that the company's operations are still going on normally and independently of shareholders' personal issues.
Thai authorities also identified a criminal group operating from facilities in Cambodia owned by Kok An, a Cambodian national, who was accused of using dirty money to seize property in Thailand.
This campaign is considered an important turning point in targeting cash flow and masterminds, instead of only arresting low-level employees in border areas between Thailand, Myanmar and Cambodia - where fraudsters are earning billions of dollars each year.
