Thailand cyberscam crackdown: $300M in assets seized, 42 arrest warrants issued

Thailand authorities on Wednesday (December 3) announced that it has seized assets worth over $300 million, including stakes in a major energy company, and have issued arrest warrants for 42 individuals tied to regional online fraud networks. Southeast Asia, particularly areas near the Thailand-Myanmar-Cambodia border, has become a centre for online scams, with criminal groups raking in billions through illegal operations, including human trafficking. Victims are often forced to work in these fraudulent companies.

The crackdown targets Chinese-Cambodian businessman Chen Zhi, head of the Prince Group, a company sanctioned by the US, along with two other Cambodian nationals, Kok An and Yim Leak, who are allegedly involved in large-scale fraud operations. Prince Group did not respond to comment requests, and Chen, who is also facing a US indictment, could not be reached for comment. The group has denied any illegal activities in the past. News agency Reuters was unable to contact Kok An or Yim Leak, and they have yet to address the allegations publicly.

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In the past two months, authorities in Hong Kong and Singapore froze or seized assets linked to the Prince Group worth $354 million and $116 million, respectively, following sanctions from the US and UK for running scam centers. In October, the US Department of Justice indicted Chen for his alleged role in a wire fraud and money laundering conspiracy tied to forced-labor scam operations across Cambodia. Prince Group denied these allegations, calling them without merit.

Another individual of interest, Yim Leak, is reportedly connected to a powerful criminal network in Cambodia, which allegedly carried out fraudulent money transfers. Thai authorities have seized trading accounts linked to Yim Leak, including shares in Bangchak Corporation worth 6 billion baht ($188 million). Bangchak, in its statement, confirmed that the seizure was related to an individual shareholder and assured that its operations remain unaffected. Additionally, Thai officials allege that Kok An, another key figure, has been using illicit funds to acquire assets in Thailand, with links to facilities in Cambodia tied to his operations.