BANGKOK, THAILAND – Mounting scrutiny over foreign scam money has shaken Thailand’s political establishment after senior ministers failed to attend a key parliamentary hearing examining the suspected inflow of illicit capital from Cambodia.
Ministers absent as pressure builds
Deputy Prime Minister Thamanat Prompow did not appear before the committee on Thursday, prompting outrage among opposition MPs from the People’s Party and Pheu Thai Party. They accused him of evading accountability in what they called a national security matter and warned that his silence raised suspicion of links between political figures and transnational financial networks.
Also missing were former deputy finance minister Woraphak Thanyawong, who resigned last week, and education minister Narumon Pinyosinwat. Opposition members described the coordinated absences as an attempt to delay scrutiny while questions mount about money pipelines connecting Thai finance to Cambodian scam operations exposed by US authorities.
Seven listed firms under examination
Investigators told parliament that at least seven major Thai listed companies, including banks, are being assessed for possible connections to alleged cross-border scam-linked transfers. The Kasikorn Bank confirmed it had cut ties with Cambodia’s BIC Bank in August and September, distancing itself from the BIC network and financier Benjamin Mauerberger, also known as Benjamin Smith. The move followed Mauerberger’s mention in a US congressional report on regional scam operations.
The seven firms reportedly asked for 15 days to submit their internal financial documents, a delay regulators accepted to avoid market shock. Yet committee members warned that the scandal has reached a critical junction involving politics, national security, and Thailand’s financial infrastructure.
‘Grey capital’ traced through Thai corporations
Committee chair Danupon Punnakanta, a Pheu Thai MP, told parliament on 30 October 2025 that investigators had already identified financial trails linking international scam money to domestic firms. He said the evidence was extensive but declined to name the companies, citing the risk of harming innocent businesses and unsettling markets.
Danupon explained that illicit funds rarely cross borders as cash. Instead, they move through banks, brokers, shell companies, and investment channels, masking their origin. He cautioned that some money might even derive from bribes to government figures.
“GREY CAPITAL IS FLOWING THROUGH LARGE CORPORATIONS,” Danupon warned, adding that the committee had tracked suspicious transactions across bank accounts, trading firms, and intermediary agents.
Opposition fears for democracy
Opposition MP Rangsiman Rome warned that illicit foreign money now posed an existential threat to Thailand’s democracy. “BLACK MONEY THREATENS OUR ELECTIONS AND DEMOCRATIC SYSTEM,” he declared, arguing that criminal financiers could use hidden funds to influence campaigns, manipulate social media, and buy access within ministries.
He described future political contests as struggles among multiple forces – red, blue, orange, and black, the last representing corrupt and foreign-influenced financial power. Rangsiman called for Thamanat’s resignation if he continued to avoid testimony, saying continued silence could be read as complicity.
Security risks beyond politics
New details also emerged about Benjamin Mauerberger, who once sought Thai citizenship but was rejected over suspicious financial records. His network allegedly served as part of the Cambodian-linked “scam empire” under international investigation.
Officials fear Thailand could face broader national security consequences if it fails to act. Investigators cited evidence of cyberfraud operations, forced labour, call‑centre syndicates, and human trafficking connected to regional criminal hubs. These networks are believed to launder billions through cryptocurrency and stock markets.
• Scam funds move through complex investment chains
• Criminal networks exploit banking and crypto gateways
• National security and financial stability seen at risk
Analysts warned that if political protection for suspects continues, Thailand risks becoming a safe haven for transnational organized crime. As Danupon’s committee expands its inquiry, both parliament and regulators face growing public expectation for transparency — and for answers that may determine the integrity of Thailand’s institutions.