BANGKOK, THAILAND – Thailand’s anti-money laundering office froze 289 assets worth more than ฿10 billion in a sweeping crackdown on alleged transnational fraud networks linking South Africa, Cambodia and Thailand.
Record asset freeze hits alleged billion-baht network
Authorities said 289 assets with a total value of ฿10.165 billion were seized nationwide in what officials described as a major blow against international financial crime. Investigators uncovered interlinked schemes involving online fraud, cryptocurrency laundering, real estate deals and political connections.
Ben Smith at centre of Thai political and financial storm
South African financier Ben Smith, long portrayed as a flamboyant figure with contacts in senior Thai political circles, was now officially linked to transnational online fraud networks, according to the Anti-Money Laundering Office (AMLO). The office froze 66 assets worth ฿9.279 million, including land plots, bank accounts and securities.
Officials noted that the government had only weeks earlier insisted Smith had “no criminal past in Thailand.” Internal probes now indicated that funds from fraud schemes repeatedly moved through companies tied to him. An investigator said:
“The trails were hard to follow – but unmistakable.”
said an unnamed investigator.
Political tensions rise over lawsuit against opposition MP
The case gained added political weight as Smith pursued a ฿100 million lawsuit against opposition lawmaker Rangsiman Rome, who had publicly described him as a threat to national security. The dispute intensified questions over possible links between financial crime and Thai political actors.
Cambodian tycoon Chen Zhi and FBI-backed probe
An even larger web was described around Cambodian businessman Chen Zhi, head of the Prince Holding Group. AMLO seized 102 assets worth ฿373 million after the FBI launched extensive investigations in November.
Chen was alleged to have controlled a network involved in online fraud, human trafficking, crypto laundering and large-scale cross-border scams. Investigators referred to a “hybrid megasystem” that used digital wallets, property holdings and front men to disguise illicit revenues. One officer was quoted as saying:
“We have rarely seen a network that so professionally uses multiple countries at the same time.”
said an unnamed investigator.
Kok An’s casino and real estate empire under scrutiny
Influential Cambodian entrepreneur Kok An was also said to be deeply entangled in the suspected networks. He and associates allegedly used real estate, casinos and high-rise buildings – including the 25-storey Hiso Building and the Crown Casino – as hubs for moving funds.
Authorities froze 90 assets valued at ฿467 million. Investigators were particularly alarmed that the network employed large numbers of “mule accounts” that required facial scans, which they described as a modern tool to disguise illegal transfers.
New trail links Chiang Rai fraud to Ben Smith
Another strand of the investigation led back to Smith through Tangthai Banmahing, who was accused of defrauding victims with purported illegal shipments between Chiang Rai and China. Bank accounts that appeared in this case were directly connected to financial flows associated with Smith.
AMLO again confiscated 66 assets worth ฿9.279 million, including land, apartments and securities. Investigators described it as a “complicated network of companies that simulated legal activity.”
Crypto fraud scheme pushed funds into Cambodia
A fourth major case focused on Uea-Angkoon Santirakyothin, who allegedly lured investors via a Line group called “Investment Strategy” into a fake stock-trading app. The money was converted into USDT cryptocurrency and transferred on to Cambodia.
In this case, AMLO froze 31 assets worth ฿46 million. Investigators were taken aback by the level of organisation, saying:
“This was not an amateur scam – this was a fully organised system.”
said unnamed investigators.
International agencies track digital wallets and shell firms
Officials stressed that the seizure of the 289 assets marked only the beginning of the operation. International agencies, including the FBI, continued to trace digital wallets, proxy companies, property deals and cryptocurrency movements across Thailand, Cambodia and other jurisdictions.
AMLO stated that the financial structures under investigation were sophisticated but could be dismantled.
“These networks are complex, but not untouchable.”
said AMLO, adding that further accounts and assets were expected to be blocked as the probe widened.