BANGKOK, THAILAND – Thailand’s stock exchange is under mounting pressure amid allegations of links between listed firms and cross‑border scam networks.
Alleged scam-linked takeover and regulatory strain
An investigative report by journalist Tom Wright has triggered scrutiny of the Stock Exchange of Thailand (SET), after claims that scammers based in Cambodia took control of a financial institution listed on the bourse. According to independent analyst Sarinee Achavanuntakul, the Securities and Exchange Commission (SEC) is examining the allegations, though the regulator has yet to issue an official statement. Critics say Thai supervisors reacted too slowly, noting that other jurisdictions have already frozen assets while Thailand has moved cautiously.
A representative of the Bank of Thailand (BOT) confirmed privately that Kasikornbank has ended its cooperation with B.I.C Bank (Cambodia), which is under scrutiny by US lawmakers over suspected involvement in fraud networks. Kasikornbank has not publicly commented on its operations in Cambodia. Deputy prime and finance minister Ekniti Nitithanprapas announced plans for a national “Data Bureau” to better track illicit funds and said the fight against fraud would be treated as a “national agenda”. The BOT reiterated it would more closely review suspicious transactions and support the work of the Anti‑Money Laundering Office (AMLO).
Infighting, data gaps and international comparisons
Internal tensions in the security apparatus have added to the turmoil. Former deputy police chief Surachate Hakparn sharply attacked the Royal Thai Police, declaring:
“The police are the largest criminal organization in the country.”
said Surachate Hakparn, former deputy national police chief.
He accused the force of standing behind many call‑center and online gambling rings, accusations the national police chief has vehemently denied.
Economist Assoc Prof Nada Chunsom of NIDA University pointed to structural weaknesses in financial oversight.
“The authorities lack reliable data to monitor grey money flows,”
said Nada Chunsom, economist at NIDA University.
She backed the idea of a central data bureau and warned of loopholes that fraudsters could exploit, such as nominees and cross‑shareholding structures. Nada also urged the SEC to build a data system that can more quickly identify suspicious transactions, particularly through licensed cryptocurrency exchanges.
Singapore is seen as a model, where the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA) have introduced the Shared Responsibility Framework (SRF) against phishing scams. The framework obliges banks and telecom providers to compensate consumers for losses if they breach due‑care obligations. According to the Singapore Police, more than 150 million Singapore dollars in assets were seized last year, including bank accounts, securities portfolios and cash belonging to Cambodian businessman Chen Zhi and his Prince Group. Arrest warrants were issued for 34 suspects – 27 Singaporeans and seven Malaysians – in connection with 438 fraud cases in Cambodia. The Prince Group denies all accusations but is under US and UK sanctions over suspected cybercrime.
Opposition pressure and security concerns
In Thailand, oversight of financial crime is shared by the SET, BOT and AMLO. The AMLO recently seized assets belonging to a government lawmaker over alleged ties to online gambling businesses, and Chinese suspects linked to Cambodian networks have been arrested. Opposition MP Wiroj Lakkhanaadison expressed frustration over enforcement, saying it was
“disappointing that not a single Thai money launderer has been caught so far.”
said Wiroj Lakkhanaadison, opposition member of parliament.
He estimated annual losses from call‑center scams and similar offences at 115.3 billion baht, with older people accounting for about 22 percent of victims.
Prominent political figures have also come under scrutiny. Before the parliamentary committee on national security, names included former deputy finance minister Sathit Limpongpan, who once chaired B.I.C Bank (Cambodia). Sathit rejected any wrongdoing, stating:
“I was only involved during the founding phase and left the bank before it started operations.”
said Sathit Limpongpan, former deputy finance minister.
Rising tensions on the Thai‑Cambodian border are complicating cross‑border cooperation, with reports of mine incidents injuring Thai soldiers causing additional concern. Opposition MP Rangsiman Rome suggested Phnom Penh was using a form of “hybrid warfare” to pressure Bangkok and hinder investigations into Cambodian fraud networks.
“These groups can destabilize Thailand’s economy and society,”
said Rangsiman Rome, opposition member of parliament.
He warned that foreign money launderers could use front men to take over Thai companies and threaten national security interests, and urged Prime Minister Anutin Charnvirakul not to be swayed by Cambodian tactics.
“We must arrest the main culprits in Thailand and also take action against ministers who may be involved in the fraud networks,”
said Rangsiman Rome, opposition member of parliament.
With plans for a national data center and initial asset seizures, Thailand is taking early steps against systemic fraud. Yet without stronger international cooperation and more assertive oversight, the crisis of confidence surrounding the SET persists, raising broader concerns over the stability of the country’s financial sector.