Thai law enforcement has launched a sweeping crackdown on transnational cyber-scam operations, seizing assets valued at more than $318 million and issuing arrest warrants for 42 individuals. The high-profile operation targets alleged masterminds behind lucrative online fraud networks based in Southeast Asia.
Major Asset Seizures and Arrests Announced
Officials from Thailand's Central Investigation Bureau confirmed the large-scale operation at a press conference on Wednesday. Deputy Commissioner Sophon Saraphat stated that assets worth 10,157 million baht (approximately $318 million) had been confiscated. He also confirmed that 29 of the 42 individuals subject to arrest warrants had already been detained.
The crackdown focuses on dismantling the financial infrastructure of scam networks that have turned border areas of Thailand, Myanmar, and Cambodia into hubs for online fraud. These criminal compounds are accused of generating billions through schemes often operated by victims of human trafficking forced to work under duress.
Tycoon and Associates in the Crosshairs
Central to the investigation are Chinese-Cambodian tycoon Chen Zhi, who heads the US-sanctioned Prince Group, and Cambodian nationals Kok An and Yim Leak. Thai authorities allege all three are linked to extensive transnational online scam operations.
Thailand's Anti-Money Laundering Office (Amlo) released a statement connecting Chen and his associates to networks involved in online fraud, human trafficking, and money laundering. Chen, who is also under indictment by the US Justice Department for wire fraud and money laundering conspiracy, could not be reached for comment. His current whereabouts are unknown.
Last month, Prince Group denied any involvement in illegal activity by the company or Chen. The group did not immediately respond to the latest requests for comment following the Thai announcement.
High-Value Assets Frozen Across the Region
The asset seizures are part of a coordinated regional effort. In the past two months, authorities in Hong Kong and Singapore froze or seized assets linked to Prince Group worth $354 million and $116 million respectively. These actions followed sanctions imposed by the United States and United Kingdom on the conglomerate over accusations of running scam centres.
A significant portion of the Thai seizure involves shares in the regional energy giant, Bangchak Corporation, valued at around 6 billion baht ($188 million). Amlo stated these trading accounts were connected to Yim Leak, described as "the heir of an influential network in Cambodia" conducting fraudulent financial transactions.
Bangchak Corporation confirmed the authorities' actions related to an individual shareholder and stated its business operations remained separate, stable, and unaffected. The company pledged full cooperation with the investigation.
Thai authorities also identified a criminal group operating from facilities in Cambodia owned by Kok An, allegedly using illicit earnings to purchase assets within Thailand. Reuters reported being unable to contact Kok An, Yim Leak, or their representatives for comment.
Ongoing Regional Challenge
This crackdown represents one of the most significant recent moves against the upper echelons of cyber-scam networks in Southeast Asia. While hundreds of low-level operatives have been detained across the region, law enforcement agencies have struggled to apprehend the suspected masterminds and financiers behind these multibillion-dollar operations.
The governments of Cambodia and its foreign ministry did not immediately respond to requests for comment regarding the implication of its nationals by Thai authorities. The case underscores the complex, cross-border nature of combating organised cybercrime in the region.
