Thailand seizes US$300 million in assets as crackdown on regional scam networks widens

BANGKOK: Thai authorities have seized more than $300 million in assets and issued arrest warrants for 42 suspects in what officials describe as one of the country’s most determined crackdowns yet on sprawling online scam networks.

The months-long investigation zeroes in on alleged kingpins running fraud operations across Thailand, Myanmar, and Cambodia—regions where makeshift compounds have become notorious for forcing trafficking victims into digital scams.

Deputy Commissioner Sophon Saraphat of the Thai Central Investigation Bureau laid out the scale of the operation at a press conference, noting that authorities had confiscated 10.157 billion baht ($318 million) so far. “As of yesterday, 29 individuals have been arrested,” he said, underscoring the momentum behind the sweep.

Tycoons under fire: Chen Zhi, Kok An, and Yim Leak

At the heart of the probe are three high-profile figures: Chinese-Cambodian tycoon Chen Zhi, who leads the U.S.-sanctioned Prince Group; Cambodian businessman Kok An; and Yim Leak, a powerful heir whom Thai officials link to extensive fraudulent financial operations.

Investigators say they have traced connections between the trio and large-scale online scams, human trafficking networks, and money-laundering schemes. Some assets seized were tied directly to Chen, though authorities have been tight-lipped about specifics—and his current whereabouts remain unclear.

International scrutiny has only intensified. In the past few months, authorities in Hong Kong and Singapore froze or seized a combined $470 million in assets linked to Prince Group following sanctions imposed by the U.S. and U.K. Chen is also facing prosecution on wire fraud and money-laundering conspiracy charges in the U.S., accusations that Prince Group has firmly rejected.

Thai investigators also seized trading accounts connected to Yim Leak, including 6 billion baht ($188 million) worth of shares in energy giant Bangchak Corporation. Bangchak stressed the matter involves only one shareholder and does not affect the company’s operations.

A crackdown with more questions ahead

Despite hundreds of arrests across the region in recent years, the masterminds behind these global scam networks have largely remained out of reach—until now. Thai authorities say the latest actions represent a coordinated effort to strike at the top, not just the foot soldiers.

Officials also identified a criminal group operating from Cambodian facilities owned by Kok An, which they say funnelled illegal profits into Thai assets. Attempts by Reuters to contact Chen, Kok An, and Yim Leak went unanswered, and Cambodian officials have yet to comment.

With arrests mounting and investigations widening, Thailand’s sweeping asset seizures mark a pivotal moment in the region’s fight against transnational cybercrime—one that finally puts long-protected power players under the spotlight.