Assets linked to Prince Group among $300M seized in Thai scam network sweep | AGB
Summary
Thai authorities have confiscated assets worth THB10.15 billion (about $318 million) and issued arrest warrants for 42 people in a broad crackdown on transnational online scam networks operating across Thailand, Myanmar and Cambodia. Investigators say the sweep targets groups tied to alleged large-scale online fraud, human trafficking and money‑laundering linked to Chinese‑Cambodian businessman Chen Zhi, head of the US‑sanctioned Prince Group, and Cambodian figures Kok An and Yim Leak.
So far 29 suspects were reported in custody. Thailand’s Anti‑Money Laundering Office (AMLO) said some seized assets are connected directly to Chen Zhi; investigators also froze trading accounts and shares — including Bangchak shares reportedly valued at THB6 billion — and identified facilities in Cambodia allegedly used by criminal networks to run scam operations and exploit forced labour.
Key Points
- Thai authorities seized THB10.15 billion (c. $318m) in assets and issued 42 arrest warrants; 29 suspects detained to date.
- The operation targets cross‑border online fraud rings operating across Thailand, Myanmar and Cambodia.
- Investigators allege links to Chen Zhi (Prince Group), Kok An and Yim Leak — figures already under regional and Western scrutiny.
- AMLO uncovered networks involving online fraud, human trafficking and money‑laundering; some assets tied directly to Chen Zhi.
- Seized holdings include trading accounts and large shareholdings (Bangchak shares reportedly worth THB6 billion), among other assets in Thailand.
- The action follows earlier asset freezes and seizures linked to Prince Group in Hong Kong and Singapore after US/UK sanctions and a US DOJ indictment.
- Cambodian authorities have not publicly responded to the Thai allegations; the whereabouts of key figures such as Chen Zhi remain unclear.
Context and relevance
This sweep is part of a broader regional enforcement push against organised online fraud and the criminal use of gaming/POGO‑style operations as revenue streams. It follows international sanctions and prosecutions targeting the Prince Group and individuals accused of running forced‑labour scam compounds in Cambodia. For regulators, investigators and businesses in gaming, fintech and energy sectors, the case highlights heightened cross‑border cooperation, reputational and compliance risks, and potential market impacts where assets and shareholdings are involved.
Why should I read this?
Quick heads up — this isn’t just another police raid. If you work in regional gaming, payments, AML compliance or corporate risk, this story matters. Big asset seizures, international sanctions follow‑ups and ties to forced‑labour scams mean knock‑on effects for firms, investors and regulators across Southeast Asia. Read on if you want the gist without wading through press releases.
Author style
Punchy: This is a significant escalation. Authorities have hit hard and fast, and the action ties into international legal moves already targeting the Prince Group. If you care about enforcement trends, cross‑border criminal finance, or exposure to contentious asset owners, the details here are worth your attention.