Thailand Freezes $400 Million in Alleged Fraud-Linked Assets

Thai courts have ordered the freezing of assets in four major cases allegedly linked to transnational fraud and money laundering networks, totaling approximately 13.07 billion baht (about USD 400 million). The temporary seizure was issued following a request from the Anti-Money Laundering Office (AMLO) and a petition filed by prosecutors.

After preliminary review, the court determined there were reasonable grounds to believe the assets could be transferred or disposed of. Therefore, under Section 55 of the Anti-Money Laundering Act, the assets were temporarily seized to preserve evidence and prevent dissipation pending further judgment.

The proceedings fall under civil asset forfeiture and run independently from ongoing criminal investigations by police. No final criminal verdict has been issued against any individual at this time.

On February 11, AMLO’s Transaction Committee rejected applications from interested parties seeking to revoke the temporary seizure order and referred the cases to prosecutors. On February 17, case materials were submitted to the Office of the Attorney General’s special litigation department, and prosecutors subsequently petitioned the court to confiscate the assets.

By law, prosecutors have 90 days to submit a formal petition, with the deadline set for March 1. Legal challenges from interested parties could extend court proceedings.

Regarding asset disposal, if certain seized movable assets such as vehicles or yachts are unsuitable for long-term storage or impose financial burdens, AMLO may arrange auctions under Section 57(2) of the law. Proceeds will be held as substitute assets pending final judgment. If confiscation is ordered, the assets will be transferred to the state.

According to AMLO disclosures, the frozen assets are divided into four categories: 12.12 billion baht linked to a public fraud network allegedly connected to Yim Leak and Benjamin Mauerberger (also known as Ben Smith); 560 million baht related to suspected transnational criminal organizations; 345 million baht connected to Chen Zhi and alleged online fraud and money laundering activities; and 46 million baht involving investment fraud conducted via LINE chat groups.

Public records indicate that several individuals involved have business ties in Cambodia. Some have denied the allegations. Judicial proceedings remain ongoing.