The MORE stock case, involving More Return Public Company Limited, is one of the most impactful capital market crime cases, revealing patterns of stock manipulation and organized fraud causing total damages of 4.5 billion baht.
This event has been dubbed the “broker robbery in the middle of the stock market” and has become a closely watched case in the finance and investment sectors.
Recently, the MORE stock case saw significant developments after "3 suspects from a prominent family" failed to appear for their indictment hearing, leading to arrest warrants and renewed close attention to the case.
Previously, special prosecutors filed charges against 29 suspects in the MORE stock case, following the Attorney General’s directives, for fraud and acts involving artificial price or trading volume manipulation, including stock price rigging that misled the public, violating the Securities and Exchange Act B.E. 2535 (1992), Sections 244/3 and 244/5.
Among them, 14 suspects filed petitions seeking fairness from the prosecutors; some have received indictments and been sent to criminal court, while others remain at large.
Of these, 7 suspects were granted postponements by prosecutors to delay their indictment hearings, which were scheduled in two groups: on 5 January and 16 February 2026.
The first group included 3 suspects: Mr. Ekpat Pornprapa, Mr. Athipat Pornprapa, and Mrs. Oraphin Pornprapa, who were summoned to hear the indictment on 5 January 2026.
However, on the scheduled date, these three suspects failed to appear before the special prosecutors, leading prosecutors to assign the Department of Special Investigation (DSI) to file arrest warrant requests with the Criminal Court, which subsequently approved the warrants for all three suspects.
Another group under indictment consideration, drawing special public attention, comprises 4 suspects, some well-known businessmen and others linked to past economic cases: Mr. Somnuek Kayawattana, Ms. Pundreek Isarangkul, Mr. Amarit Klomjitjaroen, and Mr. Thianprasert Pholumpai.
Previously, these 4 suspects requested postponements for their indictment hearings from the prosecutors. After reviewing the reasons, the Special Prosecutor’s Office approved the deferral to 16 February 2026.
The hearing scheduled for 16 February is seen as a critical moment in the MORE stock case. If these suspects fail to appear, prosecutors can legally request arrest warrants, similar to the earlier case with the three suspects who missed their hearings.
The MORE stock case highlights the importance of good governance and regulatory oversight in the capital market, especially monitoring suspicious transactions, linked trading accounts, and the roles of executives or controlling persons.
Regulators have since enhanced anti-corruption measures of this kind to prevent similar incidents in the future.
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