Authorities Crack Down on Transnational Money Laundering Network, Seizing Assets Worth 26 Billion Baht Including BCP, VGI, and MFC Shares Assure No Impact on Investors

A major operation dismantled a transnational money laundering network. Authorities announced the results of investigations into an online fraud and global scammer syndicate that moved money through multiple layers of foreign banks and funds before converting it into shares of major listed companies on the Stock Exchange of Thailand.

They ordered the seizure and freezing of assets and Thai shares worth more than 26 billion baht, confirming that only the shares held by the individual offenders were seized, without affecting the operations of the listed companies.

Transnational money laundering converted into Thai shareholding.

Police General Itthipol Atchariyapradit, Deputy Commissioner of the Royal Thai Police and Director of the Anti-Online Fraud Center (ACSC) of the Royal Thai Police, said this case stemmed from investigations into the networks of Mr. Benjamin and Mr. Yim, who transferred funds obtained through online fraud and scamming via B.I.C. Bank in Cambodia and multiple layers of foreign funds in Singapore.

The funds were then routed back as "foreign investment" to acquire shares in large listed companies on the Stock Exchange of Thailand.

The network clearly divided roles into four groups as follows:

• 1. The mastermind: Mr. Benjamin, who made all decisions and plans.
• 2. The money channel group: Mr. Yim controlled B.I.C. Bank and the funds serving as money conduits, along with Mr. Eugene managing the CAI fund in Singapore, structuring investors and funding sources.
• 3. The nominee beneficiaries: Ms. Katriya and Ms. Suparat, who held benefits on behalf of others.
• 4. The coordination and documentation group: Mr. Natthakorn and Mr. Koping, responsible for coordinating funds, investors, and managing documents.

The money flow went through three key phases: from 2019 to 2021, using personal, family, and nominee accounts to transfer funds; from 2022 to 2023, direct transfers from Cambodia to Thailand then to Singapore funds; and from 2024 to 2025, B.I.C. Bank transferred over tens of billions baht into Singapore's CAI fund before using these to buy Thai shares.

Police General Itthipol added that on 26 October 2026, authorities raided four targets and seized key evidence linked to the money trail, such as loan contracts, six files of fund documents, three crypto Ledger devices, and other electronic equipment.

Seven suspects are being prosecuted on four serious charges:

• 1. Conspiring to commit money laundering and money laundering.
• 2. Conspiring to operate a criminal organization.
• 3. Jointly holding securities to control a business (Section 247).
• 4. Failure to report securities acquisition or disposal to the SEC (Section 246).

The Anti-Money Laundering Office orders asset seizure and accelerates victim rights protection and fund recovery.

Kamolsit Wongbutnoi, Deputy Secretary-General of the Anti-Money Laundering Office (AMLO), said that through joint integration among the Central Investigation Police, SEC, and AMLO, transaction committees have ordered the seizure and freezing of assets related to this network's offenses in five orders totaling 26 billion baht.

This includes freezing Thai shares held by the network worth about 16 billion baht, including shares in BCP, VGI, and MFC, with BCP shares being the most valuable, along with other assets such as yachts, cars, bank accounts, and land.

Next, AMLO and the Royal Thai Police are gathering victims to enter the rights protection process. Announcements will be made inviting victims of this network's fraud to file claims for protection so that AMLO can collect evidence and petition civil courts to order seized assets to be distributed back to victims legally.

The SEC confirms asset seizures target individuals only and do not affect the stock market.

Professor Dr. Pornnong Bussaratakul, Secretary-General of the Securities and Exchange Commission (SEC), said the investigation began after suspecting a large listed company, VGI Public Company Limited, offered a private placement (PP) to three foreign funds: CAI Optimum Fund VCC, Opus-Chartered Issuances S.A., and Thai IR.

Coordination with foreign regulators revealed that the ultimate beneficial owners (UBOs) of these three funds were the same group: Mr. Benjamin, Mr. Yim, Ms. Katriya, and Ms. Suparat.

They collectively held more than 25% voting rights, constituting joint control of the business without reporting acquisition under Section 246 and without making a tender offer under Section 247 of the Securities and Exchange Act. The SEC has therefore filed complaints against them.

Professor Dr. Pornnong emphasized the impact on the capital market and listed companies, stating that the asset freeze only targets shares held by the offenders themselves.

The listed companies like VGI or others are not involved in the wrongdoing and can continue normal operations. Ordinary shareholders can still trade shares on the stock exchange without being affected by the asset freeze.

However, confidence in the Thai capital market is paramount, and such confidence arises from firm, careful, and decisive law enforcement. The integrated efforts of police, AMLO, and SEC in this case demonstrate Thailand's independent and strict regulatory and enforcement process.

No matter how complex the offenders are or how they hide money across countries, investigations can bring them to justice and seize assets, helping to build sustainable investor confidence in the Thai capital market.

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