Arrest warrants issued for Ben Smith and Jim Liak in dismantling an epic global money laundering network that hid funds through foreign banks and funds, acquiring major shares on the Stock Exchange of Thailand. Authorities have seized and frozen assets worth 35 billion baht and plan civil measures to return money to victims of the scheme.
At 12:30 p.m. on 27 Oct 2016, at the 10th floor of Pitak Santi Building, Central Investigation Bureau headquarters, Pol. Gen. Itthipol Atchariyapradit, Deputy Commissioner of Police and Center Director, Pol. Lt. Gen. Jirapop Puridet, Assistant Commissioner of Police and Deputy Director, Pol. Lt. Gen. Natsak Chaowanasai, Commander of the Central Investigation Bureau, Pol. Maj. Gen. Montree Thetsakhon and Pol. Maj. Gen. Phutthipong Musikul, Deputy Commanders, Pol. Maj. Gen. Thasphoom Jaruprach, Commander of the Economic Crime Suppression Division, together with Prof. Dr. Pronong Bustaratrakul, Secretary-General of the SEC, Mr. Kamonsit Wongbutnoi, Deputy Secretary-General of the Anti-Money Laundering Office, and Mr. Chawatchai Pityasophon, Deputy Secretary-General of the SEC, held a press conference announcing the results of the operation "Dismantling the Epic Global Money Laundering Network Hiding Money through Multiple Layers of Foreign Banks and Funds before Converting into Major Shares on the Stock Exchange of Thailand."
Pol. Gen. Itthipol stated that the operation stemmed from investigations expanding the network of Mr. Ben Smith, 48, and Mr. Jim Liak, 40, Cambodian nationals. Authorities uncovered a complex financial trail in which illicit funds were transferred through multiple layers of banks and funds abroad before returning to Thailand as "foreign investment" to acquire shares in large listed companies on the Stock Exchange of Thailand (SET).
Pol. Maj. Gen. Thasphoom said that deep investigations revealed that Mr. Ben has a notorious history abroad; he had called retail investors in New Zealand and Australia to offer off-market shares, leading New Zealand authorities to ban him from acting as a securities broker for seven years. In 2016, he defrauded foreign investors in Thailand, resulting in an arrest warrant issued by the Criminal Court and a Red Notice issued by Interpol. Additionally, he collaborated with Mr. Jim to establish B.I.C. Bank in Cambodia, which later became a key conduit for the network's funds.
Investigations found the network includes seven suspects with clearly divided roles: 1. Ben Smith, decision-maker and commander; 2. Jim Liak, 40, controller of the bank and fund channels; 3. Ms. Katriya, 40, holding benefits on behalf; 4. Ms. Suparat, 45, holding benefits on behalf; 5. Mr. Eugene, 48, fund manager in Singapore, structuring investors and funding sources; 6. Mr. Kaiping, 42, coordinating funds, investors, and documents; 7. Mr. Nattakorn, 40, coordinating funds, investors, and documents. Suspects 1 to 6 remain fugitives abroad, while suspect 7, Mr. Nattakorn, has already faced prosecution.
The operation’s steps and methods of offense were divided as follows: Phase 1 (2013–2011) involved using personal, family, and corporate accounts—held by Ben’s wife as shareholder and director—to launder money since these accounts showed low income but nearly annual losses, and his wife had not filed tax returns since 2015. Online fraud proceeds began flowing into these accounts before transferring to family and corporate accounts.
Phase 2 (2022–2023) changed methods by transferring funds directly from Cambodia to network accounts in Thailand, then forwarding them to funds in Singapore within days. Phase 3 (2024–2025) used B.I.C. Bank to transfer over tens of billions of baht into the CAI fund account in Singapore, appearing as normal transactions between banks and funds.
The final destination of these funds was shares of large listed companies in Thailand. Joint investigation with Singapore's Monetary Authority of Singapore (MAS) found the ultimate beneficiaries were Ben and Jim’s network. On 26 Oct 2016, authorities raided four locations and seized key evidence linking the financial trail, including loan and share purchase contracts, six fund-related files, three Ledger cryptocurrency storage devices with authenticators, five mobile phones, two computers, one tablet, and one flash drive.
Previously seized assets include Thai shares of the network temporarily frozen by the Transaction Committee, valued at over 14.8 billion baht. Additionally, yachts, cars, bank deposits, and land valued over 21 billion baht were seized and frozen, currently under civil court consideration. The Anti-Money Laundering Office (AMLO) is now proceeding with returning money to victims.
Mr. Kamonsit Wongbutnoi, Deputy Secretary-General of AMLO, revealed that AMLO issued orders to seize and freeze assets of the network totaling over 26 billion baht, including SET shares valued over 16 billion baht such as shares of Bangchak, VGI, and MFC, as well as yachts, cars, bank deposits, and land.
Regarding compensation for victims, the Deputy Secretary-General explained that AMLO will use civil measures by publishing notices in the Government Gazette allowing victims to file claims for protection of their rights. The civil court will then consider approving protective orders and distributing assets back to victims, who do not need to wait for the criminal case to conclude.
Prof. Dr. Pronong Bustaratrakul, Secretary-General of the SEC, stated that the SEC found irregularities in VGI shares from a Private Placement (PP) capital increase to three foreign fund groups totaling over 8.85 billion baht. The ultimate beneficiaries were the groups of Jim, Ms. Katriya, and Ms. Suparat, under Ben’s planning, holding over 25% combined without reporting or tender offers, constituting acting in concert and violating Securities and Exchange Act Sections 246 and 247.
Asked whether the share freezes would affect the listed companies or public trading, the SEC Secretary-General confirmed that Bangchak, VGI, and MFC had no involvement in the offenses. Asset seizures targeted only individuals or entities responsible for the crimes, so business operations, liquidity, financial results, and ordinary investors’ trading continue as normal.
At the same time, the SEC Secretary-General emphasized the integrated, serious cooperation among police, AMLO, and SEC in this operation as evidence of firm, transparent, and independent law enforcement. Regardless of the offenders’ complexity or scale, authorities can seriously enforce the law. This enhanced crackdown will protect the Thai capital market and deter future offenses over the long term.