The Democrat Party urges the Securities and Exchange Commission (SEC) to warn investors to be cautious when buying stocks from scammer networks, as they risk being entangled in money laundering schemes. They also instruct brokers to rigorously verify the identities of stock sellers.
On 25 December 2025 GMT+7, reporters noted that following a letter with evidence submitted by Mr. Abhisit Vejjajiva, leader of the Democrat Party, and Mr. Korn Chatikavanij, deputy leader, to the Anti-Money Laundering Office (AMLO), action was requested against scammer groups using the Thai stock market for money laundering. This led to the seizure and freezing of assets worth 10.165 billion baht from scammer networks in Thailand at the end of November.
Most recently, on 24 December, Mr. Korn revealed that as the election approaches, attempts have been made to sell shares held in nominee accounts not yet frozen but ultimately owned by money laundering groups. These moves aim to transfer funds out of the stock accounts held by these groups. The Democrat Party is concerned and has urged relevant authorities to urgently investigate the assets of scammer groups beyond those already frozen.
Mr. Korn said that as deputy leader of the Democrat Party, he has formally notified the SEC that it must promptly alert investors to exercise caution when purchasing shares in at least seven listed companies. The SEC previously announced in November that these companies are under investigation for potential links to money laundering and scammer groups.
“We must work together to prevent ourselves from buying shares from money laundering groups trying to transfer stocks from their accounts. Otherwise, investors might face future accusations of complicity in money laundering. The SEC should issue warnings about these risks and advise caution, especially regarding big-lot share purchases.”
Mr. Korn added that those responsible for assessing and thoroughly verifying the true owners of shares are the securities firms or brokers handling the stock sale orders. Therefore, the SEC must instruct brokers to conduct particularly strict checks on the seven companies under scrutiny to identify the real owners.
Calls to Investigate Bangchak’s Board for Potential Takeover by Shadow Investors
Mr. Korn stated that money laundering and scammer operations cannot proceed without cooperation from Thai individuals. The previous asset freeze targeted foreign scammers, but the scope has not yet expanded to include Thai parties involved. The letter to the SEC also recommends investigations into companies where scammer groups hold shares.
Mr. Korn cited Bangchak Corporation and its subsidiary BCGP as examples—two listed companies currently under SEC investigation. The management issued a statement that share trading is a matter between buyers and sellers and unrelated to the company. However, the SEC should question whether this statement is factual, given that just two days after scammers purchased Bangchak shares, the company’s board changed, appointing representatives of the fund buying the frozen shares as authorized directors without shareholder approval. This rapid appointment raises many suspicions.
Additionally, the company that bought Bangchak shares was specially formed for this purpose, with registered capital of only 50 million baht but managed to raise 10 billion baht to buy shares. Although the director in question has since been stripped of signing authority, the key issue is whether Bangchak’s board thoroughly vetted his appointment and the background of the fund he represents, including the source of funds.
Regarding BCGP, in which Bangchak holds 60%, a special capital increase was approved involving two funds suspected of links to international scammer groups. Shortly after acquiring shares, these funds began selling them. Subsequently, names such as Mr. Jim Liak, Ms. Katleya Beaver (wife of Mr. Ben Smith), and BIC Bank appeared as shareholders instead.
Therefore, questions arise for management about whether the capital increase was properly approved by the executive board and major shareholders, including Bangchak. Did they conduct proper KYC (Know Your Customer) procedures to verify the legitimacy of the funds behind these unusual funds that purchased over 4.5 billion baht in shares? It is now clear that the funds may not be clean.
Mr. Korn said that all these concerns have prompted the Democrat Party to urge the SEC to act swiftly before illicit money and assets are moved out of Thailand’s capital market and legal actions commence.