AMLO seizes assets worth 4.5 billion baht in major fraud case

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Picture courtesy of Thairath

 

by Bright Choomanee

The Anti-Money Laundering Office (AMLO) recently took decisive action in a high-profile fraud and money laundering case, seizing assets across 821 items valued at approximately 4.5 billion baht.

 

The development unfolded as AMLO officials announced the outcomes of their 15th meeting of the year, highlighting significant cases involving fraud and money laundering, some with connections to electronic gambling and drug-related offences.

 

AMLO’s Secretary General, Thepsu Bowornchotdara, along with the Director of the Legal Division, Witya Neetitham, disclosed that the transactions committee had sanctioned the confiscation and freezing of assets related to numerous criminal cases.

 

A total of 234 items, worth around 836 million baht (US$24.5 million), were impounded, notably linked to narcotics, public fraud, and habitual fraud cases, said Thepsu.

“The transactions committee approved seizing and freezing assets related to criminal actions, focusing on fraud and money laundering cases.”

 

One of the highlighted cases involves a suspect named Sitra and his associates, accused of habitual fraud and money laundering. Police are convinced that there were attempts to transfer, conceal, or disguise the proceeds of crime.

 

Consequently, the committee decided to seize three assets, including land, buildings, and bank accounts, with a total value of approximately 71 million baht (US$2 million).

 

In another case, a woman named Sureewan and her associates were implicated in public fraud and money laundering. The fraud network reportedly engaged in numerous related offences, prompting the committee to freeze 125 bank account assets valued at about 505 million baht (US$14.8 million).

A third case entailed Jian and her group, of Chinese nationality, facing charges of public fraud and money laundering. Initially, 59 assets worth 27 million baht (US$792,393) were seized. Further investigations uncovered additional illicit assets, leading to the seizure of seven more items, including apartments and bank accounts, totalling 78 million baht (US$2.3 million).

 

Asset seizure

 

Duennapa and associates were also under scrutiny for public fraud and money laundering. Previous seizures included 118 assets worth 574 million baht (US$16.8 million). New findings led to the confiscation of four additional properties, valued at approximately 95 million baht (US$2.8 million).

 

Another significant case involved Panuwat and associates, accused of public fraud. The committee ordered the seizure of 22 assets, including land and bank accounts, amounting to around 81 million baht (US$2.37 million).

Individuals affected by these asset seizures or those with legitimate claims have 30 days from the notification date to submit written evidence to AMLO’s Secretary-General, proving that the assets are not linked to criminal activities.

 

Additionally, six cases, comprising 119 assets worth around 287 million baht (US$8.4 million), were forwarded to prosecutors to request that the court declare the assets state property. Most assets were connected to drug-related offences and public fraud.

 

A notable case involved The Icon Group Co., Ltd., where 103 assets worth 286 million baht (US$8.3 million) were proposed to become state property, while 40 items worth 29 million baht (US$851,038) were released back to claimants who demonstrated legitimate ownership.

 

The AMLO office has also set a 90-day period, starting from the government Royal Gazette announcement date, for victims to file claims. Following this, AMLO will compile a list of claimants and damage assessments before referring cases to prosecutors to petition the civil court for restitution or compensation to victims based on their losses rather than state appropriation.

 

Habitual fraud

 

Finally, AMLO has forwarded nine cases involving 468 assets valued at approximately 3.428 billion baht (US$100 million) to prosecutors. These cases primarily concern public fraud and habitual fraud.

 

A notable case involves Ratchaya and associates, with 303 assets, including land, vehicles, cash, luxury goods, and bank accounts, worth approximately 70 million baht (US$2 million), being processed for restitution to victims, reported KhaoSod.

The case of Chanin and associates, involving STARK shares and public fraud, is pending civil court decisions. AMLO has completed victim protection procedures and submitted the case to prosecutors to seek restitution for over 3,900 victims. This involves 50 assets, including land and bank accounts, totalling around 3.244 billion baht (US$95 million).

 

Source: The Thaiger 

-- 2024-12-17

 

 

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