Arrest warrants have been issued for Mr Ben Smith, also known as Benjamin Mauerberger and his wife Ms Katriya Beaver on charges of transnational investment fraud and money laundering, with alleged losses exceeding 1 billion baht. The warrants were approved on March 2 following an investigation by The Central Investigation Bureau (CIB). Authorities also executed search warrants at six locations in the central region on February 27, seizing electronic devices and financial documents as evidence.

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According to investigators, Ben Smith is a foreign businessman classified by the United States as a high-risk individual linked to international scams and money laundering. Katriya Beaver is described as a major shareholder in several Thai listed companies, particularly Bangchak Corporation Plc (BCP). In December 2025, authorities seized and froze Katriya’s assets under money laundering laws.

Police allege the scheme began in early 2016 when foreign investors seeking to expand in Thailand were introduced to Smith, who presented himself as an expert adviser on Thai stock market investments. Initially, he introduced investors to QTC Energy Plc, described as a genuine investment, which reportedly helped build trust. Investigators say he later persuaded victims to invest 700 million baht in Pace shares, supported by loan agreements and cheques guaranteeing returns of 7% and 11%, totalling more than 762 million baht.

Katriya was appointed to manage the investment for over a year. During that time, Smith and associates reportedly travelled abroad to visit projects and encouraged investors to purchase a private jet for 255 million baht for rental and personal use. Police allege that 21 million baht in deposits was pocketed.

Investigators further allege that Smith persuaded investors to channel 126 million baht into a proposed partnership with the Electricity Generating Authority of Thailand (EGAT). When concerns arose over the Pace shares, a member of Smith’s network allegedly offered a 144 million baht deposit for seven condominium units with built-in furniture, promising higher returns than originally agreed. By 2022, the units had not been delivered and were later found to have been transferred to other individuals.

Thainewsroom reported that searches conducted on February 27 resulted in the seizure of two desktop computers, one notebook, two laptop computers, one MacBook, two iPads, five mobile phones, two Kingston flash drives, financial statements, daily payment records and company seals. Authorities said these items are being examined as part of the ongoing investigation. Further inquiries are under way as officials work to trace assets and determine whether additional offences were committed.

Pictures courtesy of TNR

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Standard con scenario, preying on the gullible. Who in their right mind would invest in the Thai stock market when there are dozens of other sensible avenues for safe and prosperous investment? I use a Vanguard High Yield Index mutual fund, which has returned incredibly well over the past 8 years. Vanguard is a top rated firm, and they lived up to that.

8 minutes ago, Jonathan Swift said:

Standard con scenario, preying on the gullible. Who in their right mind would invest in the Thai stock market when there are dozens of other sensible avenues for safe and prosperous investment? I use a Vanguard High Yield Index mutual fund, which has returned incredibly well over the past 8 years. Vanguard is a top rated firm, and they lived up to that.

So everyone in the world should invest only in the US? You must be an American with a delusional view

1 hour ago, CallumWK said:

So everyone in the world should invest only in the US? You must be an American with a delusional view

Not sure that he said that.

He gave his own investment as an example, but simply suggested using sensible investment avenues. No suggestion that they only exist in the US.

This sad saga shows the consequences of a bad combination of greed and gullibility exploited by a clever con man

19 minutes ago, wensiensheng said:

Not sure that he said that.

He gave his own investment as an example, but simply suggested using sensible investment avenues. No suggestion that they only exist in the US.

This what he said.

Who in their right mind would invest in the Thai stock market when there are dozens of other sensible avenues for safe and prosperous investment?

So why would anybody be out of his mind to invest in the Thai stock market?

greed on the side of investors, lack of due diligence ..

1 hour ago, CallumWK said:

This what he said.

Who in their right mind would invest in the Thai stock market when there are dozens of other sensible avenues for safe and prosperous investment?

So why would anybody be out of his mind to invest in the Thai stock market?

1 hour ago, CallumWK said:

This what he said.

Who in their right mind would invest in the Thai stock market when there are dozens of other sensible avenues for safe and prosperous investment?

So why would anybody be out of his mind to invest in the Thai stock market?

You said:

"So everyone in the world should invest only in the US? You must be an American with a delusional view."

Nowhere in the post you were criticizing was anything said about investing only in the US. Also, why did you need to include your last sentence?

What is your nationality and what Thai stocks have you invested in?

I do not feel sorry for those investors that lost a lot of money as they were blinded by greed. If an investment is to good to be true it generally is! Simple check for a bogus investment.

As for this Mr Smith and associates I hope they are locked up for a very very long time.

Yet another reminder of how vulnerable investors can be when scum like this are allowed to operate unchecked.

The SET is already volatile enough for anyone trying to make an honest return, without this pair of crooks allegedly siphoning off over a billion baht and ripping people off in the process.

What makes it even more striking is that Money and Banking Online listed Katriya Beaver as the 483rd wealthiest person in the SET for 2025, with a reported net worth of 560.81 million baht.

As if the warning signs weren't already there, MBO noted that this was a staggering increase of more than 800% for the year!

That kind of jump should have raised questions long before arrest warrants were issued.

What about the investigations of Paween Ponsirin? He had to run for his life.

What about military financial actions in the past? No one ever got to court.

Well, ar least Benji got Beaver. 'Nuff said.