Thailand is moving to confiscate US$420 million worth of assets connected to suspected cyber scam networks, including those tied to Cambodian kingpin Chen Zhi.
The assets – ranging from high-end condominiums to yachts and cars – were frozen in December by the Anti-Money Laundering Office following preliminary findings of wrongdoing, according to Bloomberg.
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Chen Zhi, founder and chairman of Prince Holding Group. Photo courtesy of Prince Holding Group |
In a statement issued late Wednesday, the agency said it has asked prosecutors to petition the court to formally transfer the frozen assets to the state.
Among the properties facing confiscation are those connected to Chen Zhi, described as the alleged leader of an international scam ring who was arrested and deported by Cambodia to China.
The government also targets assets of South African businessman Ben Smith, also known as Benjamin Mauerberger.
The anti-money laundering agency said its review of petitions seeking to lift the temporary asset freeze found not enough evidence to prove the holdings were unconnected to criminal conduct.
Prime Minister Anutin Charnvirakul, who is preparing to form a new coalition after his party’s decisive victory in Sunday’s election, has pledged an aggressive campaign against financial crime, according to Thai PBS.
His government has “signed a blank check” to support operations targeting scam groups, human-trafficking networks and drug syndicates, he said in November.
Thailand, long considered a transit point for trafficking victims forced to work in scam compounds in neighboring Laos and Myanmar, has also increased scrutiny of bank transfers, gold trades and cryptocurrency transactions as part of broader anti-money laundering measures.
