5-12-2024 (BANGKOK) Thai authorities have uncovered a massive cybercrime operation that laundered 3.6 billion baht (S$141 million) through an intricate network of shell companies and agency accounts, primarily operated by Chinese and Malaysian nationals.
In a breakthrough investigation, the Royal Thai Police’s Central Bureau of Investigation has frozen 314 bank accounts linked to the criminal enterprise. The sophisticated scheme involved 14 companies registered through accounting firms, which were used as fronts for illegal activities.
Detective Chief Superintendent Thirapas revealed that eight Malaysian nationals are believed to have masterminded the operation, with two currently in custody while six remain at large. “We suspect the fugitives have sought refuge in either Malaysia or Cambodia,” he told reporters at a press briefing in Bangkok.
The investigation has exposed a complex web of 198 companies and 695 individuals, comprising 37 foreign nationals and 658 Thai citizens. According to authorities, the criminal syndicate employed a calculated strategy of establishing romantic relationships with Thai women, who were then manipulated into recruiting others to create “money mule accounts” and manage account portfolios.
“These accounts were subsequently sold to criminal enterprises involved in telephone fraud, illegal gambling operations, and money laundering,” Thirapas explained. “The syndicate’s use of internet banking allowed them to exploit regulatory gaps, enabling illicit transactions to go undetected for extended periods.”
The operation’s sophistication has raised concerns about the involvement of legal professionals. “We have reason to believe that lawyers, accountants, and authorised representatives may have knowingly assisted in these illegal activities during the company registration process,” Thirapas added.
The two arrested Malaysian suspects face charges of conspiracy to obtain money mule accounts and acting as intermediaries for money laundering operations. They remain in custody at the Central Bureau of Investigation whilst authorities work closely with Malaysian law enforcement to apprehend the remaining suspects.
Thai police have described the organisation as one of the pioneering groups to provide business accounts for illegal purposes, marking a significant evolution in financial crime methodology in Southeast Asia.
