Thai authorities freeze 26 billion baht in alleged cross-border money laundering probe

Regulatory and law enforcement agencies in Thailand have moved against what they describe as a cross-border money-laundering operation, with investigators targeting alleged hidden ownership stakes in several prominent Thai-listed firms. The operation centers on an individual identified as Ben Smith and an associated network suspected of disguising beneficial ownership through complex financial structures.

The investigation has revealed undisclosed shareholdings in companies identified as VGI, BCP, and MFC, according to authorities. These concealments form the basis of allegations that the network operated to obscure the origin and movement of funds across international boundaries in violation of Thai financial regulations.

As part of enforcement action, authorities have secured court orders freezing assets totaling more than 26 billion baht. The measure is intended to prevent the suspected transfer or liquidation of holdings while investigations proceed. Officials have not disclosed additional details regarding the scope of the probe or timeline for further action.

The case underscores Thai regulators' focus on cross-border financial flows and beneficial ownership transparency, particularly involving major publicly-listed companies. Authorities continue to examine transaction records and corporate structures as part of their investigation into the alleged network.