Thai authorities have launched a probe into a transnational scam network linked to Chen Zhi, the British-Cambodian businessman behind Prince Holding Group (Prince Group).
The investigation follows asset seizures by both the United States and the United Kingdom, after Mr Chen was charged with fraud and running international scams.
Mr Chen, 38, was indicted on Oct 8 in a Brooklyn federal court on charges of wire fraud conspiracy and money laundering conspiracy, according to court papers made public on Tuesday.
Authorities have seized 127,271 bitcoin — worth about $14.2 billion — in what prosecutors described as the largest forfeiture in US history.
Pol Lt Gen Surapol Prembutr, commissioner of the Cyber Crime Investigation Bureau (CCIB), said Thai authorities will engage with their US counterparts to discuss the asset forfeiture process, including whether the legal proceedings have concluded.
If finalised, Thai investigators will assess whether any of the seized assets are connected to criminal activities within Thailand. Should such links be established, steps will be taken to request the repatriation and seizure of those assets through diplomatic channels, in compliance with international legal frameworks.
Finance Minister Ekniti Nitithanprapas said that measures to combat scammers fall under the scope of the Connect the Dots task force, which aims to integrate and strengthen Thailand’s financial security systems.
When asked whether Thailand would need to revise its asset declaration rules to close existing loopholes, Mr Ekniti confirmed that this issue is being considered as part of the broader work undertaken by the Connect the Dots team.
Permanent secretary for finance Lavaron Sangsnit has already established the Connect the Dots task force. The working group includes key regulatory and enforcement bodies such as the Bank of Thailand, the Securities and Exchange Commission, and the Anti-Money Laundering Office.
Justice Minister Rutthapon Naowarat said the ministry is prepared to pursue legal action on charges of conspiracy to commit wire fraud and conspiracy to commit money laundering, following allegations that the Prince Group — under Mr Chen’s direction — established fraudulent operations involving forced labour. These activities are believed to form part of a major scam network based in Cambodia.
Investigations by the media uncovered a website using the same logo and name as Chen’s Prince Group, which claims to have made significant property investments in various locations across Thailand.
Following media reports alleging that Prince Holding Group had invested in Sansiri’s businesses and that there were alleged links between Chen, Prince Group, and the company, Sansiri Plc said that, following an internal review, it found no record of any transactions involving the named individual or entity.
