Thailand Seizes Over $300 Million in Assets, Issues 42 Arrest Warrants in Crackdown on Scam Networks

Thai authorities have seized more than $300 million worth of assets - including major energy-company shares - and issued arrest warrants for 42 individuals as part of a sweeping crackdown on transnational scam networks operating across Southeast Asia.

The region's border areas between Thailand, Myanmar and Cambodia have long been hotspots for large-scale online fraud operations. Many of these compounds, authorities say, rely on trafficked workers forced to perpetrate global scam schemes.

The latest actions involve Chinese-Cambodian tycoon Chen Zhi, head of the U.S.-sanctioned Prince Group, as well as Cambodian nationals Kok An and Yim Leak. All three were identified as linked to cross-border fraud operations, according to Thai officials.

Prince Group did not immediately comment on the allegations. Chen - also facing U.S. indictment - could not be reached. The group has previously denied involvement in illegal activity.

Sophon Saraphat, Deputy Commissioner of Thailand's Central Investigation Bureau, said authorities seized assets valued at 10.157 billion baht ($318 million). "Arrest warrants have been issued by the Criminal Court for 42 individuals," he said, noting that 29 had been detained as of Tuesday.

Thailand's Anti-Money Laundering Office said the investigation uncovered networks involving online fraud, human trafficking and money laundering tied to Chen and his associates, though it provided no further operational details.

Chen's current location remains unknown, and it is unclear whether he is included among the individuals facing Thai arrest warrants.

In recent months, authorities in Hong Kong and Singapore have frozen or seized assets connected to Prince Group worth $354 million and $116 million respectively. The moves followed sanctions by the United States and United Kingdom targeting the network for alleged involvement in forced-labour scam compounds.

In October, the U.S. Justice Department charged Chen with wire-fraud and money-laundering conspiracy linked to operations in Cambodia. Prince Group rejected the allegations as "baseless."