BANGKOK, Thailand – Thai authorities have busted a billion-baht money laundering ring, arresting over 1,000 suspects linked to a network of shell companies and nominee directors, Dec 4.
The Economic Crime Suppression Division executed search warrants at 46 locations across the country, targeting a network linked to money laundering and other illicit activities. Over 442 companies, many of which were shell companies, were implicated in the scheme.
The network, which involved both Thai and foreign nationals, primarily Chinese, used these shell companies to open bank accounts and launder proceeds from various criminal activities, including online scams, call center fraud, and cybercrime.
Alarmingly, the operation exposed the involvement of legal professionals, such as lawyers and accountants, who allegedly helped to falsify company registration documents.
The crackdown highlights the increasing sophistication of transnational crime and the threat it poses to Thailand’s financial system and national security. (TNA)
