Thai Police Dismantle Major Cybercrime Operation Worth 3.6 Billion Baht
Thai police have dismantled a major cybercrime operation involving illicit activities worth 3.6 billion baht (about RM467,062), conducted through the use of illegal shell companies and nominee accounts.
Investors and Accountants Complicit
According to Pol Col Theeraphas Yungyuen of the Central Investigation Bureau (CIB), investors, primarily from China and Malaysia, hired 14 accounting firms to register corporate entities and open bank accounts for illegal activities. Theeraphas explained that lawyers, accountants, and authorized representatives involved in the registration process also facilitated the illegal activities.
Malaysian Suspects Identified and Arrested
During a nationwide operation in November, Theeraphas said that eight Malaysian suspects were identified for their alleged involvement in registering shell companies to facilitate money laundering and manage proceeds from technology-related crimes. Of the eight suspects, two have been arrested, while arrest warrants have been issued for the remaining six individuals, who are believed to be abroad, likely in Malaysia or Cambodia.
Widespread Network of Suspects
Theeraphas added that investigations revealed a broader network comprising 198 corporate entities and 695 individuals, including 37 foreign nationals and 658 Thai citizens, who were allegedly involved in these operations. The suspects would typically form relationships with Thai women, posing as girlfriends, wives, or close friends, who would then be tasked with recruiting individuals to open "mule accounts" or assembling account packages. These accounts were sold to criminal networks involved in call centre scams, online gambling, or money laundering schemes.
Regulatory Loophole Exploited
The group involved in this operation is believed to be one of the first to organize and supply corporate accounts for such illicit purposes. Their use of Internet banking allowed them to exploit regulatory loopholes, making the accounts operable for illegal transactions without immediate detection.
Charges and Investigations
The two arrested individuals will face charges of collaborating to procure mule accounts and acting as brokers for accounts linked to money laundering. Arrest warrants have been issued for the six others, but they have not re-entered Thailand. The Thai police are coordinating with Malaysian authorities to locate the remaining six suspects.
Conclusion
The Thai police’s successful operation has sent a strong message to cybercriminals and money launderers that they will not be tolerated. The authorities are working tirelessly to disrupt and dismantle these illegal operations, and it is crucial that they continue to receive support and resources to combat this growing threat.
Frequently Asked Questions
- What was the value of the illegal activities dismantled by the Thai police?
- 3.6 billion baht (about RM467,062)
- Where did the suspects come from?
- Primarily from China and Malaysia
- How many accounting firms were involved in the illegal activities?
- 14
- How many individuals were involved in the illegal activities?
- 695
- What type of illegal activities were involved in the operation?
- Money laundering, call centre scams, online gambling, and other technology-related crimes