Thailand Issues Warrants for Ben Smith and Yim Leak in Scam Money-Laundering Case

A Thai criminal court issued arrest warrants on 27 October for South African businessman Benjamin Mauerberger, known as Ben Smith, his Thai wife, Cambodian businessman Yim Leak and others, in a case police say pushed the proceeds of investment fraud and call-centre scams into Thai listed shares. The Anti-Money Laundering Office (AMLO) says it has frozen 26 billion baht in assets in the case.

The suspects and the charges

The Nation reports warrants for six suspects and charges against a seventh, named by police only as Ben, Cattaliya, Suparat, Yim, Eugene, Kaiping and Natthakorn. Thai outlet Globe identifies Eugene as Eugene Tang, a Singaporean. Smith and his wife already faced Thai warrants from March in a separate cross-border investment fraud case.

There are four charges, Kaohoon International reports: false reports on securities acquisitions, failure to make a mandatory tender offer, criminal association and conspiracy to launder money.

How the money allegedly moved

According to findings by Thailand's Securities and Exchange Commission (SEC), private placements of 5.9 billion new VGI shares, worth 8.85 billion baht, went to three foreign funds that acted together and held more than 25% between them without disclosing it or making a tender offer. Police say the probe covered "fraud against foreign businesspeople and technology-related crime, including call-centre scams", with money routed through Cambodia and Singapore. SEC secretary-general Pornanong Budsaratragoon said the freeze "is unrelated to the performance of the listed companies".

Globe reports that officers searched four locations and took cryptocurrency documents, ledger devices and computers.

Two totals, 9 billion baht apart

AMLO's 26 billion baht, of which 16 billion is in VGI, Bangchak and MFC shares, covers five seizure and freezing orders since early 2024. Police figures run higher: AFP counts 14 billion baht in shares and 21 billion in property, cash and vehicles, about 35 billion in all and more than US$1 billion. That matches the 35 billion baht in the Bangkok Post's headline.

The denials

Yim Leak's spokesman Lanny Davis told AFP the accusations were "100 percent false", and his lawyers say more than US$600 million was frozen without a hearing. Smith's lawyer declined to comment to AFP.

For scam victims

AMLO deputy secretary-general Kamonsit Wongbutnoi said victims may pursue compensation through civil proceedings.