Bangkok – Thai authorities have arrested 39 suspects and seized assets worth more than 500 million baht in a major operation targeting a transnational investment scam and money-laundering network, officials announced on Tuesday.
The crackdown, dubbed Operation Anti-Scam Matrix, involved coordinated raids at 27 locations across 11 provinces. Those arrested include 30 Thai nationals, eight Chinese nationals and one Myanmar national. Authorities allege the suspects were involved in public fraud, identity impersonation, computer crime offences and money laundering.
Investigators said the group operated a fake stock-trading scheme through a fraudulent mobile application known as ETO TH, promising high investment returns and targeting victims via social media and messaging platforms. According to police, at least 74 victims reported losses exceeding 173 million baht.
Police seized luxury properties, condominium units, high-end vehicles, cryptocurrencies, cash, jewellery and other valuables allegedly linked to the network. Authorities said the proceeds were laundered through bank accounts, informal money-transfer channels and cryptocurrency transactions, including conversions into and out of USDT.
The investigation began after the Anti Cyber Scam Center (ACSC) identified suspicious financial transfers involving holders of Thailand Privilege visas. Officials are now working with relevant agencies to strengthen visa screening procedures and conduct additional reviews of existing visa recipients.
Police said one Chinese suspect admitted to laundering billions of baht on behalf of scam operators based in Poipet, Cambodia, although investigations are continuing to determine the full extent of the network’s connections.
Authorities also warned the public to verify investment platforms before transferring funds and to remain vigilant against fraudulent schemes, including fake flood-relief registration links and callers impersonating police officers.
The investigation forms part of a broader effort by Thai law enforcement agencies to combat the rise of organized cybercrime groups active in the Mekong region. In recent years, authorities across Southeast Asia have intensified operations against criminal compounds and scam centers linked to human trafficking, online fraud, illegal gambling, and money laundering.
Security analysts note that some of these syndicates have relied heavily on Mandarin-speaking operators and financial facilitators, reflecting the increasingly international nature of organized crime in the region. While many suspects involved in such operations are Chinese nationals, authorities stress that investigations target criminal organizations rather than any specific ethnic community. Networks often include individuals from multiple nationalities working together to recruit victims, move funds, and evade law enforcement scrutiny.
Source: The Nation, 13 October 2026.
