BANGKOK: (Bernama) Thai police have dismantled a major cybercrime operation involving illicit activities worth 3.6 billion baht (about RM467mil), conducted through the use of illegal shell companies and nominee accounts.
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.
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 Malaysian 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," Theeraphas told Bernama on Wednesday (Dec 4).
He said 314 bank accounts, with a total transaction value exceeding 3.6 billion baht, were seized. Police believe that lawyers, accountants, and authorised representatives involved in the registration process also facilitated the illegal activities.
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.
He explained that 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.
He said these accounts were sold to criminal networks involved in call centre scams, online gambling, or money laundering schemes.
"The group involved in this operation is believed to be one of the first to organise 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," he stated.
According to Theeraphas, the two Malaysian suspects arrested are currently in CIB custody for further investigation while Thai police are coordinating with Malaysian authorities to locate the remaining six suspects.
"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.” - Bernama
