Widespread online scams pose daunting challenge to Thai authorities

12 Sept 11:29 Key points summarised by AI

Thai victims have lost an estimated over 10 billion baht annually to online scams, with 296,063 cases reported between March 2022 and July 2023, totaling 39.1 billion baht in financial fraud.
Scammers employ diverse tactics, including impersonating organizations and well-known figures (like Vikrom Kromadit) to lure victims into fraudulent investment schemes, alongside online shopping, job, and lending scams.
Most masterminds are foreign criminal gangs, initially Taiwanese then Chinese, operating from neighboring countries like Cambodia, with local copycats now emerging.
Thai authorities, including the Ministry of Digital Economy and Society, the Stock Exchange of Thailand (SET), and the Securities and Exchange Commission (SEC), are launching campaigns for investor education, issuing warnings, and pursuing legal action to combat the pervasive online fraud.

Nationwide crackdown launched on illegal nominee shareholders and land holdings

Today 15:20 Key points summarised by AI

Thailand's Prime Minister Anutin Charnvirakul initiated a nationwide crackdown on illegal Thai nominee shareholders in foreign-run businesses and land holdings to safeguard national interests.
The government will integrate efforts across all relevant agencies to target illicit foreign operations, forced sales of illegally acquired property, and high-risk land ownership schemes.
Key strategies include auditing suspect land and building holdings, establishing a long-term monitoring system, and cross-referencing data from various authorities to trace ultimate beneficial owners.
Prime Minister Anutin emphasized that no influential figures or corrupt officials are above the law, promising straightforward prosecution, asset seizures, and protection for enforcing officers.
Beyond land ownership, the integrated crackdown will also extend to tackle transnational crimes, including drug and human trafficking.