Thailand SEC closes 27,000 mule accounts worth 169 million baht
Fraud fighters target rising online crime while pushing for tighter financial safeguards
The Securities and Exchange Commission (SEC) of Thailand has reported significant progress in its crackdown on digital mule accounts, having closed over 27,000 accounts valued at 169 million baht in the first four months of the year.
The SEC also noted a rise in investment scam reports, with 2,735 cases identified, while the Thai ESG fund continues to grow, reaching a net asset value of 34,745 million baht.
Anek Yooyen, Deputy Secretary-General and spokesperson for the SEC, disclosed that the enforcement of the amended Digital Assets Decree and Technology Crime Decree, effective from April 13, has led to these developments.
Digital asset businesses have suspended suspicious mule accounts at the request of the Cyber Crime Investigation Bureau. Platforms operating without permits have also been restricted from trading digital assets.
In the same period, the SEC received 2,735 scam reports through multiple channels, including their website, telephone, email, and direct visits to their office. Of these, 1,849 social media accounts were identified as scams.
The SEC has collaborated with digital economy ministries and the National Cyber Security Agency to block 99.94% of these accounts within 7 minutes to 48 hours. Additionally, they provided investment scam advice on 886 occasions.
Anek further detailed legal actions taken by the SEC in the first four months of the year, which include seven criminal cases against 26 people. These cases involve four instances of price manipulation, one of spreading false information, and two of operating without a license.
In civil cases, the Civil Penalty Committee imposed sanctions in eight cases involving 42 offenders. These included one case of spreading false information, four of price manipulation, two of insider trading, and one of false statements. Price manipulation cases involved securities such as RPC, ABM, F&D, TVDH-W3, AMR, MAX, EIC, NEWS, NEWS-W5, and TCC.
Four offenders reached agreements to comply with civil penalties, resulting in fines totalling 14.14 million baht (US$427,565) and compensation of 10.20 million baht (US$308,430), which has been forwarded to the Ministry of Finance as state revenue.
Anek also mentioned the continuous growth of the Thai ESG fund, with a net asset increase of 17.42% by the end of April, reaching 34,745 million baht (US$143,480) from 29,591 million baht (US$894,770) at the end of 2024. Bond-focused funds grew by 31.42%, while equity-focused funds increased by 1.94%, reflecting investor confidence in sustainable business practices, reported KhaoSod.
The SEC is currently seeking public input on revising Thai ESG criteria to include sustainable digital tokens and improve ESG evaluator flexibility, with feedback open until May 28.
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