Thai police arrested 11 executives and staff from five illegal e-money firms with a combined turnover of one billion baht, seizing evidence in nationwide raids.
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| Thai authorities seized evidence and arrested 11 executives and employees from five illegal e-money firms operating without permission. Image Courtesy: Supplied/ BP |
BANGKOK, Thailand — March 2, 2025:
Thai police have arrested 11 executives and employees from five illegal e-money firms in Bangkok and two neighbouring provinces, uncovering a combined turnover of one billion baht. The businesses were found operating without permission, raising concerns over financial security and potential money laundering, reads a BP post.
Officers from the Economic Crime Suppression Division (ECD) executed court-approved raids on Friday at company locations in Bangkok, Nakhon Pathom, and Samut Sakhon. ECD commander Pol Maj Gen Thatphum Jaruprat confirmed that six computers and other critical evidence were seized during the operation.
Investigations revealed that the firms operated online platforms facilitating international purchases. Users were required to register as members, open e-wallets, and transfer funds in advance through the firms’ bank accounts. Authorities warned that such operations could undermine economic stability and serve as a channel for illicit financial activities.
Pol Maj Gen Thatphum emphasised that foreign-exchange e-money services are strictly regulated under the 2017 Payment System Act, which the Bank of Thailand enforces to prevent financial risks and protect consumers. The five firms were found to be in violation of these regulations.
The arrested individuals have been charged with providing electronic money services without permission and have been transferred to ECD sub-division 5 for further legal proceedings.