Thai authorities have seized and frozen assets worth 35.8 billion baht in an investigation into an alleged international money-laundering network linked to South African businessman Benjamin Mauerberger. The latest asset freeze covers about 35.8 billion baht, including roughly 14.8 billion baht in Thai-listed shares acquired with allegedly laundered money. Police say the network routed proceeds of criminal activity through Cambodian banks and overseas investment funds before buying major stakes in companies listed on the Stock Exchange of Thailand. Investigators identified three phases. From 2019 to 2021, the funds allegedly moved through personal and corporate accounts. In 2022 and 2023, money was reportedly transferred from Cambodia into accounts linked to the network in Thailand, then moved to Singapore-based investment funds. From 2024 to 2025, B.I.C. Bank in Cambodia transferred tens of billions of baht to Capital Asia Investments (CAI), which bought substantial stakes in Thai-listed companies, with details documented by investigative news site Whale Hunting. During the operation, Thai police and partners including the Anti-Money Laundering Office (Amlo) and the Securities and Exchange Commission (SEC) announced arrest warrants for seven suspects on charges including money laundering, conspiracy to launder money, involvement in a criminal association and violations of the Securities and Exchange Act. The suspects are Benjamin Mauerberger, his wife Cattaliya Beevor, Cambodia-born entrepreneur Yim Leak, Suparat Sanga-mueang, Singaporean Eugene Tang, Australian Kai Ping Chen and Nattakorn Athithanawanich. Police said the first six are believed to be overseas and are the subjects of Interpol red notices. Nattakorn was questioned and charged on Monday before being released. Authorities also searched four locations, seizing loan agreements, investment fund and cryptocurrency documents, ledger devices and computers. Amlo said a yacht, cars, bank deposits and land were seized along with the frozen shares. The SEC said investigators found irregularities involving VGI shares issued through private placements to three groups of foreign funds worth 8.85 billion baht. The beneficial owners were reported to be groups linked to Yim Leak, Cattaliya and Suparat, acting on Mauerberger’s direction, and were said to have held over 25% without reporting their holdings or making a mandatory tender offer. Police said Mauerberger fled Thailand in September 2025 as authorities built their case, and that he and his wife have been charged with fraud and money laundering causing about 1 billion baht in damages.