Ben Smith's links to Thai elite raise doubts on government resolve to tackle scammers

The connections of Cambodia-based Benjamin Mauerberger, who is allegedly linked to money laundering and transnational scams, with powerful people in Thailand have piqued public interest and raised doubts over the government's sincerity to crack down on these illegal operations.

Recent photos posted on social media show Mauerberger, who also goes by the name Ben Smith, alongside Prime Minister Anutin Charnvirakul, Deputy Prime Minister Ekniti Nitithanprapas, former Army chief Apirat Kongsompong, a former senator, senior police officials and business leaders in various settings.

Such images have fueled scepticism about the Thai government’s seriousness in combating transnational crimes, including online fraud, human trafficking and money laundering.

On December 3, the Anti-Money Laundering Office (AMLO) seized assets valued at over 10 billion baht—9.3 billion baht traced to networks linked to Yim Leak, Mauerberger, Miss Taengthai, and their associates.

This constitutes the largest portion of the frozen assets and has become a focal point for ongoing investigations.

Transnational connections

Mauerberger, who holds the citizenship of multiple countries, has close financial ties with Yim Leak, a powerful Cambodian businessman.

Mauerberger is widely known as a fixer who orchestrates deals, structures assets, and moves money around for influential individuals in Cambodia, Thailand and beyond.

He had previously served as an advisor to former Cambodian prime minister Hun Sen and is alleged to have arranged aircraft purchases for Hun Sen and former Thai prime minister Thaksin Shinawatra.

Investigative journalists Tom Wright and Bradley Hope, founders of Whalehunting.projectbrazen.com, have consistently reported on irregular activities involving Mauerberger and his networks.

The public spotlight intensified in Thailand when opposition MP Rangsiman Rome mentioned Mauerberger by name during a parliamentary debate on September 30, while focusing on the Anutin administration’s policies.

Rangsiman, who chairs the House Committee on National Security, voiced concerns about possible illegal activities involving key Cabinet members and Mauerberger.

Mauerberger’s dubious history

In May 2003, Mauerberger was fined NZ$30,000 in an Auckland court following a Securities Commission of New Zealand investigation into Mauer-Swisse Securities, a now-defunct stockbroker to which he was linked.

The commission revealed that Mauer-Swisse made “unsolicited calls to people in New Zealand and Australia offering dubious share deals”, as reported by The Guardian.

Additionally, in 2005, Spanish authorities named Mauerberger for alleged involvement with the Price Stone Group, a boiler room operation.

One key clue tying Yim Leak to scamming operations is the UK government’s 2023 sanctions against Cambodia-based Zheng Heng Group and its affiliate B.I.C Bank, citing allegations of human trafficking, forced labor and scam compounds.

Deng Pibing, the group’s owner, a Chinese national with Cambodian citizenship, was also sanctioned. During the setting up of the B.I.C Bank, former Thai finance secretary and Stock Exchange of Thailand chairperson Sathit Limpongpan was its chairman, with Yim Leak later assuming the role.

Financial architect or money launderer?

Mauerberger is believed to have assisted Yim Leak with financial investments estimated at 26 billion baht in Thailand, far exceeding the assets frozen by AMLO, according to independent researcher Sarinee Achavanuntakul.

Sarinee’s research into financial transactions and cross-share holdings revealed that while Mauerberger did not directly own shares, transactions were executed through his current and ex-wife, as well as aides and companies in Singapore. Importantly, Sarinee noted that these activities were not necessarily illegal.

Sarinee views AMLO’s asset freeze as the beginning. The worst-case scenario would be if AMLO quietly unfreezes the assets, she warns.

As of now no arrest warrant has been issued for Mauerberger. Sarinee hopes that Thailand’s Securities and Exchange Commission will thoroughly investigate allegations about scammers controlling listed firms through market trades or private placements, noting that while normal trades obscure buyer identities, private placements do not.

AMLO’s enhanced measures

Following the asset freeze, AMLO has introduced new rules expanding the definition and scope of politically exposed persons.

Financial institutions must now conduct stricter enhanced due diligence on a broader array of government officials, judicial figures, senior police and political party executives.

These regulations, effective from February, aim to strengthen anti-corruption and anti-money laundering efforts. Mana Nimitmongkol, chairman of the Anti-Corruption Organisation of Thailand, welcomed the move, noting that vague previous rules had allowed some high-ranking individuals to evade scrutiny.

The new regulations align with standards set by the Financial Action Task Force and the United Nations Convention against Corruption.

Sphere of influence in Thailand

General Apirat, currently deputy secretary of the Royal Household Bureau and former deputy director at the Crown Property Bureau (now known as Privy Purse Bureau), denied any close ties to Mauerberger.

Prime Minister Anutin revealed that he had met Mauerberger only five to six times and described their acquaintance as distant—“a friend of friends of friends”.

Anutin also clarified that the old group photo of himself and other notable Thai figures such as General Apirat with Mauerberger was taken more than 10 years ago, in 2014.

The public are intrigued by how Mauerberger managed to gain access to Thai elite circles, including the top brass, politicians, senators and senior police, and even accompanied a National Defence College field trip to Singapore.

The program has faced criticism for serving as an exclusive club for the Thai elite, reinforcing patronage at the expense of democratization.

Intricate operations

Companies allegedly connected to the Mauerberger & Yim Leak network and whose assets were frozen by AMLO include: Pang-nga Beach Holding Co, Evara Property Co, Apex Lux Aviation Co, Natai Beach Holding Co, Vachirakom Ltd, Jade Empire Co, Overseas Management Consultants Co, and Alpha Chartered Energy Co.

Mauerberger’s first wife Suparat Sangamuang, a Thai national, holds 99.99% of shares in Overseas Management Consultants Co.

Alpha Chartered Energy Co holds a 20% stake in Bangchak Corp Pcl, valued at 5.9 billion baht, though Alpha’s executive denies any connection to Mauerberger.

Sarinee revealed that Cattaliya Beervor, Mauerberger’s current wife, owns 1.22% of Bangchak Corp and co-manages Singapore-based CAI Optimum Fund VCC.

Sarinee believes that both wives had been used to facilitate financial transactions and investments for Mauerberger, with Cattaliya executing numerous large share sales since at least 2020.

According to Isra News Agency, Jade Empire Co applied for a work permit for Mauerberger, hiring him as an advisor. As of April 2025, the major shareholders of Jade Empire, which registered as a holding company with capital now exceeding 500 million baht, included Optimum Fund VCC, Mauerberger’s wife Cattaliya and Yim Leak’s wife Virinya Yim.

The extent of Mauerberger’s influence among Thailand’s elite remains a subject of intense public debate and all future developments will be closely watched.