EC flags 10 political figures in “grey capital” probe ahead of election
Investigators are examining alleged laundering and transfer networks tied to scam operations, alongside a separate probe into iris data collection that may be linked to mule accounts.
- Thailand's Election Commission (EC) has flagged 10 political figures, including former MPs and current election candidates, in a probe into illicit "grey capital."
- The investigation is focused on two groups: one with alleged links to online gambling and money laundering, and another connected to a company using iris-scanning for a cryptocurrency scheme suspected of fraud.
- The probe could directly impact the election, as any candidate who is arrested and denied bail may become ineligible, potentially invalidating votes cast for them.
- Potential political consequences include backlash for parties campaigning against corruption if their own members are implicated, and the undermining of a key political figure in the Northeast.
Political figures linked to the Bhumjaithai Party government and the Election Commission (EC) stepped up their messaging on “cracking down on grey capital” on Saturday (January 10).
The issue was echoed by the Minister of Digital Economy and Society and the EC secretary-general, who claimed there were 10 individuals with political links under scrutiny, as they are former MPs and candidates in the current election. It was hinted that the Justice Minister would reveal names soon.
Checks with government leaders and sources at the Ministry of Justice indicate the list of alleged individuals remains confidential.
However, the probe into alleged links to “grey capital” is said to involve two groups at two levels, with disclosures and follow-up raids and arrests expected.
First, investigators are looking at political figures allegedly connected to gambling websites, online gambling, and scammer networks.
Most are described as people who allegedly received transfers or laundered money, some knowingly as part of the operation and beneficiaries, though not necessarily directly involved in running the networks.
This political group reportedly includes former MPs, MP candidates, and local election candidates.
Among national-level politicians, many are said to be aligned with the “red” (Pheu Thai) and “orange” (People's Party) camps.
Reports suggest that as early as next week, authorities may move against major operators and bring charges against those involved.
Some cases could affect the election: if a candidate is arrested and denied bail, they could lose eligibility.
If voters cast ballots for an ineligible candidate, those votes could become invalid.
The EC is rushing to verify details to inform the public.
Second, investigators are examining those linked to a company installing iris-scanning devices for a business model involving iris scans in exchange for cryptocurrency tokens.
The Department of Special Investigation (DSI) carried out searches at five locations on Saturday, believing iris data may have been used to open mule accounts or in online fraud schemes, potentially violating personal data protections.
The business is also said to lack approval from the Securities and Exchange Commission (SEC).
Those involved are believed to have links to senior politicians from certain major parties.
Searches reportedly on Saturday stem from a case in which the Digital Economy and Society Ministry released images from a 2024 signing of a memorandum of understanding (MoU) between the ministry and a private company from Singapore.
The event was witnessed by the minister at the time, senior ministry officials, and individuals who held government positions in 2024.
Ben Smith, alleged to be linked to a transnational money-laundering network, also attended.
This political group and senior officials were previously summoned by the DSI for questioning.
All reportedly gave partial denials, saying they attended only as witnesses to the MoU signing and were unaware of further details.
If authorities pursue both cases aggressively, two political consequences are expected ahead of the election.
First, parties campaigning on claims of having no links to “grey capital” while attacking rivals could face backlash if their own members are prosecuted.
Second, the probe could undermine a major politician from a large party described as a key election “general” in the Northeast, especially in Nakhon Ratchasima, which has 16 MPs, second only to Bangkok.
A major governing party is said to be seeking to regain a foothold there after winning just one seat out of 16 in the 2023 election.
