Prosecutors seek arrest warrants for three Phornprapha family suspects in MORE case after no-show

Special prosecutors have instructed Department of Special Investigation (DSI) investigators to ask the Criminal Court to issue arrest warrants for three suspects from a prominent family in the MORE case after they failed to appear as scheduled.

The case concerns alleged share-price manipulation involving More Return Plc (MORE), which authorities say caused serious damage to the economy. The Special Case Prosecutor ordered DSI investigators to petition the Criminal Court for arrest warrants for Akapat Phornprapha, Atipat Phornprapha, and Orapin Phornprapha after all three failed to meet special prosecutors on January 5, 2026, to hear a decision on whether they would be indicted and the next procedural steps.

On January 6, 2026, the Stock Exchange of Thailand (SET), together with the Anti-Money Laundering Office (AMLO), the DSI, the Central Investigation Bureau (CIB), and the Association of Securities Companies (ASCO), briefed the media on progress in the MORE case, which has been divided into three case files:

• Fraud case: the court ordered the return of assets or compensation to 10 affected securities firms, totalling more than 4.5 billion baht.
• Criminal association case: 129 million baht was returned to the same 10 securities firms.
• Share manipulation case: a civil measure involving damages of about 226 million baht, with penalties to be paid to the state.

DSI Director-General Pol Maj Yutthana Praedam said the MORE case reflects an evolution of economic crime involving knowledge of securities trading. He said multi-agency cooperation helped curb damage that affected the 10 securities firms, with total losses of more than 4.5 billion baht.

He added that 42 suspects have been divided into three main groups: two planners, seven supporters, and 33 account holders. The Attorney General has ordered indictments for all 42, and officials are in the process of bringing suspects before the court.

Special Case Prosecutor 3 has already filed indictments against 28 suspects in the MORE case, following the Attorney General’s order, on charges including fraud, creating or manipulating securities prices or trading volumes, and stock price manipulation causing the public to be misled. All 28 denied the allegations. The Criminal Court ordered that they not be granted bail and they were held at the Bangkok Remand Prison, though some were released on September 30, 2025.

For the remaining 14 suspects, repeated petitions seeking fairness were submitted to the Attorney General. Some have since been ordered indicted and already brought before the Criminal Court. Others have not yet been arrested.

Seven suspects have been allowed to postpone acknowledging the prosecutors’ decision, with hearings scheduled for January 5, 2026, and February 16, 2026.