Abstract：Thai authorities have issued arrest warrants for South African businessman Benjamin Mauerberger and his wife over an alleged cross-border investment fraud and money laundering scheme that caused billions of baht in losses. The case has attracted major attention due to its reported links to political and business networks in Thailand and Cambodia, with the couple believed to have fled to Dubai while authorities continue investigating and freezing assets worth over 13 billion baht.
A Thai court has issued arrest warrants for a South African businessman and his wife over their alleged involvement in a cross-border investment fraud and money laundering scheme that reportedly caused losses amounting to billions of baht.
The case has drawn widespread public attention in Thailand because of its alleged links to influential business and political networks in both Thailand and Cambodia.
In a statement released on Monday (March 2), Thailands Central Investigation Bureau confirmed that the suspects are 47-year-old South African national Benjamin Mauerberger, also known as Ben Smith, and his 40-year-old wife, Cattaliya Beevor. Authorities believe the couple had been operating a cross-border investment scam since 2016 through what investigators describe as virtual investment projects.
According to investigators, Mauerberger frequently presented himself as an experienced investment professional, promising investors annual returns of up to 11%. Victims were encouraged to place funds into various ventures, including stock trading, property investments, private jet leasing and energy-related businesses. In one case alone, a foreign victim reportedly lost more than 1 billion baht.
Police said Mauerberger often used bank accounts under his wifes name to handle financial transactions, sign agreements and hold assets linked to the investment schemes. Although Cattaliya was rarely seen at meetings with investors, investigators believe she played a crucial role in managing the movement of funds within the network.
Thai media reports suggest that Mauerberger had built strong connections in both Thailand and Cambodia over the years. He is alleged to have helped launder money for several scam syndicates operating in Cambodia and was reportedly linked to the Prince Group, a Cambodian conglomerate that came under scrutiny last year. As investigations into the group and other business interests intensified, the couple reportedly left Thailand and are believed to be currently residing in Dubai.
On February 27, Thai police conducted coordinated raids at six locations in Bangkok as part of the investigation. Authorities seized electronic devices, company seals and financial documents believed to be connected to the case. Investigators have also frozen assets linked to the alleged fraud network worth more than 13 billion baht, including land, luxury condominiums, high-end vehicles and bank deposits.
The couple had already attracted international attention years earlier. Tom Wright, a former Wall Street Journal journalist known for exposing major corporate corruption scandals in Malaysia, had previously investigated Mauerberger and his business dealings.
According to Wrights findings, Mauerberger leveraged relationships with prominent figures in Thailand and Cambodia, including individuals connected to the Shinawatra political network, to build what was described as a shadow financial empire valued at around US$1.5 billion. Wright portrayed him as someone who had evolved from what he called a “second-tier con artist” into a powerful behind-the-scenes financial figure.
In October last year, Mauerberger issued a statement denying all allegations raised by Wright and said he had initiated legal proceedings against the journalist and others involved.
The case resurfaced again in December when photos circulated widely on Thai social media showing Mauerberger posing with several well-known political, military and business figures. The images sparked speculation among the public about whether his connections had delayed law enforcement action against him.
Among those photographed with him were Thai Prime Minister Anutin Charnvirakul, Deputy Prime Minister Anutins political allies, former army chief Apirat Kongsompong, former senator Uparaj and former national police chief Wisanu.
Anutin later clarified that he had met Mauerberger before but did not know him well, adding that the photos in circulation were taken in 2014. He also said that he had previously heard concerns about Mauerberger and therefore did not approve the businessmans application for Thai citizenship when he was serving as interior minister.
Speaking on Monday, Anutin said the arrest warrants issued against Mauerberger and his wife reflected the governments firm stance against fraud and money laundering activities, regardless of the individuals involved or their social connections.
Authorities said the investigation is ongoing, and further developments may emerge as efforts continue to track the suspects and dismantle the wider financial network linked to the case.
