WITH the freezing of bank accounts spreading amid a crackdown on mule accounts, several fearful merchants have stopped accepting digital financial payments and insist on cash only, Naewna said this afternoon (Sep. 14).
Ordinary people are beginning to withdraw cash from their accounts as they fear a sudden freezing, a Thai-named Facebook page that translates to “Artrot” said.
Several people have had their accounts frozen, even though they have not done anything wrong, because they received transfers from suspected mule accounts.
For some, their accounts have turned negative while others have had their entire accounts frozen.
The Bank of Thailand said this is due to an expansion of money trail investigation of mule accounts leading to more unintended impacts.
The Facebook page writer mentioned a few innocent people who have been affected by this rash of account freezing as follows:
– Case One: Double freeze for a transfer of just 860 baht:
This account was frozen twice for the same issue and while the bank branch released the first closure, Cyber Crime Investigation Division 2 sent the second order freezing it to the head office, prolonging the lockout.
The account holder appealed to Cyber Crime Investigation Division 4 in Chiang Mai but has not received an answer with the system being repetitive and incoherent causing significant inconvenience to the public.
– Case Two: A merchant had a “partial” payment frozen after a customer transferred funds:
The victim, an honest merchant, had a 169,xxx baht payment frozen. The system indicated “transfer from a mule account,” despite not knowing the customer.
The account has been frozen for seven days, with no way to clarify. The bank simply stated “police have reported the seizure.” She didn’t know who to contact, and had to wait. She immediately lost her chance to turn around her cashflow.
– Case Three: A merchant’s account frozen for two months with 20 kg documents submitted:
This account was frozen without there being a case number. The merchant did not know what connection there could be to a mule account.
The first round of submitting documents to unfreeze it failed and she had to do it again.
It took almost two months to release the account, costing tens of thousands baht in printing fees and meeting different officers, from whom she got varying advice.
There are many other cases of accounts having been frozen, severely impacting people’s work and daily lives.
What lawyers say:
– Attorney Decha: Broad freezing of accounts is a violation of rights.
– Attorney James LK: Only the relevant amounts should be frozen, not the entire account.
– Attorney Ronnarong: It is illegal for a bank to freeze an account without a court or Anti-Money Laundering Office order. A civil suit can be filed for damages under the law.
Latest development:
The Bank of Thailand is holding an urgent meeting today to “adjust the account freezing system.” The objective is to expedite improvement in two key areas as follows:
– Account freezing guidelines:
Must be accurate, not broad, and not affect honest individuals.
-The process for unfreezing:
Must be expedited, reducing waiting time.
Complaint channel – how to unfreeze accounts:
– Anti-Online Scam Operation Centre (AOC) : Call 1441, then press 2
→ This is a centralised centre for freezing accounts linked to fraudsters.
– Bank of Thailand hotline: Call 1213
→ For urgent complaints and asking the central bank to coordinate directly with the bank involved.
CAPTION:
Top and Front Page: Mule account graphic images by Naewna
CORRECTION: The headline above should read “Merchants seen insisting on cash payment as account freezing spreads” not “Merchants seen insisting of cash payment as account freezing spreads”. We regret this error.
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