Thailand Securities and Exchange Commission files criminal complaint against IBS Intensive and director over unlicensed derivatives and digital asset fund management

The Thailand Securities and Exchange Commission has filed a criminal complaint with the Economic Crime Suppression Division against IBS Intensive Co., Ltd. and Mr. Kridtapon Petkeawna over alleged unlicensed fund management activities. The case covers the joint operation of a derivatives fund manager business without a licence by IBS Intensive and Mr. Kridtapon, and the operation of a digital asset fund manager business without a licence by IBS Intensive, with Mr. Kridtapon also facing liability as the director responsible for the company’s operations. According to the SEC, from 14 May 2021 IBS Intensive provided services or represented to the public that it would invest funds in gold futures and digital assets. It also carried out solicitation and publicity through a Facebook page under the name Kridtapon Petkeawna. The SEC considers that conduct to amount to acting as a derivatives fund manager and digital asset fund manager without the required licences, in breach of the Derivatives Act and the Emergency Decree on Digital Asset Businesses. The criminal process will now move to investigation by an inquiry official, possible prosecution by the public prosecutor, and adjudication by the court. The SEC said it will monitor the proceedings and cooperate with relevant agencies on enforcement.