Thai Court Issues Arrest Warrant for Business Tycoon Anne Jakkaphong in 30 Million Baht Fraud Case
A Bangkok court has issued an arrest warrant for prominent Thai businesswoman Anne Jakkaphong after she failed to appear for a verdict hearing in a fraud case involving allegations of deceiving an investor out of 30 million baht. The case centers on accusations that Jakkaphong, CEO of JKN Global Group, knowingly sold debentures to an investor while the company faced severe financial difficulties and was unable to repay the investment.
The legal troubles have been compounded by unverified reports that Jakkaphong may have fled Thailand for Mexico, allegedly converting approximately 6 billion baht (US$185.25 million) into cryptocurrency while leaving behind debenture debts exceeding 3 billion baht (US$92.63 million). The developments have sent shockwaves through Thailand's mid- and small-cap stock markets.
Background and Context
Anne Jakkaphong, formerly known as Jakkaphong Jakrajutatip, is one of Thailand's most prominent transgender business figures and previously served as CEO of the Miss Universe Organisation. Ranked 149th among Thailand's wealthiest individuals as of 2020, she is considered the wealthiest transgender woman in Thailand and Asia, and third globally by net worth. Her company, JKN Global Group Public Company Limited, has been undergoing corporate rehabilitation efforts amid ongoing financial challenges.
Key Figures and Entities
The criminal case was filed by Dr Raweewat Maschamadol against JKN Global Group and Jakkaphong as first and second defendants respectively. According to court documents, the alleged fraud occurred between July 24 and August 8, 2023, when the defendants allegedly invited the plaintiff to invest in company debentures despite knowing repayment would be impossible due to the company's financial condition. The plaintiff claims to have suffered significant financial damage and is seeking compensation under Section 341 of the Thai Penal Code.
Legal and Financial Mechanisms
The Bangkok South Municipal Court accepted the case for trial after finding merit in the plaintiff's claims. During proceedings, Jakkaphong was granted temporary release with bail conditions, and the court permitted the trial to proceed in absentia. However, when the verdict hearing arrived, Jakkaphong failed to appear without explanation, leading the court to conclude she was attempting to evade legal proceedings. The court subsequently issued an arrest warrant and imposed a fine on the bail guarantor for failing to deliver Jakkaphong as required. The next hearing is scheduled for December 26, 2025.
International Implications and Policy Response
The case highlights ongoing concerns about corporate governance and investor protection in Thailand's emerging markets. The alleged conversion of substantial assets into cryptocurrency and potential flight from the country underscores challenges in cross-border financial regulation and asset recovery. The situation has particularly shaken confidence in Thailand's mid- and small-cap stock sectors, raising questions about oversight mechanisms for companies undergoing rehabilitation and the adequacy of bail conditions for high-profile financial crime defendants.
Sources
This report draws on court documents from the Bangkok South Municipal Court, Thai corporate registry filings, and financial market reports published in November 2025. Information regarding Anne Jakkaphong's wealth ranking and business background comes from publicly available financial publications and corporate disclosures from 2020-2025.
