On August 11, 2026, prominent Thai amulet dealer Madam Kaeng (มาดามเก่ง, real name Don Thianthawornwong) and fellow trader Ut Krungsiam filed a petition with Thailand's Central Investigation Bureau (CIB), urging police to expedite a fraud case against well-known amulet appraiser Thon Bangkae (โทน บางแค, real name Thonthong Sukkaen) over a dispute reportedly worth around 300 million baht (roughly US$8.3 million). Police said the case remains under evidence review. What began in 2022 as a private debt dispute has since widened into a scandal Thai media are calling the "nine dealers" affair, rattling the country's amulet authentication and trading circles.
From a Bentley to Amulets as Collateral
According to multiple Thai outlets, the relationship between Madam Kaeng and Thon Bangkae began in 2022 with the sale of a Bentley, later expanding into luxury watches and handbags, and eventually large loans — some secured against high-value amulets. Both sides say the total value exchanged reached as high as 600–800 million baht over the years; while partial repayments were made, Madam Kaeng's side maintains roughly 300 million baht remains outstanding, and says several checks issued by Thon Bangkae's side subsequently bounced. Thon Bangkae has acknowledged the debt but denies fraud, saying he has arranged installment payments through 2027. One central point of dispute is the valuation of the amulets used as collateral, which Madam Kaeng's side alleges were significantly overvalued.
A Gold Amulet Swap Allegation Deepens the Trust Crisis
Surfacing alongside the debt dispute is a separate allegation that strikes even more directly at authentication trust: a well-known dealer was accused of swapping the solid-gold casing of a Luang Pu Toem "8 Rounds" commemorative amulet during an inspection, later attributing the switch to an employee and offering a 9-million-baht settlement. That incident became entangled with the Kaeng–Thon Bangkae case, and together the two controversies fed into what Thai press has dubbed the "nine dealers" scandal — coverage alleging inflated valuations, informal debt-for-goods arrangements, and possible covert swapping across parts of the professional amulet trading and appraisal business. As of this report, police say they have not confirmed whether all nine named dealers face formal charges, and evidence gathering continues.
Police Involved, Case Still Open
The August 11 petition is the latest move by Madam Kaeng's side to push the case forward. An earlier mediation session at police headquarters in April 2025, involving a deputy police commissioner nicknamed "Big Tao," ended with both sides accusing the process of being unfair to them. The two parties have since filed criminal complaints against each other, and the case remains unresolved — all claims described here are the parties' own allegations, pending verification by police and prosecutors.
What This Means for Collectors
The clearest takeaway for overseas buyers: an amulet's authenticity and value should never rest on one dealer's reputation alone, however well-known. Thailand's credible third-party verification comes from bodies like Samakom Phra, whose certificates collectors can look up directly — see our guide on what a Samakom Phra certificate is for the verification process. Second, this case is a reminder that pledging high-value amulets as informal loan collateral carries real risk of disputed valuations with little recourse — a private arrangement ordinary collectors should avoid. If you're new to buying and want a vetted path, start with our beginner's guide to choosing your first Thai amulet, and if you're considering amulets as a long-term collection or investment, our guide on whether Thai amulets can really appreciate in value explains how to evaluate pieces through verified channels rather than a single appraiser's word.
Source: MGR Online