On September 19, 2026, lawyer Chalermchai Sriyuphak, representing Thai amulet-circle figure Tone Bang Khae (real name Thonthong Sukkaen), delivered a set of luxury assets to the Central Investigation Bureau (CIB) in Bangkok on behalf of his client, handing them directly to alleged fraud victim Madam Geng (name transliterated as Don Thienthaworawong). The assets, valued at roughly 38.6 million baht, were credited as 65 million baht against a debt of 327.4 million baht tied to amulet-related dealings, leaving about 262.4 million baht still owed. Both sides stressed that the handover settles only the civil portion of the dispute, and that the criminal case against Tone Bang Khae continues.
Who Is Tone Bang Khae, and Why This Case Matters
Tone Bang Khae is a well-known figure in Thailand's amulet authentication and trading circles, based in the Bang Khae district of Bangkok, an area long associated with amulet dealers and appraisers. He was previously arrested and charged after allegations that he ran what amounted to a fundraising scheme dressed up as amulet investment, custody, and buyback arrangements. The scale of the alleged fraud has grown dramatically since it first came to light, climbing from an initial estimate of over 300 million baht to reported claims exceeding 5 billion baht (see our earlier coverage: Famous Thai Amulet Dealer "Tone Bang Khae" Arrested for Fraud and Tone Bang Khae Amulet Fraud Case Escalates to $140M). It now stands as one of the largest amulet-adjacent fraud scandals in recent Thai history, though at its core the money involved was raised through informal lending and investment pools that used amulet trading as a pretext rather than amulet sales themselves.
What Was Returned, and What's Still Owed
- Land in Amphawa: approximately 9 million baht
- A Bentley: approximately 14 million baht
- Four luxury watches, including Richard Mille and Patek Philippe pieces: approximately 30 million baht
- Four Hermès bags: approximately 1.9 million baht
The combined market value of these items came to about 38.6 million baht, but the two sides agreed to count them as 65 million baht against the debt, nearly 70 percent higher than appraised value, likely reflecting original purchase prices rather than resale value as a concession in the settlement negotiation. After the offset, Tone Bang Khae still owes Madam Geng approximately 262.4 million baht. Another self-identified victim, known as Uk Krungsiam, was also present at the CIB to witness the handover, underscoring how many separate creditors this single case now involves.
What This Means for Amulet Collectors
The case itself has little to do with amulet consecration, grading, or provenance, but its root cause is a cautionary tale for anyone active in high-value amulet circles. Collectors lent or invested large sums based on personal trust in a well-known name within the trade, and that trust turned into a nine-figure debt dispute stretching across years. The safest path in amulet collecting still runs through verifiable, item-for-item transactions and independent authentication, such as certificates from Thailand's Samakom Phra society, rather than handing funds to any single dealer for custody, resale promises, or informal investment pools. Overseas buyers dealing in higher-value pieces should insist on inspecting an item before payment and verifying it through a recognized third party — see our guide on how to buy Thai amulets online without getting scammed — and should treat any arrangement that separates payment from physical delivery with extra caution, no matter how established the counterparty appears within collector circles.
Source: Matichon