On Wednesday, August 26, 2026, prominent Thai amulet dealer Tone Bang Khae (โทน บางแค, real name Tontong Sukkaen) reported voluntarily to Bangkok's Crime Suppression Division to check whether a new arrest warrant had been issued against him. According to Thai outlet Siamrath, the visit relates to a long-running amulet "circulation" (เวียนพระเครื่อง) fraud case whose reported damages have ballooned from the hundreds of millions of baht first disclosed to more than 5 billion baht (roughly $140 million) — now one of the largest fraud scandals to hit Thailand's amulet trade in years.
From a Financing Scheme to a Multi-Billion-Baht Scandal
The case originated with a complaint from a woman known by the alias "Madame Kaeng" (มาดามเก่ง), who accused Tone Bang Khae and eight other amulet dealers and appraisers of running a "circulation" scheme — a common informal financing practice in the trade where dealers pledge or consign high-value amulets to one another and back the deal with post-dated checks to raise short-term cash. We first reported on this case when Tone was arrested with damages estimated at over 300 million baht (see Famous Thai Amulet Dealer "Tone Bang Khae" Arrested for Fraud). As more victims came forward, Thailand's Economic Crime Suppression Division (ปอศ) widened its investigation, and the confirmed total has since climbed past 5 billion baht. Of the nine dealers implicated, three — including Tone — have now been formally charged with fraud.
A Separate, Smaller Case Also in Play
Tone is currently facing two distinct cases in parallel. On August 6, he was arrested on a separate charge for allegedly selling amulet-inspection magnifying loupes (กล้องส่องพระ) marketed as "limited edition" — ordinary loupes worth about 1,000 baht sold for roughly 10,000 baht each. Police had received 12 formal complaints and estimated 40 to 50 victims, with total losses around 40 million baht; Tone posted 1 million baht bail. Investigators have confirmed this loupe case is unrelated to the far larger "Madame Kaeng" circulation case. His August 26 visit to the Crime Suppression Division concerned only the latter, billion-baht case.
Accusations Fly in Both Directions
The case has taken a dramatic turn, with Tone publicly accusing a police officer known by the nickname "Big Tao" (บิ๊กเต่า) of abusing his authority to strong-arm debt collection in exchange for a 30 percent cut, and suggesting a larger syndicate is operating behind the scenes with Tone as a scapegoat. Tone has claimed he holds no assets to repay victims, but investigators say they have identified more than 60 million baht in assets under his name; his lawyer has offered to settle part of the debt with designer bags and luxury cars, though their appraised value falls short of the checks victims are holding. Tone continues to deny all wrongdoing and says he is not fleeing and will cooperate fully with the legal process, which remains ongoing.
What This Means for Collectors Abroad
For overseas buyers, the real lesson here isn't about any single amulet's authenticity — it's about deal structure. "Circulation" financing is essentially short-term credit between senior dealers, using amulets as collateral and checks as trust instruments; when the chain breaks, it's often downstream buyers and secondary-market investors left holding the loss. Rather than trusting a dealer's reputation alone, always verify third-party Samakom Phra certification and buy through channels you can independently check — see our guide on how to spot fake Thai amulets. The case remains active, and we will continue to follow developments.
Source: Siamrath