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Assets from Drug Seizures to Fetch US$293 Million at Auction

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Assets from Drug Seizures to Fetch 10 Billion Baht at Auction

On Monday, the Office of the Narcotics Control Board (ONCB) sent to auction 192 items seized from drug networks, including luxury cars, brand-name bags, and high-end watches.

Wichai Chaimongkhon, ONCB secretary-general, reported 3,386 items worth an estimated 3.2 billion baht (US$93.8 Million) had been seized from individuals involved in drug trafficking since October last year.

The proceeds from the auction will go toward further crackdowns on drug trafficking, he said.

The auction included items such as the Porsche Taycan 4s which fetched 6.58 million baht and a Toyota Vellfire that sold for 1.89 million baht (US$55,420). In addition, a Chanel bag sold for 176,000 baht (US$5,100).

Somsak Sriratanaprapat, executive chairman of luxury car dealer BRG Group, purchased a Patek Philippe Aquanaut watch for 1.51 million baht (US$44,280).

Auction conducted transparently

A Porsche Taycan and a Patek Philippe Aquanaut luxury wristwatch are among luxury items seized from drug traffickers auctioned off by the Office of the Narcotics Control Board yesterday.

Thailand’s Justice Minister Somsak Thepsuthin predicted that the remainder of the seized goods would fetch 10 billion baht (US$293 Million). He noted that auction bids started at five million baht for the Porsche, and 300,000 baht for the Patek watch.

In the past four years, police have seized 8,684 items in 112 seizures, Mr. Somsak said.

In addition to further crackdowns, proceeds from the event will also be used to reward informants and fund drug rehabilitation programs, he said.

Pheu Thai Party MP Chuwit Phitakpornpanlop attended the event to ensure that it was conducted in a transparent manner.

The CTNNews editorial team comprises seasoned journalists and writers dedicated to delivering accurate, timely news coverage. They possess a deep understanding of current events, ensuring insightful analysis. With their expertise, the team crafts compelling stories that resonate with readers, keeping them informed on global happenings.

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