Exposing the Connection Between "Madam Kaeng" and "Tone Bang Khae": How a Good Start Spiraled into Business Conflict
A promising business relationship between amulet investor Madam Kaeng and Tone Bang Khae unraveled into fraud allegations after Tone allegedly misappropriated luxury goods and cash totaling significant losses, including a Richard Mille watc
On May 6, 2025, reports revealed how Madam Kaeng first met Tone Bang Khae in 2022 through a respected amulet collector. When Madam Kaeng called seeking advice about selling a Bentley that a car dealer was underpricing, the amulet collector introduced her to Tone, who claimed expertise in luxury vehicles. Tone, recognizing Madam Kaeng's reputation in amulet circles as a savvy investor, immediately volunteered to help, promising to use his network to secure a better price and arranging to view the car.
Initially, Tone displayed warm, flattering behavior and built trust by claiming his social media page had many followers and significant social capital, making him capable of selling goods effectively. This led Madam Kaeng to entrust him with various assets including luxury watches, designer handbags, amulets, and cars for sale, with certified checks as collateral and a 10-month payment period agreed upon.
Tone also borrowed money from Madam Kaeng, claiming he was producing 1,000 amulet-viewing cameras from a German company for retail at approximately 10,000 baht each, offering her 300 units at cost price of 3,000 baht per unit. However, when months passed without receiving the cameras, Tone claimed the goods were nearly sold out, with only 100 remaining at the full retail price of 10,000 baht each, raising Madam Kaeng's suspicions.
Investigation revealed that Tone claimed to have sold some assets but never returned the money. A luxury Richard Mille watch was found being worn and displayed on social media rather than being sold. Additionally, amulets and other items Tone used as collateral for debt negotiations were appraised at significantly inflated values, causing substantial financial damage to Madam Kaeng.
The situation severely affected Madam Kaeng's mental health, causing accumulated stress and depression, ultimately prompting her to file a complaint with law enforcement to pursue legal action against those involved.
