A Bangkok court has issued an arrest warrant for Anne Jakkaphong Jakrajutatip, the high-profile transgender co-owner of the Miss Universe Organization, after she failed to appear for a verdict hearing in a fraud case. The court deemed her a flight risk, raising questions about the future of both the embattled businesswoman and her troubled company.
Jakrajutatip, who had been scheduled to hear the court’s decision on November 25, 2025, is accused of defrauding investor Raweewat Maschamadol of 30 million baht (approximately US$930,000) in a corporate bond scheme. “Since she did not notify the court about her absence, she was deemed to be a flight risk,” the Bangkok South District Court stated in its announcement.
From Beauty Pageants to Bankruptcy Court
The case represents a stunning fall from grace for Jakrajutatip, once celebrated as Thailand’s wealthiest transgender woman. In 2022, her company JKN Global Group made headlines by acquiring the Miss Universe pageant from IMG Worldwide LLC, a move that initially seemed to cement her status as a pioneering business leader. By 2023, however, the company had begun defaulting on payments to investors and eventually entered debt rehabilitation procedures with Thailand’s Central Bankruptcy Court in 2024, with total debts amounting to approximately 3 billion baht ($93 million).
The plaintiff in the current fraud case alleges that between July 24 and August 8, 2023, Jakrajutatip and JKN Global Group deceived him by concealing the company’s dire financial situation while inviting him to invest in debentures. According to court documents, the defendants allegedly knew “the company would not be able to repay the investment on time due to financial difficulties” but proceeded with the sale anyway.
Where is Anne Jakrajutatip now? That’s become a central question as Thai political activist Sondhi Limthongkul has claimed she fled to Mexico after the warrant was issued. The former protest leader and media mogul further alleged she converted approximately 6 billion baht (US$185.25 million) into cryptocurrency before leaving Thailand, potentially complicating efforts to recover investors’ money.
Mounting Legal Troubles
The fraud case is just one of several legal challenges facing Jakrajutatip. In June 2025, Thailand’s Securities and Exchange Commission filed a criminal complaint against JKN Global Group, Jakrajutatip, and her sister Pimauma, accusing them of “falsifying financial records for the full year 2023 and first quarter 2024, creating fictitious creditors and debtors to artificially inflate revenues and assets.” The SEC also alleged they used these falsified records to manipulate creditors’ voting rights in rehabilitation proceedings.
Following these accusations, Jakrajutatip was fined two million baht for social media posts that improperly influenced JKN’s share price and received a 56-month ban from serving as a director or executive. She subsequently resigned from all positions at JKN, though she remains its largest shareholder.
The court has rescheduled the verdict in the fraud case for December 26, 2025, ordered full forfeiture of Jakrajutatip’s bail bond, and issued the arrest warrant citing her “intent to evade justice,” according to the court.
Troubled Pageant Ownership
JKN Global Group has already sold 50% of its Miss Universe shares to Legacy Holding Group USA, owned by Mexican businessman Raúl Rocha Cantú, in a 2023 deal that may have been an early sign of financial strain. The recent 74th Miss Universe competition in Bangkok proceeded without Jakrajutatip’s presence but was plagued by controversy, including judge resignations, contestant walkouts, and allegations of rigging.
On Monday, JKN issued a statement denying rumors that Jakrajutatip had liquidated the company’s assets and fled the country. However, the company has not directly addressed the arrest warrant, and Jakrajutatip herself could not be reached for comment.
Before her business troubles, Jakrajutatip had built a reputation as a prominent transgender businesswoman and media personality in Thailand, starring in reality shows and being outspoken about her identity. As of 2020, she was ranked 149th among Thailand’s wealthiest individuals and considered the wealthiest transgender woman in Thailand and Asia, ranking third globally in terms of net worth.
For investors like Raweewat Maschamadol, who claims to have lost 30 million baht in the alleged fraud, the warrant represents a step toward potential justice. But for Thailand’s business community and the Miss Universe Organization, it’s yet another chapter in a complicated saga that has tarnished what was once seen as a groundbreaking ownership transition in the pageant world.
