Thailand's state-owned Secondary Mortgage Corporation (SMC) - established in 1997 to purchase mortgages from financial institutions - looks likely to face criminal charges for fraudulent activity related to its securitization program.

Deputy Finance Minister Chaiyos Sasomsap recently ordered an investigation into allegations that fake documents were used in the acquisition of more than 100 accounts, as well as to scrutinize the relatively high level of irregular and nonperforming loans on SMC's books.

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