Although this isn't the first time Thai regulators have pursued officers or former officers of financial institutions, people in the banking industry say the announcement marks a bold step by the Bank of Thailand, which has promised to overhaul the country's banking sector following the economic crisis in Asia.

The executives are Vichien Tejapaibul and Panya Tantiyawarong, former president and former managing director of BMB, respectively. The government nationalised BMB in early 1998 and now is trying to sell it to foreign investors.