One of the world’s most prestigious beauty pageants serving over 500 million annual viewers just experienced an unprecedented collapse. In December 2025, the co-owner was convicted of $930,000 fraud and fled Thailand. Simultaneously, her business partner became a fugitive wanted for organized crime. The Miss Universe Organization, operating in 90+ countries, now finds itself controlled by two criminals on the run across two continents. The timeline starts with an ambitious purchase.
A Dream Deal That Started It All
In October 2022, Jakkaphong “Anne” Jakrajutatip made headlines as the first woman to own Miss Universe, buying it for $20 million. The Thai transgender entrepreneur, Forbes’ third-wealthiest transgender person globally with a $210 million net worth, promised women’s empowerment. But within 13 months, her company defaulted on 3.2 billion baht ($101.7 million) bond obligations, and the glow faded fast.
A Media Empire Starts Cracking
Jakrajutatip’s JKN Global Group built power through content distribution, plus her Life Inspired for Transsexual Foundation advocacy. In 2023, losses from asset valuations and declining advertising revenue deepened a financial crisis. By June 2025, Thailand’s SEC filed criminal charges alleging falsified statements and fictitious transactions worth 557.63 million baht ($17.7 million), raising a sharper question: where did the money go?
The $950,000 Fraud That Sparked Panic
Between July and August 2023, Jakrajutatip allegedly deceived Dr. Raveewat Maschamadol into investing 30 million baht ($950,000) in corporate bonds. She presented false information about JKN’s financial health while knowing repayment would fail. On December 26, 2025, the Bangkok South Kwaeng Court convicted her, sentencing 2 years without suspension, as default loomed.
Fake Content Deals, Real Cash Trails
The SEC described fictitious content-licensing transactions used to manipulate results. JKN recorded about 557.63 million baht ($17.6 million) for media content that never existed or was never delivered. Funds were redirected to nominees who bought JKN shares and debentures on her behalf. Financial statements for 2023 and early 2024 were inflated, and people quietly sold.
The Court Date She Never Attended
On November 25, 2025, a Bangkok court issued an arrest warrant after Jakrajutatip failed to appear. By December 26, 2025, she remained at large. Reports alleged Mexican citizenship help from co-owner Raúl Rocha and conversion of about 6 billion baht ($190 million) into cryptocurrency. Thai authorities later said she may be in Mexico or Latin America, leaving only rumors.
A Second Owner With A Hidden Past
Raúl Rocha Cantú looked like a standard investor when he bought 50% of Miss Universe from JKN for $16 million in January 2024. The Monterrey businessman had casinos, hotels, and ventures across Mexico. But in 2011 he owned Casino Royale when Los Zetas set it ablaze, killing 52 people. He fled to the US instead of facing the fallout.
Organized Crime Claims Close In
In November 2025, investigators said Rocha Cantú had been under investigation since November 2024 for organized crime, including drug trafficking, arms trafficking, and fuel smuggling. Authorities alleged he funded a network with at least 5 million pesos ($278,000). He negotiated with gas station owners to distribute stolen fuel smuggled from Guatemala and the US. The alleged ties ran to major cartels.
An Immunity Deal That Barely Lasted
In late 2024, Mexican Attorney General Alejandro Gertz Manero granted Rocha Cantú a cooperation agreement offering immunity in exchange for information. The agreement lasted 26 days before being revoked by the newly appointed Attorney General, Ernestina Godoy, in December 2025. Officials said the shield triggered backlash that contributed to Gertz’s ouster. President Claudia Sheinbaum replaced him with Godoy, and the pressure escalated.
A Judge Orders His Arrest
On December 18, 2025, Federal Judge Octavio Alarcón Terrón in Querétaro authorized an arrest warrant charging Rocha Cantú with organized crime related to arms and hydrocarbon trafficking. Prosecutors said penalties are severe, with mandatory pretrial detention if captured. Rocha then stated that the Miss Universe offices would relocate from Mexico City to New York, citing “legal uncertainty” and security concerns, yet he remained out of reach.
Pemex Links And A Winning Crown
Accusations of rigging hit after Miss Mexico Fátima Bosch won Miss Universe 2025. Rocha Cantú reportedly had multimillion-dollar contracts with Pemex, and Bosch’s father Bernardo Bosch worked as a Pemex adviser for 35 years. Judge Omar Harfouch claimed Rocha pressured him, implying Bosch would win via connections. Bosch denied it on ABC News, saying crowns come through competition. Still, who was really steering outcomes?
A Secret Jury Allegation Explodes
On November 18, 2025, 3 days before the final pageant, judge Omar Harfouch alleged an “impromptu jury” pre-selected top 30 finalists without official judges. He said the committee included people tied to contestants, “including the person responsible for counting the votes and managing the results, which constitutes a further conflict of interest.” Harfouch resigned and refused to perform music. The next day Claude Makélélé quit too.
A Livestream Blowup Goes Global
On November 4, 2025, Thai pageant director Nawat Itsaragrisil publicly berated Miss Mexico Fátima Bosch during a livestream. He called her “dumb” for not posting promotional content about Thailand, then called security when she stood up. “You are not respecting me as a woman,” Bosch said before walking out. Miss Universe 2024 Victoria Kjær Theilvig and contestants followed. President Claudia Sheinbaum called it an “aggression.”
A Promise To Act, Then Silence
After the Bosch incident, Raúl Rocha posted a 6-minute video calling Itsaragrisil’s behavior “serious abuse” on November 4, 2025. “I have restricted Nawat’s participation in the events that are part of the 74th Miss Universe competition, limiting it as much as possible or eliminating it entirely,” he said, claiming CEO Mario Búcaro was sent to take control. Yet photos showed Itsaragrisil at multiple events and posing with Rocha.
A CEO Quits After 30 Days
Mario Búcaro became Miss Universe CEO in late October 2025, tasked with restoring credibility. On December 12, 2025, about 30 days later, he announced his departure. “Those who know me and have worked with me understand that I have always conducted myself with the highest ethical standards,” he said, without details. His exit followed judge resignations and executive turmoil, reinforcing a picture of a system too compromised to manage quietly.
Huge Audience, Even Bigger Smoke
Despite chaos, the November 21, 2025, pageant drew 2.6 billion total digital views across platforms. Instagram delivered 1.7 billion, Facebook 817 million, TikTok 87 million, and YouTube 15 million. It ranked #1 most social program of the day across television. Telemundo drew 2.6 million viewers, the most-watched primetime entertainment special on Spanish-language TV in 2025. The spectacle kept growing as stability shrank.
Delisting Meets Conviction On One Date
On December 26, 2025, the Bangkok South Kwaeng Court delivered Jakrajutatip’s fraud conviction and 2-year sentence. That same day, JKN Global Group traded for the last time before delisting on December 27. JKN listed in 2017 at 8 baht ($0,25), peaked at 16.27 baht ($0,52) on January 5, 2018, then sank toward worthlessness. Retail investors watched years evaporate, and timing felt brutally symbolic.
The Asset Freeze That Came Too Late
On December 25, 2025, Thailand’s SEC ordered a 180-day asset freeze against JKN and 4 individuals, including Jakrajutatip, citing “false disclosure of material information” and statement manipulation since 2023.
The freeze targeted corporate and personal assets of Jakrajutatip, Pimuma Jakrajutatip, Pismai Hangthaisong, and Kamonrat Mongkolkrut. But reports said she had already converted about $185.25 million into cryptocurrency and left Thailand, making enforcement feel like a closing door.
Two Owners Missing, One Brand Stuck
By late December 2025, both Miss Universe co-owners were fugitives. Jakrajutatip, convicted of fraud, had vanished to Mexico or Latin America after allegedly converting $185.25 million to cryptocurrency. Rocha Cantú, wanted for organized crime, was reportedly spotted in Paris on Christmas Eve while Mexican authorities searched. Miss Universe, operating in 90+ countries and reaching 500+ million annual viewers, was effectively controlled by two people on the run, leaving sponsors and franchises unsure.
A Market Already Shaken By Scandals
JKN’s collapse fit a wider Thai pattern eroding investor trust. The STARK Corporation scandal showed reported profits of 2.8 billion baht ($88 million) for 2021 were actually losses of 5.99 billion baht ($190 million). Executive Chanin Yensudchai fled with about 8 billion baht ($254 million), moving funds to the UK. Regulators faced criticism for slow enforcement. Thailand’s stock index fell 7.5% year-on-year in 2025, while foreign investors pulled 108 billion baht ($3.4 milliom) in 10 months.
Can The Crown Survive This Ownership?
Miss Universe now faces an existential question: can it recover from criminal conviction and organized crime charges involving both co-owners? The organization pledged “transparency, integrity, and responsible communication,” but the words sound thin amid arrests, resignations, and vanishing executives.
Directors in 90 countries must explain why they stay tied to fugitives. The 2025 pageant drew 2.6 billion views, yet weeks later the brand looked fundamentally compromised. Real recovery demands new ownership and enforceable governance.
Sources:
Ex-Miss Universe CEO Anne Jakrajutatip sentenced to 2 years in prison for fraud. The Philippine Star, December 29, 2025
Asset freeze against JKN Global Group and executives for financial statement falsification. SEC Thailand Official Statement, December 25, 2025
Raúl Rocha, from jet-setting with Miss Universe to arms trafficking and fuel theft. El País, December 29, 2025