I want to form some of my disorganized thoughts into words about Ramphueng's curse here. Let's see if it makes sense. This is strictly about the series because I think it's fairer to judge it independently, without using the novel to explain things.
Quick note: the word karmic enemy (เจ้ากรรมนายเวร) can also be translated as karmic creditor - which can both refer to Ramphueng in this case.
"I place my curse upon you all. May your line be struck with misfortune, with no sons to carry your name."
→ It's safe to assume that the Lord and the Madam did not have any son after Ramphueng's death. And they probably went through a tons of misfortune, probably died in a fire.
Some fans also interpreted this as because they killed people, they have to be burnt in hell until they pay back all their negative karma. I took a quick search and at Wikipedia of Naraka (Buddhism) - referred in English as "hell", "hell realm" or "purgatory" - stated: "A being is born into naraka as a direct result of its accumulated actions (karma) and resides there for a finite period of time until that karma has achieved its full result." Maybe the fans are referring to this or from the novel.
→ Lady Kakanang of course also suffered misfortune, probably death or illness. I couldn't imagine her guilt and pain. And I wonder if she witnessed her daughter also suffered.
Since the Lord didn't have son and the curse is on the family of Khem's mother, does that means Krongkhwan might have a child? Then, both Krongkhwan and Lady Kakanang keep being reborn as a member of her family or their own descendants? And they keep being mother and son / daughter?
"If you die, may you be reborn, and I shall claim my vengeance."
→ The Lord and Madam maybe be reborn, maybe not, they didn't show it. Krongkhwan and mom were reborn so Ramphueng's curse were in full effect.
"Should you be reborn as a women, may you suffer separation from your beloved, either by being parted or by death, as I was parted from my son. And should you be reborn a man, may death claim you at twenty-one, as it now claims me."
Krongkhwan was separated from her lover. In the second life, young man got hit by a train. Third life, she was imprisoned, again, be isolated from everyone you love. Fourth life, Khemmika had heart disease and was separated from Pawat by death.
We didn't see all Lady Kakanang's lives but in this life, she was being parted from her husband and son by death too.
"Look around you. They've all paid for what they did to me in every lifetime. All have faced their karma, except you. You're the last one."
I think she is not targeting Khem specifically, it's just Khem and his mom are being showed reborn as human and others are not LOL. I do wish they made it more clearly here like in the novel.
As she said, she has revenged all of the other people involving in her death. Again, they have their reasons but no matter what, their actions contributed to Ramphueng's death and that made them the subject of her curse. That's their karma.
"Only then will my hatred finally fade."
I have seen people talk about how this implied that after this life, no one is being reborn after death anymore because the curse said "If you die, may you be reborn, and I shall claim my vengeance." Hence Ramphueng stops. It's an interesting theory. Personally, I think because they have paid their due, the curse will lose its effect, ending this revenge cycle. (I need someone who is well versed in Buddhism to watch Khemjira plz it is so complicated) Or that's just how Ramphueng thinks. That if all her "enemies" pay their price, she will finally be happy and at peace.
I think the "villain origin story" of Ramphueng is so tragic in so many different ways.
Only when she was dead, did she gain the power to take revenge. This is a really common theme in Asian stories involving injustice - human using the supernatural power to get revenge and punish the perpetrators / their oppressors or just simply to clear their names and prove innocence. "The Injustice to Dou E", in which a woman swore 3 unnatural occurrences happen after her death to prove her innocence come to mind when writing this.
Even then, it's at the cost of Ramphueng's next life and even many more lives. Losing any happiness. Roaming this world in her battered and tortured death state. Everyday for hundreds years being drown in anger and resentment while her "enemies" have been reborn multiple times and maybe has had many more happy memories than she had ever had. Sure, they will died under her hands eventually, but at the end of the day, they can still live, love and be loved, just like Khemmika and Khemjira.
But Ramphueng can't. At least until she makes Khemjira pay. But what guarantee that she won't hunt for his next life or just go on a rampage when the subjects of her curse are all gone. She doesn't forgive. Her grievance and resentment are still there. She is a powerful spirit that can harm people unrelated to Khemjira and doesn't hesitate to wreck havoc to get what she wants and do what she thinks it's right.
From Rae-Worn to the 3 students in the forest. Even Charn and Uncle Chai almost got burnt and Charn wasn't trying to help Khem then. Hurting innocent people will also result in her own karma.
Ultimately, killing Khemjira is not what will help her find peace and help her hatred fade. It never will.