Thai Medical Tycoon Flees to China Amid Allegations of Fraud
According to reports, Thai hospital tycoon Boon Vanasin has allegedly fled to China after being accused of deceiving investors regarding fake medical projects, resulting in approximately 7.5 billion baht (S$294 million) in investments. The police have issued a warrant for his arrest following the filing of some 520 complaints from approximately 247 individuals involving investments in medical businesses across Thailand, Laos, and Vietnam.
Police Deputy Commissioner Nopasin Poolsawat revealed during a press conference that victims were promised projects that never materialized, leading to significant financial losses for many. Some investors reportedly entrusted up to 600 million baht based on Boon’s reputation and credibility.
Boon reportedly left Bangkok for Hong Kong on Sep 19 and is believed to have further fled to China. Authorities are actively working with Interpol to bring him to justice. Additionally, law enforcement is seeking nine alleged accomplices, including Boon’s wife, daughter, assistants, and brokers, as part of the investigation. Police are in the process of locating and seizing Boon’s assets, which reportedly include 19 cars.
In a public statement, Thonburi Healthcare Group, where Boon previously served as chairman, asserted that they were not involved in the five medical projects linked to Boon. Boon’s spouse and daughter, who currently hold director positions in the company, voluntarily presented themselves to the police for questioning to demonstrate their innocence. They have refuted the allegations against them and claimed that signatures on relevant documents were forged. Both individuals have affirmed their commitment to retain their roles within the company.
Notably, Boon was previously fined by the Securities and Exchange Commission in 2022 for distributing false information to investors, resulting in a 42-month ban from serving as a director in a public company.
The case is now under the scrutiny of the metropolitan police, who are making arrangements to transfer it to the Central Investigation Bureau or Department of Special Investigation for further investigation.
