Thailand Seizes Tycoon’s Assets in $350 Million Scam
Thai authorities have taken action to seize the assets of Boon Vanasin, the 86-year-old founder of Thonburi Healthcare Group PCL, who is accused of orchestrating a massive scam that defrauded investors of over 12 billion baht (US$350 million). Boon allegedly duped hundreds of investors into believing they were investing in non-existent medical projects in Thailand, Laos, and Vietnam.
The Department of Special Investigation (DSI) in Thailand is actively investigating the case, with Boon facing charges of fraud and money laundering. While Boon and his associates remain at large, authorities have already arrested thirteen suspects, including Boon’s wife and daughter.
As news of the scandal broke, shares of Thonburi plummeted by 4 per cent, following a steep 71 per cent decline the previous year. The company has clarified that they have no affiliation with Boon’s fraudulent projects and stated that the involvement of Boon’s family members on the board will be subject to shareholder decision.
Although Boon has not publicly responded to the accusations, authorities are actively pursuing leads on his whereabouts with the assistance of Interpol. Wisanu Chimtrakool, the deputy director general of the DSI, disclosed that the agency is working towards filing charges against Boon and his associates before the end of the month.
The value of the seized assets has not been disclosed as of yet, but authorities are committed to pursuing justice in this case of financial misconduct. Stay tuned for updates as the investigation unfolds.
