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Asia Crime World

Thai Authorities Seize Assets of Hospital Tycoon in $350 Million Fraud Case

Thai Authorities Seize Assets of Hospital Tycoon in $350 Million Fraud Case
Source: Bloomberg
  • PublishedJanuary 6, 2025

Thai authorities have begun seizing the assets of Boon Vanasin, an 86-year-old hospital tycoon who is accused of defrauding hundreds of investors of more than 12 billion baht ($350 million) through fake medical projects, Bloomberg reports.

Boon, the founder of Thonburi Healthcare Group Pcl, fled the country after allegations of the massive scam emerged in December 2023.

Boon is wanted on charges of fraud and money laundering. Investigations revealed that he allegedly misled investors into believing they were funding five nonexistent medical projects in Thailand, Laos, and Vietnam. The Department of Special Investigation (DSI), Thailand’s equivalent of the US Federal Bureau of Investigation, is now leading the probe into these allegations.

To date, thirteen suspects have been taken into custody, including Boon’s wife and daughter. Boon himself, along with two associates, remains at large. According to police, Boon fled Thailand in September, initially to Hong Kong and then to China.

Shares of Thonburi Healthcare Group Pcl tumbled 4% on Friday, further extending a 71% plunge recorded last year. The company has stated that it is not connected to Boon’s fraudulent projects and that the future of Boon’s wife and daughter on the board is a matter for the shareholders.

Wisanu Chimtrakool, the deputy director-general of the DSI, announced at a briefing on Friday that investigators have leads on Boon’s whereabouts and are collaborating with Interpol to secure his arrest. The value of seized assets is yet to be determined, and DSI plans to file charges with prosecutors by the end of the month.

Boon’s spouse, Charuvarn Vanasin, and daughter, Nalin Vanasin, have denied the allegations, claiming that their signatures on documents related to the fake projects were forged. Despite their denials, they both remain in court detention.

This isn’t the first time Boon has faced legal issues. In 2022, while serving as Thonburi’s chairman, Boon was fined by the Securities and Exchange Commission for misleading investors with false information about the hospital securing a deal for the Pfizer vaccine. He was also barred from serving as a director or executive in a public company for 42 months.

Written By
Michelle Larsen