Thai authorities have begun seizing the assets of a hospital tycoon who fled the country after allegedly luring more than 12 billion baht (RM1.56bil) into fake medical projects from hundreds of investors.
Boon Vanasin, the 86-year-old founder of Thonburi Healthcare Group Pcl, is wanted on charges of fraud and money laundering following the emergence of complaints about the scam from December 2023.
The medical doctor had misled victims into believing they were investing in five medical projects in Thailand, Laos and Vietnam, none of which existed, according to investigators.
The charges against Boon are now being probed by the Department of Special Investigation, Thailand’s equivalent of the Federal Bureau of Investigation in the US.
Thirteen suspects have been taken into custody, including Boon’s wife and daughter, while Boon and his two associates are at large.
Police earlier said that Boon had fled Thailand in September, first to Hong Kong and then China. Boon hasn’t publicly responded to the allegations yet.
Shares of Thonburi tumbled 4% on Friday, extending a 71% plunge last year. The Bangkok-based company has said it has nothing to do with Boon’s projects, and his wife and daughter’s continuation as board members would be a matter for the shareholders to resolve. — Bloomberg
