Thai authorities have begun seizing the assets of a hospital tycoon who fled the country after allegedly luring more than 12 billion baht (US$350 million) 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 Thailand’s federal policing body, the Department of Special Investigation (DSI). Thirteen suspects have been taken into custody, including Boon’s wife and daughter, while Boon and his two associates are at large. Police said earlier that Boon had fled Thailand in September, first to Hong Kong and then China.
Boon has not yet publicly responded to the allegations.
Shares of Thonburi tumbled 4 per cent on Friday, extending a 71 per cent 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.
Investigators have leads on Boon’s whereabouts and have been coordinating with Interpol for his arrest, Wisanu Chimtrakool, deputy director general of the DSI, said at a briefing on Friday. The value of seized assets could not yet be determined, Wisanu said, adding the agency planned to file charges to prosecutors before the end of the month.