BANGKOK – The Thai police are on the lookout for Boon Vanasin, a prominent hospital tycoon, believed to have fled to China following allegations of a massive investment scam totalling around S$293 million (approximately US$219 million). The former chairman of Thonburi Healthcare Group is wanted for reportedly deceiving investors into funding non-existent medical projects across Thailand, Laos, and Vietnam.
Details of the Scam
As per Mr Nopasin Poolsawat, deputy commissioner of the Metropolitan Police Bureau, complaints against Boon have surged, with victims claiming they were misled into parting with their money. More than 520 complaints have been filed since December 2023, with claims linking Boon to fictitious ventures that were pitched as promising medical investments.
- Victims invested significant sums, with some pouring in up to 600 million baht.
- None of the promised projects have materialised, leaving investors high and dry.
- The police are working with Interpol to issue a red notice for Boon’s arrest.
Boon’s Departure
Boon reportedly left Bangkok for Hong Kong on 19 September 2024 and has since moved on to China. In the meantime, nine individuals connected to Boon, including his ex-wife and daughter, have been arrested, facing charges of public fraud and money laundering.
Previous Misconduct
This is not the first time Boon has faced scrutiny. In 2022, he was fined 2.3 million baht (approximately US$66,000) by the Securities and Exchange Commission for misleading investors regarding THG’s ability to procure COVID-19 vaccines.
Company’s Stance
In a statement to the Stock Exchange of Thailand, Thonburi Healthcare Group asserted that Boon’s family members do not have the authority to act on its behalf. The company emphasised its commitment to transparency and good governance.
The situation continues to unfold as police seek to locate Boon’s assets, which reportedly include 19 luxury cars. Investors remain hopeful for some form of restitution in this ongoing saga.