9 arrested for allegedly embezzling more than 2.8 billion baht from Railway Club Cooperative funds

Police arrested 9 people involved in the Railway Club Cooperative, including the former chief, on collusion charges for allegedly approving loans behind closed doors to embezzle a total of 2.8 billion baht from members’ funds.

Officers from the Central Investigation Bureau have been investigating since June 30 of last year. Investigators say the suspects approved loans without calling meetings for the roughly 2,300 cooperative members and used falsified documents to take out loans of about 15 million baht each.

When reviewing loan approvals made between January 2012 and November 2016, investigators say they found loans given to a hotel, housing estate, resort and property project. They say loans were also used to buy luxury cars and other valuables.

Officers from the bureau along with the Department of Special Investigation and the Anti-Money Laundering Office recently raided 26 locations in Bangkok, Phetchaburi, Samut Prakan and Nonthaburi. Officers seized a total of more than 10 million baht as well as luxury cars.

The 9 suspects face charges of colluding in theft, falsifying documents, using fake documents and money laundering. Along with arresting the cooperative’s former chief executive, 70 year old Boonsong Hongthong, police arrested committee members 49 year old Pimpa Rodrassamee, 31 year old Orchanok Sa-ngadsap, 59 year old Weerachai Srisawat, 69 year old Surat Srisawat, 37 year old Prapat Srisawat, 44 year old Supakit On-aree, 63 year old Preecha Thanapairin and 40 year old Natyanit Mahachot.

SOURCE: Bangkok Post