Joe Ferrari revealed to have 1.3 billion baht in assets

By now, it is well known that disgraced and murderous Pol Col Thitisan “Joe Ferrari” Utthanaphon amassed a fortune in luxury cars and suspicious wealth. But today, the National Anti-Corruption Commission put a price tag on it: 1.3 billion baht. The staggering net worth was announced as the NACC argues a court appeal should be allowed to confiscate and liquidate his assets.

The secretary-general of the NACC held a press conference about Ferrari. The officer was sentenced to life in prison after being caught on video suffocating a suspect to death at the Nakhon Sawan police station during interrogation. After details went public, the officer went on the run, resulting in a search of his Bangkok mansion, which revealed to the public the luxurious lifestyle he lived on his 40,000 baht a month police salary.

At the press conference at the NACC headquarters, the secretary-general revealed that Ferrari had savings, cars, houses, and land worth a total of 1.3 billion baht.

Among his opulent assets revealed were many luxury cars worth over 100 million baht each, as well as a sprawling mansion on a four-rai plot of land in Bangkok. But the NACC investigation uncovered much more, including five more rai of land with two more houses worth 54 million baht, and 15 cars worth 6.1 million baht.

They also uncovered three bank accounts with a combined total of 1.2 billion baht in them. Another 13 expensive cars were found to be contracted to Joe Ferrari with monthly payments. Those cars have an estimated value exceeding 53 million baht.

The NACC has submitted their findings to the Office of the Attorney-General to go over its detailed report and confirm its accuracy. The info will then be used in a trial in front of the Central Criminal Court for Corruption and Misconduct Cases.

One major way Ferrari managed to grow such mega-wealth on a lowly police salary was by confiscating illegally imported cars. Police would receive a percentage of the value of the cars they caught sneaking into the country. Those cars would later go to auction where they could be bought for a fraction of their worth. There were reports of intimidation at the local auctions that suppressed bids competing with Ferrari and his cohorts.

The disgraced police officer nabbed a total of 368 illegal cars between 2011 and 2017, including a range of luxury vehicles worth millions. Malaysian police are tracing the owners of many of those cars whose license plates show they originated there. The NACC is adding malfeasance charges to their case, though they were unclear on whether others in the same department as Ferrari who engaged in similar antics would be charged as well, according to the Bangkok Post.