DSI pursues charges over 1 billion baht fraud at Ananda subsidiary

The Department of Special Investigation (DSI) initiated legal proceedings against former board members of a subsidiary of Ananda Development for violations of the Securities and Exchange Act, following the discovery of over 1 billion baht in damages.

Through its Financial and Money Laundering Case Division, the DSI submitted case file No. 7/2021 yesterday, September 24, regarding Ananda Development Public Company Limited’s complaint. The complaint called for action against former executives of Helix Company Limited, a subsidiary of Ananda, for fraud and misconduct in their business operations.

The investigation revealed that their actions had caused damages exceeding 996 million baht, constituting a breach of the Securities and Exchange Act of 1992, specifically Section 281/2, Paragraph 2, in conjunction with Sections 89/7 and 89/24.

The DSI has forwarded the case involving three suspects to the Special Case Division of the Office of the Attorney General, recommending prosecution under the Securities and Exchange Act.

Ananda Development initially filed the complaint after identifying irregularities in the construction business managed by Helix Company Limited. The former executives were accused of failing to perform their duties with the required responsibility, caution, and honesty, leading to significant financial losses for the company.

Ananda Development highlighted that the alleged misconduct significantly impacted the company’s financial health, necessitating immediate legal action to safeguard its interests and stakeholders.

The accused individuals face serious charges that reflect the gravity of their alleged actions. The legal framework under the Securities and Exchange Act aims to maintain transparency and protect investors from fraudulent activities within publicly traded companies, reported KhaoSod.

The DSI’s spokesperson emphasised the importance of this case in maintaining investor confidence and the integrity of the Thai financial market.

In related news, the Criminal Court of Thailand sentenced defendants in the pyramid scheme case, กองทุนพัฒนาเกษตรกรไทยสู่สากล (Thai Farmers Development Fund to Global) to 352 years in prison and fined them 35.2 million baht. The DSI plans to use artificial intelligence (AI) to detect such scams online.