Former Chula chairman jailed for embezzling 1.4 billion baht

Bancha Chalapirom, former chairman of the Chulalongkorn University Savings Cooperative (CU Savings Coop), has been sentenced to five years in prison for embezzling over 1.4 billion baht from the cooperative. The Criminal Court delivered the verdict yesterday, September 29, finding Bancha guilty under Sections 353 and 254 of the Criminal Code.

Following the sentencing, Bancha requested bail to appeal the case, which the court granted.

As of 2023, CU Savings Coop boasts 15,592 members and total assets amounting to 35.76 billion baht. Of these assets, 25 billion baht is tied up in investments, 5.48 billion baht comprises member loans, and 3.4 billion baht constitutes loans to other cooperatives.

The cooperative’s liabilities stand at 17.7 billion baht, including 14.9 billion baht in deposits and 2.71 billion baht in short-term bank loans and overdrafts. CU Savings Coop maintains a capital of 18 billion baht.

Between 2012 and 2014, Bancha, while serving as chairman, approved loans to Mongkol Setthee Credit Union Ltd, Khehasathan Noppakao Ruamjai Cooperative, and Klongchan Credit Union Cooperative.

The Department of Special Investigation (DSI) accused Bancha of abusing his authority and embezzling assets for personal gain and third-party benefits, contravening Section 352 of the Criminal Code. Additionally, his actions as executor and administrator breached Section 354.

The DSI stated that the total damage inflicted on CU Savings Coop exceeds 1.4 billion baht.

The DSI submitted the case to the public prosecutor on February 13. Less than a month later, on March 3, the prosecutor filed a lawsuit against Bancha with the Criminal Court.

On May 15, the court heard testimony from the last witness, a DSI officer responsible for the case, reported Bangkok Post.

In related news, a lawyer has called for an investigation into the Deputy Director of the National Office of Buddhism, questioning the handling of a temple fund embezzlement case involving the official’s ex-wife. The lawyer demands a probe into the asset seizure and the vetting process before the appointment.