Thai authorities have begun seizing the assets of Boon Vanasin, an 86-year-old hospital tycoon who allegedly scammed over 12 billion baht from hundreds of investors by promoting non-existent medical projects. Vanasin, the founder of Thonburi Healthcare Group Plc (THG), is facing charges of fraud and money laundering after reports of the scam surfaced in December 2023.
Investigators claim that Vanasin misled victims into believing they were investing in five medical projects located in Thailand, Laos, and Vietnam—none of which were ever realized.
The Department of Special Investigation (DSI) is now handling the case, and 13 individuals, including Dr. Boon’s ex-wife and daughter, have been arrested. However, Vanasin and two associates remain at large, with police confirming he fled the country in September, initially to Hong Kong and later to China. The DSI is working closely with Interpol to locate him.
Shares of THG dropped 4% on Friday, following a 71% decline the previous year. The company has distanced itself from the fraudulent projects, stating that the matter concerning the ex-wife and daughter’s roles as board members would be decided by shareholders.
The DSI has started seizing assets linked to Vanasin, including vehicles, land, stocks, and funds. However, the full value of the seized assets remains undetermined. Authorities plan to file charges with prosecutors before the end of the month.
Dr. Boon’s ex-wife, Charuvarn Vanasin, and daughter, Nalin Vanasin, have both denied the fraud and money laundering allegations, asserting that their signatures on documents tied to the fake projects were forged. They remain in detention as the legal process continues.
This latest scandal follows a 2022 incident when Dr. Boon, as chairman of THG, was fined by the Securities and Exchange Commission for misleading investors about securing a deal for the Pfizer COVID-19 vaccine. He was also barred from serving as a director or executive in a public company for 42 months.
