Credit Union execs accused of embezzling Bt12 billion
Mounting evidence that Klongchan Credit Union Cooperative Ltd embezzled nearly Bt12 billion has led the Department of Special Investigation (DSI) and the Anti Money Laundering Office (AMLO) to launch an investigation into the company and its executives.
More than 100 customers have lodged complaints against the cooperative’s chairman, Supachai Srisupaaksorn, other executives and officials, after they were unable to withdraw money from their accounts with the cooperative, a source revealed yesterday.
A joint team from the DSI and AMLO searched the cooperative and Supachai’s houses yesterday. AMLO official Noppadon Uten said Supachai and other executives allegedly owned more than 300 plots of land. “Some of the plots are worth more than Bt90 million,” he said.
AMLO has already frozen the assets of the suspects.
“Evidence suggests that they have embezzled more than Bt10 billion in cash using the cooperative’s cashier cheques and false documents,” AMLO secretary-general Seehanat Prayoonrat said.
Supachai has maintained that he has done nothing wrong and is ready to clear up any doubt. He has accused the cooperative’s former executives of taking away some crucial documents and made a plea for them to “return the documents to facilitate the probe”.
According to Seehanat, Supachai will meet with relevant authorities to officially provide an explanation.
DSI official Kittikong Kanajan warned suspects against intimidating witnesses.
“We have found that the suspects have constantly intimidated witnesses. Such intimidation is punishable under Thai law,” he said, adding that key witnesses were already in protection.
