6-1-2025 (BANGKOK) Thai authorities have launched a major asset seizure operation targeting Dr Boon Vanasin, the 86-year-old founder of Thonburi Healthcare Group PCL, who is accused of orchestrating a staggering 12 billion baht ($350 million) investment scam.
The Department of Special Investigation (DSI), Thailand’s elite law enforcement unit, has revealed that Dr Vanasin allegedly duped hundreds of investors through fictitious medical ventures supposedly spread across Thailand, Laos, and Vietnam. The veteran healthcare entrepreneur, who fled Thailand in September via Hong Kong to China, now faces serious charges of fraud and money laundering.
The investigation has already resulted in thirteen arrests, including Dr Vanasin’s wife, Charuvarn, and daughter, Nalin, both of whom remain in custody despite their claims of signature forgery on documents linked to the non-existent projects. Both women, who serve on Thonburi’s board, have strongly denied any involvement in the alleged fraudulent schemes.
Deputy Director General Wisanu Chimtrakool of the DSI told reporters on Friday that the agency is working closely with Interpol to apprehend Dr Vanasin. “We are meticulously cataloguing and seizing assets ranging from vehicles and land holdings to shares and financial instruments,” Chimtrakool explained, noting that a complete valuation of the seized assets is still ongoing.
The scandal has dealt a severe blow to Thonburi Healthcare Group’s market performance, with shares plummeting 4 per cent in Friday’s trading, following last year’s catastrophic 71 per cent decline. The company has sought to distance itself from the controversy, stating that Dr Vanasin’s personal ventures were entirely separate from its operations.
This is not Dr Vanasin’s first brush with financial impropriety. In 2022, whilst chairman of Thonburi, he received sanctions from the Securities and Exchange Commission for disseminating false information about a purported Pfizer vaccine agreement, resulting in a 42-month ban from holding executive positions in public companies.
