Indian-born Rakesh Saxena was freed from prison today, where he has been since 2012 after being convicted on embezzlement and securities fraud charges, thanks to the Amnesty Decree announced on the occasion of HM the King’s 6th cycle anniversary on July 28.

 

Saxena, 72, was escorted from the prison, by police from the Economic Crime Suppression Division, to the Immigration Bureau for deportation to India. 

Due to his frail physical conditions, he was temporarily admitted to the Police General Hospital pending deportation processing.

 

 

 

 

During the 1990s, he was appointed treasury advisor to Krirkkiat Jalichandra, vice president of the now defunct Bangkok Bank of Commerce (BBC).

 

Photo: Thai PBS World

 

Full story: Thai PBS World

-- 2024-09-10

 

 

Get the ASEAN NOW daily NEWSLETTER - Click HERE to subscribe

Seems that despite having stolen billions from Thailand - just like "someone else" - he didn't get to spend his time in a VIP hospital suite.

Saxena scammed the Bangkok Bank of Commerce out of billions by creating false companies and then loaning them massive amounts of money.
Because so many banks play games by loaning each other money or "buying" their securities, when the scam was uncovered it caused what is known as the "Asian Flu" banking crisis that rippled through a lot of SE Asian banks.

He was able to flee to Canada (because he was wanted in India if I recall). He was initially arrested but couldn't be held because he hadn't committed any crimes in Canada (yet). 
And because he (initially) faced the death penalty in Thailand, Canada wouldn't extradite him.

So he made a deal that he would pay for his own security while living in a Penthouse condo (bought with the money he stole) and the authorities kept his passport.

And he spent the next 10 years using that money to fight extradition from Canada after Thailand agreed to waive the death penalty.

And when he wasn't doing that he was involved in a number of shady enterprises. Like boiler room stock scams and nearly financing a coup in Sierra Leone by using a company he owned (Diamond Works) to hire a mercenary outfit (Executive Outcomes, a division of Sandline International, which comes complete with it's own Army, air force and even naval assets). 
Executive Outcomes was supposed to organize the coup and the new gov't would grant exclusive diamond mining rights to Diamond Works in return.

That deal fell through and the coup never happened.

And Saxena kept losing his extradition cases and then appealing the decisions and losing and appealing until his case made it all the way to the Supreme Court who declined to review the appeal of his last extradition case, ending his attempt to avoid extradition and he was FINALLY sent back to Thailand.

It's almost a shock he went to jail at all. 

Usually when you steal billions in Thailand you get the "VIP" treatment.

27 minutes ago, Kerryd said:

...it caused what is known as the "Asian Flu" banking crisis that rippled through a lot of SE Asian banks.

You're mixing up the Asian financial crisis of 1997 with the Asian flu (Avian flu) outbreak in the same year, The Asian financial crisis was not referred to as the Asian flu crisis.

He makes the 70 year olds near me look like a collection of Mr. Universes !

Send this jerk home to Indiaq, maybe he can catch a super bug and be gone after that.

13 hours ago, snoop1130 said:

he was temporarily admitted to the Police General Hospital pending deportation processing.

He will come out of there a new man, ready for his flight with all ailments gone. They do fantastic work there.

15 hours ago, Liverpool Lou said:

You're mixing up the Asian financial crisis of 1997 with the Asian flu (Avian flu) outbreak in the same year, The Asian financial crisis was not referred to as the Asian flu crisis.

 

"A crisis that climaxed 20 years ago this week changed global investing.

 

"It’s been called the Asian financial crisis, or the “Asian flu.”"

 

It was referred to as a "flu" because Thailand got "sick", and the rest of the world proceeded to catch the same "illness".

 

https://www.cnbc.com/2017/10/25/on-20th-anniversary-of-asian-flu-markets-still-feeling-the-effects.html