Thai Steel Firm Under Investigation for Massive Tax Fraud

[snoop1130]

Picture courtesy of KhaoSod

 

A major Thai steel company, Xin Ke Yuan Company Limited, is at the centre of a significant criminal investigation after allegedly forging over 7,000 fake tax invoices, resulting in a tax scam exceeding 200 million baht. This week, the Department of Special Investigation (DSI) launched a full-scale probe into what could be one of Thailand's most substantial tax fraud cases in recent years.

 

On April 3, officials from Regional Revenue Office 3 filed a formal complaint at the DSI headquarters against the company. It is accused of manipulating financial records from July 2015 to March 2017 to illegitimately claim tax credits, a serious violation of Thailand’s Revenue Code.

 

DSI chief Police Colonel Yuthana Phaedam has appointed Lieutenant Colonel Surawut Rangsai to lead the investigation. Under Thailand’s Special Investigation Act of 2004 and supported by a Ministry of Finance announcement, this case qualifies for special handling, allowing the DSI to prosecute under Section 90/4.

 

 

 

The investigation also intersects with ongoing regulatory crackdowns following a nearby building collapse, suggesting a broader effort to address financial misconduct in the district.

 

An insider revealed that the scale of financial damage is enormous, prompting expedited action to grant this case special status. This allows the DSI to allocate more resources to ensure thorough investigation and prosecution.

 

As investigators delve into Xin Ke Yuan’s financial practices, the company faces mounting legal challenges. The steel giant might soon be contending with severe legal repercussions as authorities aim to deter similar offences and uphold fiscal responsibility in the business sector, reported The Thaiger.

 

-- 2025-04-04

 

 

[Tropicalevo]

What is the connection between Xin Ke Yuan Company Limited in the article above, and Xin Ke Yuan Steel Ltd, the one that made the steel rods in the collapsed building?

[dinsdale]

58 minutes ago, snoop1130 said:

A major Thai steel company, Xin Ke Yuan Company Limited

'nough said.

[Peabody]

What other buildings were either built by them or used their steel?

[still kicking]

Steel supplier for collapsed Bangkok building also sells products for Laos railway project | The Straits Times

[Peabody]

In China, the principals would be executed!

[connda]

Somebody is being set up to be thrown under the bus.

[liddelljohn]

Obviously a Chinese Proxy company making crystaline steel   which is very brittle  and poor quality

[BangkokReady]

6 hours ago, snoop1130 said:

allegedly forging over 7,000 fake tax invoices

 

Why forge fake ones?  Wouldn't it be better to forge real ones?  🤔

[NanLaew]

5 hours ago, Tropicalevo said:

What is the connection between Xin Ke Yuan Company Limited in the article above, and Xin Ke Yuan Steel Ltd, the one that made the steel rods in the collapsed building?

 

Scapegoats for deep-rooted and endemic Thai corruption.

 

The government's 7-day "root-cause" investigation of the collapse will ultimately blame the whole illegal  enterprise on an unqualified site foreman from Myanmar who didn't have a work permit either, so was working illegally.

 

Of course he perished in the building collapse.

[watchcat]

1 hour ago, Peabody said:

In China, the principals would be executed!

 

Here they get a slap on the wrist!.