Two suspected of embezzling Bt1 bn from King Mongkut institute

[webfact]

Two suspected of embezzling Bt1 bn from King Mongkut institute
Supachai Phetchthewee
The Nation

BANGKOK: -- The police Crime Suppression Division (CSD), investigating the missing Bt1 billion from the King Mongkut's Institute of Technology Ladkrabang, has zoomed in on at least two suspects.

The institute's lawyer had filed a police complaint last Thursday that the institute had Bt3 billion in its account, but a total of Bt1 billion had been siphoned off since 2012. The case stemmed from a recent discovery that Bt80 million had been missing. Further probe by the institute pointed to some Bt1 billion being embezzled from the account.

CSD acting superintendent Pol Colonel Jirapop Puridech yesterday said the investigators were gathering evidence for court-issued arrest warrants for embezzlement and document forgery, as the evidence so far had led to at least two suspects. The suspects were identified by the police as the institute's finance division head Ampon Noisamrit, 56, and the manager of Bank of Ayudhya's Big C Srinakarin branch, Songklod Sriprasong, 40.

Source: http://www.nationmultimedia.com/national/Two-suspected-of-embezzling-Bt1-bn-from-King-Mongk-30250461.html


-- The Nation 2014-12-23

[thesetat2013]

Ok good work to the police. So nice of you to put Ampon and Songklods name in the news that you are trying to get warrants for them. If you can not find them just look to neighboring countries as your advance warning had caused them to flee.

If they hadnt fled then they are just too stupid and deserve prison time anyway if they stole that much money

[aussieinthailand]

A bank manager huh? who'd a thunk it? we all know banks here are just to good with their security,

Gather all evidence and charge them, if found guilty throw them in gaol for maximum penalty...

Good police work, but you've given them prior warning now, so it's off too Singapore with all the other so-called good people of the south that think they are so much better than those of the north.

[Bluespunk]

Ok.

Petty embezzlement I get.

It's wrong, it's immoral, it's a betrayal of trust and so many other things, but it happens.

I don't like it, but it happens.

However to steal a third of the funds you are supposed to be managing/overseeing is not just all of the above, but its also stupid.

Bone head, witless, brain dead stupid arrogance and greed.

How did these complete morons think they could get away with this?

Beggars belief.

[shirtless]

This is becoming a national sport, Thais and money seems to be a recipe for disaster.

[Stradavarius37]

This is becoming a national sport, Thais and money seems to be a recipe for disaster.

And the racist post of the day goes too...

[SOTIRIOS]

..........no shame..........name names......

...but catch them first.....

...or are they long gone .........if you are cryptically telling them that 'you are on to them'......

...1 billion baht......over 30 million USD......

[chainarong]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

Ok.

Petty embezzlement I get.

It's wrong, it's immoral, it's a betrayal of trust and so many other things, but it happens.

I don't like it, but it happens.

However to steal a third of the funds you are supposed to be managing/overseeing is not just all of the above, but its also stupid.

Bone head, witless, brain dead stupid arrogance and greed.

How did these complete morons think they could get away with this?

Beggars belief.

Obviously they didn't have the former RTP chiefs guiding assistance.

[JOC]

Ok good work to the police. So nice of you to put Ampon and Songklods name in the news that you are trying to get warrants for them. If you can not find them just look to neighboring countries as your advance warning had caused them to flee.

If they hadnt fled then they are just too stupid and deserve prison time anyway if they stole that much money

The two suspects didn't have to look in the papers for their names!!

The case broke more than 2 years ago and the missing money was then explaned by "missing papers"and/or some unnamed accountant.

The KMI was/is like a savings institute, where mainly small depositors saved their money. The rumuors about irregularities caused a run on the "bank" and the depositors only managed to withdraw a small percentage of their savings!

And more than two years later the RTP are finally ready to issue warrants, while the two gangsters probably are having the time of their lives at the casinotables in Cambodia.

An absolute disgrace!!

[JOC]

This is becoming a national sport, Thais and money seems to be a recipe for disaster.

Quite a few expats, who have lost their life savings to BG's , will agree with you!!

[noitom]

A Thai embezzlement crime? Very high class for Thailand, or at least they are just now bearing down on some of these white collar Thai criminals. Thai bankers? This is a rarity but very welcome news.

[thesetat2013]

Ok good work to the police. So nice of you to put Ampon and Songklods name in the news that you are trying to get warrants for them. If you can not find them just look to neighboring countries as your advance warning had caused them to flee.

If they hadnt fled then they are just too stupid and deserve prison time anyway if they stole that much money

The two suspects didn't have to look in the papers for their names!!

The case broke more than 2 years ago and the missing money was then explaned by "missing papers"and/or some unnamed accountant.

The KMI was/is like a savings institute, where mainly small depositors saved their money. The rumuors about irregularities caused a run on the "bank" and the depositors only managed to withdraw a small percentage of their savings!

And more than two years later the RTP are finally ready to issue warrants, while the two gangsters probably are having the time of their lives at the casinotables in Cambodia.

An absolute disgrace!!

You missed my point! It doesnt matter how or when it happened. My point was that once again the RTP have given the names of suspects that will be charged prior to having warrants giving them sufficient time to flee Edited December 23, 2014 by thesetat2013

[tomacht8]

And it needs two years to determine that 1 billion baht missing on the accounts?

Just incredible, how easy leaders can enrich themselfs.
No control systems, no accountability reports, no criminal proceedings.
Will ever the institute see again this money and get it back?

I have my doubts as well as in the rice scheme.

[dddave]

A Thai embezzlement crime? Very high class for Thailand, or at least they are just now bearing down on some of these white collar Thai criminals. Thai bankers? This is a rarity but very welcome news.

Sure wish we could learn a lesson or two in the USA about bearing down on unscrupulous bankers...instead we give them cabinet posts and make them head of the federal reserve.

[Lupatria]

Ok.

Petty embezzlement I get.

It's wrong, it's immoral, it's a betrayal of trust and so many other things, but it happens.

I don't like it, but it happens.

However to steal a third of the funds you are supposed to be managing/overseeing is not just all of the above, but its also stupid.

Bone head, witless, brain dead stupid arrogance and greed.

How did these complete morons think they could get away with this?

Beggars belief.

How did these complete morons think they could get away with this?

Because this is a country offering the best chances to make it happen.

[kaorop]

Ok.

Petty embezzlement I get.

It's wrong, it's immoral, it's a betrayal of trust and so many other things, but it happens.

I don't like it, but it happens.

However to steal a third of the funds you are supposed to be managing/overseeing is not just all of the above, but its also stupid.

Bone head, witless, brain dead stupid arrogance and greed.

How did these complete morons think they could get away with this?

Beggars belief.

because so many have been and are getting away with it.

imo 99.99% who are in a position of power that decide where money goes has their hand in the till.

i have no idea, but the figures of 30+% of gov $ is lost to corruption is bandied about and i believe it is not far from the truth.

the few things i know of personally are just as "stupid" as you say those 2 are.

[SinCityGr8One]

A Thai embezzlement crime? Very high class for Thailand, or at least they are just now bearing down on some of these white collar Thai criminals. Thai bankers? This is a rarity but very welcome news.

Sure wish we could learn a lesson or two in the USA about bearing down on unscrupulous bankers...instead we give them cabinet posts and make them head of the federal reserve.

Recently in China, a Bank Director was found guilty of embezzling the equivalent of $25 Million USD from his Bank. Sentence: Tied to a stake, his mouth was filled with lemon wedges and shot by firing squad. The team leader carried a pistol to him after Justice was served and fired a final round into his head. Now, THAT's a lesson to be taught to the Bankster's/Fraudster's of Wall Street and the City of London. IMHO.

[smileydude]

I'm guessing they had inspiration from the abundance of role models working for the Thai government with the motto

"The buck never stops here".

Edited December 23, 2014 by smileydude

[Thai at Heart]

A Thai embezzlement crime? Very high class for Thailand, or at least they are just now bearing down on some of these white collar Thai criminals. Thai bankers? This is a rarity but very welcome news.

Sure wish we could learn a lesson or two in the USA about bearing down on unscrupulous bankers...instead we give them cabinet posts and make them head of the federal reserve.

Recently in China, a Bank Director was found guilty of embezzling the equivalent of $25 Million USD from his Bank. Sentence: Tied to a stake, his mouth was filled with lemon wedges and shot by firing squad. The team leader carried a pistol to him after Justice was served and fired a final round into his head. Now, THAT's a lesson to be taught to the Bankster's/Fraudster's of Wall Street and the City of London. IMHO.

Lemon wedges?

Why?

[Bluespunk]

A Thai embezzlement crime? Very high class for Thailand, or at least they are just now bearing down on some of these white collar Thai criminals. Thai bankers? This is a rarity but very welcome news.

Sure wish we could learn a lesson or two in the USA about bearing down on unscrupulous bankers...instead we give them cabinet posts and make them head of the federal reserve.

Recently in China, a Bank Director was found guilty of embezzling the equivalent of $25 Million USD from his Bank. Sentence: Tied to a stake, his mouth was filled with lemon wedges and shot by firing squad. The team leader carried a pistol to him after Justice was served and fired a final round into his head. Now, THAT's a lesson to be taught to the Bankster's/Fraudster's of Wall Street and the City of London. IMHO.

If that's the best solution I'd rather they got away with it.

Nothing justifies such barbarity.

[HerbalEd]

I'm ever amazed at the level of greed in many people. You'd think they'd be smart and only take a a hundred or so million baht ... and most likely get away with it. But, no, they want more and more and more and ....

Fortunately most crooks are stupid and/or their greed causes their eventual downfall.

[SoFarAndNear]

A bank manager huh? who'd a thunk it? we all know banks here are just to good with their security,

Gather all evidence and charge them, if found guilty throw them in gaol for maximum penalty...

Good police work, but you've given them prior warning now, so it's off too Singapore with all the other so-called good people of the south that think they are so much better than those of the north.

This is why I never would trust too much money to Thai Banks...only enough vor the visa stuff...

[webfact]

Finance chief, bank manager arrested for allegedly embezzling Bt1.6bn from university

BANGKOK: -- Police Tuesday arrested a bank manager and the financial division chief of King Mongkut's Institute of Technology Ladkrabang for having allegedly embezzled Bt1.6 billion from the university.

The bank manager was identified as Songklod Sriprasong, 40, and the financial division chief as Amporn Noisamrit, 56.

Source: http://www.nationmultimedia.com/breakingnews/Finance-chief-bank-manager-arrested-for-allegedly--30250477.html


-- The Nation 2014-12-23

[SinCityGr8One]

A Thai embezzlement crime? Very high class for Thailand, or at least they are just now bearing down on some of these white collar Thai criminals. Thai bankers? This is a rarity but very welcome news.

Sure wish we could learn a lesson or two in the USA about bearing down on unscrupulous bankers...instead we give them cabinet posts and make them head of the federal reserve.

Recently in China, a Bank Director was found guilty of embezzling the equivalent of $25 Million USD from his Bank. Sentence: Tied to a stake, his mouth was filled with lemon wedges and shot by firing squad. The team leader carried a pistol to him after Justice was served and fired a final round into his head. Now, THAT's a lesson to be taught to the Bankster's/Fraudster's of Wall Street and the City of London. IMHO.

Lemon wedges?

Why?

I never did find out what the significance of the lemon wedges were. Perhaps, to make him a real sour puss for doing what he did and getting caught.

[SinCityGr8One]

A Thai embezzlement crime? Very high class for Thailand, or at least they are just now bearing down on some of these white collar Thai criminals. Thai bankers? This is a rarity but very welcome news.

Sure wish we could learn a lesson or two in the USA about bearing down on unscrupulous bankers...instead we give them cabinet posts and make them head of the federal reserve.

Recently in China, a Bank Director was found guilty of embezzling the equivalent of $25 Million USD from his Bank. Sentence: Tied to a stake, his mouth was filled with lemon wedges and shot by firing squad. The team leader carried a pistol to him after Justice was served and fired a final round into his head. Now, THAT's a lesson to be taught to the Bankster's/Fraudster's of Wall Street and the City of London. IMHO.

If that's the best solution I'd rather they got away with it.

Nothing justifies such barbarity.

Barbarity? What would you have done? Presented him with a Basket of "Brands"? When someone in a position of Authority violates that privilege, punishment should be severe. People deposit funds in an Institution for safe guarding and perhaps gaining some interest, or for a "Rainy Day" or for their "Golden Years" and should not have to worry about it being plundered by sociopaths committing a White Collar crime like a modern day PIRATE! These criminals don't care one bit, about whose it was or where it came from, but having the attitude, "It's Mine", possession is 99% of the Law! HaHaHa! First Class all the way Baby! No my Friend, it's not barbarity, it's Justice plain and simple. Look at the Financial Crash of 2007-2009 and YES, I lost most of my ASSets at the time. Nobody at the top of Goldman Sachs, Citibank, BofA, Merrill Lynch and on and on, faced any kind of Justice for sending the Globe into a near financial collapse. Only one Mega Shyster,Bernie Maddoff received Justice and will spend the rest of his life behind bars. He should have faced the Firing Squad for what he did. Dozens of people committed suicide when they found out their financial future had crashed and burned because of his Ponzi Scheme. I'm sorry, but any one who is in any Position of Authority, has that privilege granted to them, by people like you and me. If it's minor offenses, such as questionable trips or purchases, then repayment must be made and prison time could or would be served. A serious criminal offense that is committed which could jeopardize innocent people's future by criminal actions committed by others, than the ultimate punishment fit's the crime. Death by Firing Squad. Bravo to China! Other Countries need to take note!

[wabothai]

For hundreds of years they have been getting away with steeling, so it has become common practise and normal.

however now .....they may have a problem.

[trainman34014]

There they go again; naming 'suspects' six weeks before arrest warrants are issued to give them plenty of time to siphon off the dosh and skip the country. When will these dumbarses ever learn ?

[Bluespunk]

@SinCityGr8One

You said

Barbarity? What would you have done? Presented him with a Basket of "Brands"? When someone in a position of Authority violates that privilege, punishment should be severe. People deposit funds in an Institution for safe guarding and perhaps gaining some interest, or for a "Rainy Day" or for their "Golden Years" and should not have to worry about it being plundered by sociopaths committing a White Collar crime like a modern day PIRATE! These criminals don't care one bit, about whose it was or where it came from, but having the attitude, "It's Mine", possession is 99% of the Law! HaHaHa! First Class all the way Baby! No my Friend, it's not barbarity, it's Justice plain and simple. Look at the Financial Crash of 2007-2009 and YES, I lost most of my ASSets at the time. Nobody at the top of Goldman Sachs, Citibank, BofA, Merrill Lynch and on and on, faced any kind of Justice for sending the Globe into a near financial collapse. Only one Mega Shyster,Bernie Maddoff received Justice and will spend the rest of his life behind bars. He should have faced the Firing Squad for what he did. Dozens of people committed suicide when they found out their financial future had crashed and burned because of his Ponzi Scheme. I'm sorry, but any one who is in any Position of Authority, has that privilege granted to them, by people like you and me. If it's minor offenses, such as questionable trips or purchases, then repayment must be made and prison time could or would be served. A serious criminal offense that is committed which could jeopardize innocent people's future by criminal actions committed by others, than the ultimate punishment fit's the crime. Death by Firing Squad. Bravo to China! Other Countries need to take note!

Me:

I'd have put him in gaol.

Murder is still murder when carried out by the state.

You're gloating over this mans execution is sickening.

Edited December 23, 2014 by Bluespunk

[rickirs]

I would think the institute would have independent annual certified audits of its books that would identify any "irregularities" such as embezzlement. If it didn't that should have gotten the Board of Directors attention; if it did then there must be more insiders involved in the theft.

[Robby nz]

I would think the institute would have independent annual certified audits of its books that would identify any "irregularities" such as embezzlement. If it didn't that should have gotten the Board of Directors attention; if it did then there must be more insiders involved in the theft.

It would seem that from reading he reports in the BKK post that the accounts were audited and appeared to be in order however the scam looks to be in the money that was supposed to be deposited on term deposits in some bank accounts.

The paperwork was in order but the money had been moved or removed from where it was supposed to be. Looks like even interest was returned to the KMI as it should have been but it did not come from the bank but from whoever had the money which made it look like everything was above board.

It was only recently when someone at KMI actually went and checked 2 bank accounts, one that was supposed to contain 50 million and another 30 million that they found the money was not there and made a complaint to the police regarding that 80 million.

They then checked back and found there had been irregularities since 2012 amounting to over 1.5 billion.

Investigation is ongoing with the probability of more people involved.