Thai businessman wanted in Teachers Pension Fund fraud arrested

[webfact]

Businessman wanted in Teachers Pension Fund fraud arrested



AYUTTHAYA: -- A businessman wanted for frauds in a teachers' pension fund amounted to over 2.5 billion baht was escorted to Metropolitan Police Bureau Monday morning for questioning today after he was arrested yesterday in Ayutthaya province.

Samrit Bunditkitsada, is one of a number of ‘key suspects’ facing assets seizure by the Anti Money Laundering Office (AMLO) over allegations of borrowing money illegally from a teachers’ pension fund.

The 40-year-old businessman who founded Billion Innovated Group, and president of Police United FC football club, earlier has had his shares worth over 50 million baht in Promise Insurance frozen.

The bank accounts of Promise Insurance and Thai Premier League side Police United FC worth over 30 milliin baht were also frozen temporarily.

Samrit initially led the consortium to take over Reading FC, an English football club, last summer.

He was wanted after hundreds of teachers have complained about the management of the fund because they fear they were cheated.

According to the Department of Special Investigation (DSI), Billion Innovated Group used false surety, including falsified bank guarantees, forged bills of exchange, and falsified certificates of shares in Reading FC to secure 2.5 billion baht from the OTEP (Office of the Welfare Promotion Commission for Teachers and Educational Personnel) Fund.

AMLO has already frozen about 183 million baht in assets of these suspects and related people, said secretary-general Pol Col Seehanat Prayoonrat earlier.

Bunditkitsada lodged a complaint in April against a former board member of the fund for alleged detention, extortion and intimidation.

Source: http://englishnews.thaipbs.or.th/content/147095


-- Thai PBS 2016-01-18

[Prbkk]

That's 260 million. Where is the other 2.2 billion?

[jaywalker]

Must be Jimmy Hoffa's son. Pretty sure I spotted Jimmy up in Nakhon Nowhere once.

[Oziex1]

Borrowing money illegally, sounds like theft to me.

[worgeordie]

Billion Innovated Group, how apt ,looks like they got 2.5

Regards worgeordie

[trogers]

Where can I borrow 2.5b?

[Bluespunk]

"According to the Department of Special Investigation (DSI), Billion Innovated Group used false surety, including falsified bank guarantees, forged bills of exchange, and falsified certificates of shares in Reading FC to secure 2.5 billion baht from the OTEP (Office of the Welfare Promotion Commission for Teachers and Educational Personnel) Fund."

So, not a businessman as such, but rather more of a con artist...

[trogers]

"According to the Department of Special Investigation (DSI), Billion Innovated Group used false surety, including falsified bank guarantees, forged bills of exchange, and falsified certificates of shares in Reading FC to secure 2.5 billion baht from the OTEP (Office of the Welfare Promotion Commission for Teachers and Educational Personnel) Fund."

So, not a businessman as such, but rather more of a con artist...

A govt pension fund investing in a UK football club?

[clockman]

Remember nothing is ever what it seems, In Thailand!

[MyFriend You]

Borrowing money illegally, sounds like theft to me.

Not in Thailand, you 'borrow' it to make money , its only illegal if you don't pay it back just watch, he won't spend a day in Jail once a few envelopes get passed around.

[joebrown]

"According to the Department of Special Investigation (DSI), Billion Innovated Group used false surety, including falsified bank guarantees, forged bills of exchange, and falsified certificates of shares in Reading FC to secure 2.5 billion baht from the OTEP (Office of the Welfare Promotion Commission for Teachers and Educational Personnel) Fund."

So, not a businessman as such, but rather more of a con artist...

A govt pension fund investing in a UK football club?

He's also president of Police United Football Club here in LOS. I wonder whether his fraudulent background was a 'pre-requisite' when it came to considering him for the role of president?

[SOTIRIOS]

....and meanwhile they wonder why the whole system is a shambles...

[3NUMBAS]

so many chisseling bar stewards hiding in thw woodwork waiting to hit on the vulnerable

[hgma]

The evidence will soon disappear.........

[mike324]

thailand with their govt fund temple funds and scams ... whatever happen to the corrupt monk that embezzled billions as well from the temple fund? he's still out walking free in thailand...

[TPI]

Invest your money in Thailand?? If its not in drugs, gambling or slavery......forget it! The local mafia will have you for dinner!!