Thailand’s Criminal Court issued arrest warrants on 22 November for Boon Vanasin, a Thai national founder of Thonburi Hospital and chairman of Thonburi Healthcare Group (THG), along with eight other compatriots. The group is accused of running a fraudulent scheme involving fake medical projects, including hospitals in Laos and Vietnam.
The alleged scam resulted in financial losses estimated at THB 7.5 billion (USD 208 million).
Boon, 86, reportedly fled the country in September. He and his associates allegedly raised funds by offering money-lending contracts, promising investors high returns with interest paid via postdated cheques. However, many of these cheques bounced when they were due.
Victims were reportedly lured by brokers claiming that the funds would be used for high-profile ventures, such as a cancer center, the Venet Center project, and hospital constructions in Laos and Vietnam. However, investigations revealed that these projects were fabricated.
So far, six suspects have been arrested, while Boon and two others remain at large. Thai authorities are now coordinating with Chinese officials to locate and extradite Boon, who is believed to have fled to China.
While no actual investments occurred in Laos or Vietnam, the inclusion of these countries in the fraudulent scheme highlights the dangers of cross-border scams.
This case serves as a cautionary tale for investors, as authorities continue to urge the public to remain vigilant against high-return investment offers. Efforts to recover funds and deliver justice to the victims are ongoing.
