Bail denied over 'embezzlement'

Bail denied over 'embezzlement'

Bail has been denied to two suspects implicated in the 1.6-billion-baht embezzlement scandal at King Mongkut's Institute of Technology Ladkrabang. 

One of the suspects, master's degree student Poonsak Boonsawat, surrendered to police at the Crime Suppression Division on Thursday after it was revealed that about 85 million baht of the funds had been transferred to his bank account.

Acting CSD chief Akkaradet Pimonsri said police had solid evidence linking Mr Poonsak with the embezzlement network.

The second suspect, Jariwat Sahapornudomkarn, 31, surrendered yesterday to CSD deputy chief Kornchai Khlaikleung after police issued a warrant for his arrest.

About 55 million baht was found to have been transferred by Mr Poonsak to Mr Jariwat's bank account.

Police have filed charges of theft, falsifying documents and money laundering against the pair and yesterday took them to Min Buri Provincial Court to seek their detention.

They recommended that the accused be denied bail.

CSD deputy chief Nos Sawetlek said the pair have denied all allegations against them.

Several other people are also believed to be linked to the network, as money was found to have been transferred to more than 100 bank accounts, Pol Col Nos said. 

The money was laundered and used to buy properties and other assets, he added. 

The Anti-Money Laundering Office and police have traced more than one billion baht that had circulated through the network, Pol Col Nos said. All of the money has now been frozen while the investigation is under way.

Police are still hunting for two other suspects: Kittisak Muttujad, 32, and Sombat Sopradit, 44. A source said Mr Kittisak had fled to a neighbouring country. 

The embezzlement emerged last week when police arrested Songklod Sriprasong, 40, the former manager of Bank of Ayudhya's Big C Srinakarin branch, and Amporn Noisamrit, 56, the head of the university's financial division.

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