Police say they have tracked about two-thirds of the 1.4 billion baht cash and assets embezzled at the King Mongkut's Institute of Technology Ladkrabang (KMITL) but are baffled as to where the rest of the stolen cash is.
"It's fortunate that this gang has yet to siphon off much money," said a senior policeman, suggesting that authorities still have a chance to track the money.
Kornchai Khlaikhlueng, deputy chief of the Crime Suppression Division in his capacity as the head of the police team probing the KMITL scandal, said about 994 million baht has been tracked, but the whereabouts of another 400 million baht thought to have gone missing from the institute remains a mystery.
Speaking after a meeting of his probe panel on Sunday, Pol Col Kornchai said his team will seek cooperation from the Anti-Money Laundering Office (Amlo) on Monday to seize the assets tracked.
Eight suspects have been named, four of whom have been detained.
The detained suspects are Amporn Noisamrit, head of the KMITL's financial division; Songklod Sriprasong, former manager of Bank of Ayudhya's Big C Srinakarin branch; Poonsak Boonsawat; and Jariwat Sahapornudomkarn.
Somphong Sahapornudomkarn, Kittisak Muttujad, Sombat Sopradit and Chanchira Sopradit remain at large.
The investigation team believes Ms Amporn must be involved in the embezzlement considering her more than 30 years of work experience in finance and the fact that she and Mr Songklod know each other, Pol Col Kornchai said.
Mr Kittisak, whom police believe to be a key suspect, is now in Hong Kong.
He is scheduled to return to Thailand next Monday.
Among the close to 1 billion baht tracked were assets worth about 700 million baht, plus two luxury houses owned by Mr Kittisak, Pol Col Kornchai said.
The suspect owns seven companies including MTJ Property Co that is registered with an authorised capital of 50 million baht and operates as a housing estate developer, Pol Col Kornchai said.
Police believe the seven firms have been used for the purpose of laundering the embezzled money, he said.
Police investigators found that Mr Kittisak bought a 24 million baht house in May last year with cash he claimed to have borrowed from Muttujad Co, which is one of his own companies.
Pol Col Kornchai said the purchase could represent a form of money laundering.
Police also found Mr Kittisak sold three luxury cars, including a Lamborghini he resold to actor Pakorn "Boy" Chatborirak.
The actor claims he didn't know Mr Kittisak before he bought the car from him, Pol Col Kornchai said.
Police weren't convinced by claims that Mr Kittisak resold the car to the actor for 13.5 million baht after buying it for 19.5 million baht just two months earlier.
"He [the actor] claimed he didn't know him [Mr Kittisak] before," Pol Col Kornchai said.