A leading suspect in the 1.66 billion baht embezzlement scandal at King Mongkut’s Institute of Technology Ladkrabang, arrested on Friday, was denied bail yon Saturday.
Phada Buakaew was taken to Min Buri provincial court on Saturday for a bail hearing, said Pol Col Kornchai Khailkhlueng, deputy chief of the Crime Suppression Division who heads the KMITL investigation.
The court agreed to a police request to detain Mr Phada for 12 days and to deny him bail after it was told he posed a flight risk.
Police had sought arrest warrants for Mr Phada and Thawatchai Yimcharoen over their links to the KMITL scandal.
Pol Col Kornchai said investigators had found that Mr Phada had close ties to Kittisak Muttujud.
Mr Kittisak is a key suspect in the investigation and police believe he has fled overseas.
Mr Phada was caught at a resort in Pathum Thani’s Sam Khok district on Friday.
Officers confiscated 120,000 baht in cash, a number of US dollar banknotes, a Chevrolet sedan, a sedan car key, a van car key and some documents from Mr Phada.
Mr Phada denied that he was connected to the KMITL scam.
But he said he had known Mr Kittisak for a year before he was hired by the fugitive suspect to work on the sale of an expensive Lamborghini to famous actor Pakorn “Boy” Chatborirak.
Mr Phada also denied knowing Pakorn. He claimed he only met the actor when he was organising the sale of the car online. He also told police that he owns a pub and rents out apartments on Phuket.
Pakorn posted a message on his Instagram page yesterday saying that he had provided investigators with all the necessary information to prove his innocence and is prepared to testify about the purchase of the Lamborghini before the Anti-Money Laundering Office.
Pol Col Kornchai said investigators are examining how Mr Phada made his money and accumulated his assets. They should have an answer in a couple of days.
Police plan to search Mr Phada’s homes for more evidence and financial transfer documents, he said.
Pol Col Kornchai said police have tracked Mr Thawatchai to a location in Thailand.
Police are compiling evidence to discover whether more suspects are connected to the scam.
The KMITL 1.66-billion-baht embezzlement scandal emerged when the institute discovered financial irregularities between 2012 and 2014.
The institute’s management lodged a complaint with the CSD in December against Songklod Sriprasong, a former manager of the Bank of Ayudhya’s Big C Srinakarin branch, and Amporn Noisamrit, head of KMITL’s finance division.