The Anti-Money Laundering Office (Amlo) has seized and frozen assets worth about 183 million baht from suspects in connection with the 2.1-billion-baht embezzlement scam at the Office of the Welfare Promotion Commission for Teachers and Educational Personal (Otep).
Amlo secretary-general Seehanart Prayoonrat said on Friday the committee had agreed to confiscate and freeze a total of 156 items with a value of 183 million baht from Otep's former executives and staff members of the Billion Innovated Group, a real estate company firm, who were allegedly involved in the embezzlement scandal.
Amlo found Otep's former executives had allegedly colluded with committee members of the Teachers Funeral Fund to carry out fraudulent activities, Pol Col Seehanart said.
He was speaking yesterday regarding the findings of a probe into the money trail involving Otep.
In April 2013, the Otep board invested three billion baht in Billion Innovated Group which promised a 7% interest return after one year and one day.
The return of the money plus interest was guaranteed by promissory notes, or bank notes payable after a deferred period of time.
Otep made three payments to the firm: 2.1 billion baht on Dec 27, 2012, 500 million baht on June 10, 2013 and 400 million baht on Aug 1, 2014.
The Billion Innovated Group used Land and Houses Bank to guarantee repayment for the first monetary deposit, but failed enlist a bank guarantor for the second two notes. Otep agreed to the deal, even though it is illegal to buy promissory notes without a bank guarantor.
The company offered seven items as collateral including a US$100 million (3.4 billion baht) bank draft from HSBC Bank in Hong Kong, equity shares of the Reading Football Club worth £50 million (2.6 billion baht), bank notes for 950 million Croatian Kuna (4.7 billion baht) and 33 Phetchaburi land deeds estimated to be worth 37 million baht.
A list of seized and frozen assets included 33 land title deeds and 16 Nor Sor 3 papers estimated to be worth 37 million baht and bank accounts in the name of Kasem Klanying, president of Otep’s welfare loan fund; Somsak Tachai, secretary-general of Otep; and Suradej Phomchot estimated at 32 million baht and a total of 712,758 stocks of Sanya Insurance Co owned by Samrit Bunditkritsada, with a value of 71 million baht and 33 bank accounts belonging to Silver Shield Pcl and Sanya Insurance Co, estimated at 43 million baht, Pol Col Seehanart said.
Suspects allegedly involved in the scandal include Samrit Bunditkritsada, Yosawat Thirapornsawat, Sitthinun Lormthong and Mongkon Engsuphapanon, staff members of the Billion Innovated Group and Otep's and Teachers Funeral Fund’s committee members.