Assets of fraud suspect Boon Vanasin targeted
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Assets of fraud suspect Boon Vanasin targeted

Fugitive doctor accused of scamming investors by promoting non-existent medical projects

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Fraud suspect Dr Boon Vanasin, 86, is believed to have fled to China.
Fraud suspect Dr Boon Vanasin, 86, is believed to have fled to China.

Thai authorities have begun seizing the assets of hospital tycoon Boon Vanasin, who fled the country after allegedly drawing more than 12 billion baht into non-existent medical projects from hundreds of investors. 

Dr Boon, the 86-year-old founder of SET-listed Thonburi Healthcare Group Plc (THG), is wanted on charges of fraud and money laundering following the emergence of complaints about the scam from December 2023.

Investigators say he had misled victims into believing they were investing in five medical projects in Thailand, Laos and Vietnam, none of which existed. 

The charges are now being probed by the Department of Special Investigation. Thirteen suspects have been taken into custody, including Dr Boon’s ex-wife and daughter, while he and two associates remain at large. Police said earlier that Dr Boon had fled the country in September, first to Hong Kong and then China. 

Dr Boon hasn’t yet publicly responded to the allegations. 

Shares of THG tumbled 4% on Friday, extending a 71% plunge last year. The Bangkok-based company has said it has nothing to do with its founder’s projects, and the future of his ex-wife and daughter as board members would be a matter for shareholders to resolve. 

Investigators have leads on Dr Boon’s whereabouts and have been coordinating with Interpol for his arrest, said Pol Capt Wisanu Chimtrakool, the DSI deputy director-general.

The value of the seized assets could not yet be determined Pol Capt Wisanu said at a briefing on Friday, adding that the DSI planned to file charges to prosecutors before the end of the month. 

“This is a special case due to its complexities and the number of victims and economic value,” he said. “We’ve been trying to track down as many as assets as possible, from cars to land ownership, stocks and funds.” 

Dr Boon’s ex-wife Charuvarn Vanasin and daughter Nalin Vanasin have both denied the allegations of fraud and money laundering, claiming that their signatures on documents related to the fake projects were forged, THG has said. The two remain in court detention. 

In 2022, Dr Boon, while serving as the THG chairman, was fined by the Securities and Exchange Commission for misleading investors by disseminating false information about the hospital securing a deal for Pfizer Covid-19 vaccine. He was barred from serving as a director or executive in a public company for 42 months.

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