Klong Chan Credit Union: 16-years jail for Supachai

Klong Chan Credit Union: 16-years jail for Supachai

Much of the money siphoned off from the credit union was given as donations to the powerful Wat Dhammakaya. Inset: Money trail of money siphoned off from Klong Chan credit union.
Much of the money siphoned off from the credit union was given as donations to the powerful Wat Dhammakaya. Inset: Money trail of money siphoned off from Klong Chan credit union.

Supachai siphoned off 22.1 million baht after lieing about credit union's profitability to attract depositors. 3.9 million of embezzled funds returned to depositors.

CRIME & BANKING

Klong Chan Credit Union: 16 years in jail for Supachai  

9/03/2016
Post Reporters

The Criminal Court yesterday sentenced the former chairman of the Klongchan Credit Union Cooperative (KCUC), Supachai Srisupa-aksorn, to 16 years in jail, the first such ruling in seven cases connected to the cooperative scandal.

CONFESSION HALVES SENTENCE

Supachai pleaded guilty in court to charges of embezzlement, which he initially denied during police interrogation.

Due to his confession the judge reduced his sentence to 16 years from what would have been 32 years.

Supachai, 58, was taken to court from the Bangkok Remand Prison, where he had been detained and denied bail since April 2 for his role in the KCUC embezzlement scandal.

SIPHONED OFF 22.1 MILLION BAHT FROM CREDIT UNION

According to prosecutors, Supachai, on behalf of the cooperative's caretaker manager at the time, ordered staff to withdraw money from the company's bank accounts eight times from April 10 to Oct 8, 2013.

He then transferred the money into his own accounts and others', siphoning off, in total, 22.1 million baht.

Yesterday's case was the first of seven being handled by the Department of Special Investigation (DSI) in which a sentence was passed. Three of the 12-billion-baht in scandal cases involve embezzlement, another three money laundering and the other one public fraud.

3.9 MILLION BAHT RETURNED TO DEPOSITORS

Anti-Money Laundering Office (AMLO) chief Sihanart Prayoonrat said Amlo had decided to return confiscated assets worth 3.9 million baht that were embezzled by Supachai to the cooperative's members.

KCUC lured customers into depositing money with the cooperative by presenting healthy annual figures showing it had been making solid profits, when in actual fact it had suffered losses stretching from 2009-2012.

Read related articles: Phra Dhammachayo faces theft, money laundering charges here, Dhammakaya spent stolen money on new branches here & Phra Buddha Issara's criticism of the Supreme Patriarch nominee, Wat Dhammakaya & money laundering here.

http://www.bangkokpost.com/news/general/890524/court-gives-supachai-16-years

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Vocabulary

  • according to (prep): as stated or reported by somebody/something - ตามคำบอกเล่า, ตามรายงาน
  • account: bank account; money kept in a bank - บัญชี
  • actual: real; existing in fact - จริง
  • annual: happening every year - ทุกๆปีด, ประจำปี
  • anti (adjective): against - ตรงกันข้าม, ต้าน
  • asset: something owned by a person, company etc., particularly money and property - ทรัพย์สิน
  • bail: money that is given to a court when someone is allowed to stay out of prison until their trial. If they do not return for the trial, the court keeps the money  - เงินประกัน; การประกันตัว
  • caretaker: in charge for a short time, until a new leader or government is chosen - รักษาการ
  • case: a matter that is being officially investigated or heard by a court - คดี
  • chairman: the person in charge of a committee, a company, etc - ประธาน
  • charge : an official statement accusing someone of committing a crime - ข้อกล่าวหา
  • confession: admitting that you have done something wrong or illegal - การสารภาพผิด
  • confiscated: officially taken away as a punishment - ยึดทรัพย์
  • connected: linked - เชื่อมต่อ เชื่อมโยง
  • cooperative: a business or farm owned and run by the people involved, with the profits shared by them - สมาคมสหกรณ์
  • court: the place where legal trials take place and where crimes, etc. are judged - ศาล
  • credit union: an organization that is run like a bank but run by members who can obtain loans from their combined savings; a savings and loan cooperative - สหกรณ์ออมทรัพย์, สถาบันการเงินเครดิตยูเนียน
  • Criminal Court: a court which hears criminal cases, i.e., cases where people are accused of breaking a law and where punishment involves going to jail. - ศาลอาญา
  • denied: a refusal to allow somebody to have something - ปฎิเสธ, ไม่ยอมรับ
  • denied (verb): said that something is not true or did not happen - ปฏิเสธ
  • deposit: to put money into a bank account - ฝากเงิน (ทางการธนาคาร)
  • depositor (noun): a person or business that keeps money in a bank account -
  • detained: kept in a place and not allowed to leave - กักตัว ควบคุมตัวหรือฝากขัง
  • due to: because of - เนื่องจาก
  • embezzle: to secretly take money that is in your care or that belongs to an organisation or business you work for - ยักยอกเงิน, ฉ้อโกงเงิน
  • embezzlement: the crime of secretly taking money that is in your care or that belongs to an organisation or business you work for - การยักยอกเงิน, การฉ้อโกงเงิน
  • fact: something that is true - ความเป็นจริง
  • figure: an amount of money - จำนวนเงิน
  • former: of or in an earlier time; before the present time or in the past - อดีต, แต่ก่อน
  • fraud: something (or someone) that deceives people by not being what it seems to be; bogus - ไม่แท้ การโกง การหลอกลวง
  • handle: to be able deal with a situation - ควบคุมได้, จัดการได้
  • initially: at first - ในเบื้องต้น
  • interrogation: asking someone a lot of questions in order to get information - การสอบถาม, การซักถาม
  • judge: someone whose job is to make decisions in a court of law - ตุลาการ, ผู้พิพากษา
  • loss (noun): money that has been lost by a business or an organisation - การขาดทุน
  • lure: to attract someone/something - ล่อใจ, หลอกล่อ, ยั่วยวน
  • member: a person, a country or an organization that has joined a particular group, club or team - สมาชิก
  • money laundering: hiding the origin of money obtained from illegal activities by putting it into legal businesses - การฟอกเงิน
  • on behalf of: as a representative of - ในนามของ ในฐานะของ
  • pleaded guilty: to formally tell a court of law that you did commit the crime you are accused of - รับสารภาพ ให้การว่าได้กระทำผิดตามที่ถูกกล่าวหา
  • present (verb): to show - แสดง
  • profit: money that you make from selling goods and services after all your costs have been paid - กำไร
  • prosecutor: a lawyer whose job is to prove in court that someone accused of a crime is guilty - อัยการ
  • public: the public; all people; the people in general - มหาชน, ประชาชน
  • reduce: to make something smaller or less in amount, size, importance etc - ลดลง
  • remand prison: a place where people are kept while they wait for the date of their trial - สถานที่ขังระหว่างรอการพิจารณาคดี
  • role: the position or purpose that someone or something has in a situation, organisation, society or relationship - บทบาท
  • ruling  (noun): a judgement; a decision by a court of law - คำตัดสิน คำชี้ขาด
  • scandal (noun): a situation in which people behave in a dishonest or immoral way that shocks people - เรื่องอื้อฉาว
  • sentence: (of a court of law) to officially state what someone's punishment will be - พิพากษา, ตัดสินลงโทษ
  • sentence : (of a court of law) to give a punishment - ลงโทษ
  • sentence : a punishment given by a court of law - การตัดสินลงโทษ
  • siphon: to take away from - ดูดออก
  • solid (adj): strong; definitely good and steady but perhaps not excellent or special - แน่น, แข็ง
  • staff: workers employed by a person or organisation considered as a group - คณะผู้ทำงาน, คนงาน
  • stretch: a continuous period of time - ช่วงเวลา
  • suffer: to be badly affected by a very difficult or unpleasant situation - ประสบความลำบาก
  • total: including everything; being the amount or number after everyone or everything is counted or added together - ทั้งหมด
  • transfer: to officially arrange for someone else to be the owner of something - โอน
  • withdraw: to take money out of a bank account - ถอนเงินจากธนาคาร
  • worth: having a value in money, etc - มีค่า, มีมูลค่า
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