KHON KAEN: The Anti-Money Laundering Office (Amlo) has seized assets worth about 100 million baht from the ex-police chief of Loei and his accomplices in the alleged embezzlement of the savings of the officers he formerly commanded.
Pol Maj Gen Suthip Palitkusolthai stands accused of embezzling 229 million baht from 192 police officers in Loei province while serving as provincial police chief.
He was reshuffled from Loei to the position of deputy chief of the human resources office at the Royal Thai Police head office in Bangkok.
After complaints were filed by police in Loei, their former boss was sued by Provincial Police Region 4 and recently temporarily discharged from the service pending further action.
Pol Maj Gen Thanasak Rithidetpaiboon, deputy commander of the Provincial Police Region 4, said the investigation found Pol Maj Gen Suthip, as ex-officio chairman of the Loei police cooperative, had misappropriated money invested by policemen in the province, as alleged.
He had given the money to a married couple in Nong Bua Lamphu to invest in the stock market.
Police extended their investigation and found the couple had persuaded many people in Nong Bua Lamphu and Khon Kaen provinces to invest in the stock market with them, promising high returns. Many people had joined their scheme and received nothing in return.
Many had filed complaints with police in Nong Bua Lamphu and Khon Kaen against the couple, Pol Maj Gen Thanasak said. The alleged fraud was similar to a Ponzi scheme.
“The Provincial Police Region 4 has coordinated with Amlo to trace the money trail of people linked to Pol Maj Gen Suthip, as they were operating a Ponzi-like scheme. It’s public fraud and in violation of the law,’’ Pol Maj Gen Thanasak said.
The deputy regional police chief stressed that police would not assist any of the suspects The investigators were expected to conclude their case report and forward it to prosecutors by the end of this month.
To date, Amlo and Provincial Police Region 4 had seized assets worth about 100 million baht from Pol Maj Gen Suthip and about 10 accomplices. The assets included cash, cars and sections of land.
While Loei police commander and chairman of the Loei police cooperative, Pol Maj Gen Suthip invited local policemen to borrow from the cooperative to pay off debts with creditor banks.
He also offered to manage the borrowed money, repaying their old debts and promising them monthly investment returns of about 5,000 baht.
Pol Maj Gen Thanasak said 192 policemen believed him and handed over their money.
Pol Maj Gen Suthip had failed to pay the promised returns since January, and the 192 policemen were being sued by their creditor banks for their unpaid loans.
Pol Maj Gen Suthip Palitkusolthai (front left) pours water over a Buddha statue during a ceremony celebrating the Songkran festival at the human resources office in April this year.(Photo from www.human.police.go.th website)