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Pattaya Daily News

09 September 2010 :: 10:09:42 am 37836

Chinese National Embroiled in Bt600 Million Embezzlement

Thai authorities have arrested a Chinese man on Wednesday over multiple fraud and embezzlement charges including the theft of over Bt600 million from an Chinese real estate firm in 2008.
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Bangkok, the 8th of September 2010: Thai Immigration Police, acting on a tip-off from Chinese authorities, arrested Mr. Xin Yong Feng [40] at his Prawet house in the southeast of Bangkok.

According to police, Mr. Xin and 11 associates colluded to embezzle over Bt600 million from a listed Chinese real estate firm in 2008, before fleeing the country. Mr. Xin successfully managed to escape to Thailand and remain in hiding; his 11 cohorts were arrested before they could escape China.

Allegedly, the 12 men used falsified government bonds to the stock market in order to borrow over Bt600 million, which they claimed was to invest in a Chinese real estate firm in September 2008. Upon receiving the money, the group distributed the proceeds amongst themselves, Mr. Xin then fled to Thailand in April of 2009 with over Bt25 million.

Thai authorities now confirm that Mr. Xin, upon arriving in the Kingdom, used counterfeit official documents, including a Thai identity card, passport and university degree to conceal his operations as Mr. Somsak Pongvichai.

Along with changes to his identity, Mr. Xin setup a real estate company in Thailand to further provide himself cover from the Chinese authorities. It is now thought that Mr. Xin, along with the initial Bt25 million, has since received a further Bt10 million via bank transfer from China relating to the embezzlement.

Authorities were reluctant to reveal what brought about the discovery of Mr. Xin’s elaborate disguise, however various media sources speculate his continued contact or dealings in China attracted the attention of Chinese investigators.

At present, Thai police had charged Mr. Xin with illegally entering the Kingdom and the forging of numerous official documents while Chinese authorities have charged him with embezzlement.

Reporter : John Weston   Photo : Internet   Category : Thailand News

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