Tycoon flees to China amid $340 million health scam

A Thai medical tycoon has fled to China with a warrant out for his arrest following an alleged $340 million health scam.

Thai medical tycoon Boon Vanasin is believed to have fled to China with a warrant out for his arrest following an alleged $A340 million investment scam, according to local authorities.

The 86-year-old former chairman of Thonburi Healthcare Group (THG) is wanted for public fraud, money laundering and related offences after 250 people filed complaints against the health tycoon and his group in the past year.

Bangkok police deputy commissioner Nopasin Poolsawat said victims believed they were investing in medical businesses in Thailand, Laos and Vietnam, promoted by Mr Boon.

They claim they lost a total of $340 million following the alleged scam.

“The victims believed they would profit from investing in these projects, but none of them exist,” Mr Poolsawat told Thai PBS World in an interview Monday.

Thai police seek Interpol warrant for medical tycoon Boon Vanasin over an alleged $340 million scam.

“We’re rushing the process to get a red notice from Interpol.”

Mr Nopasin said after two years of investments, “they have not seen a single thing happen”.

Some individuals claim to have invested as much as 600 million baht ($A26 million) because they trusted Mr Boon’s credibility.

It is understood Mr Boon used his reputation as a successful hospital executive to promote five medical-related projects, including a cancer centre and a wellness centre.

According to the Bangkok Times, the total investment in the five projects was over 16 billion baht - $A712 billion - with promises of 700 million baht - $A31 million - in profits for 2023 and 1 billion baht - $A44 billion - for this year.

Wife and daughter arrested

The Metropolitan Police Bureau (MPB) obtained court approval on Friday for the arrest of Dr Boon, 86, along with his wife Jaruwan, 79, and daughter, Nalin, 51.

Both his wife and daughter reportedly surrendered to police but denied all allegations.

The Bangkok Post reported the pair claimed they had no involvement in the alleged fraudulent schemes, denied signing any cheques, and said their signatures had been forged.

Meanwhile, warrants were also issued for six other suspects, who were all arrested on Friday.

Mr Poonsawat said on Saturday that Mr Boon left Thailand on September 29, travelling from Bangkok to Hong Kong before continuing to China.

Police are also looking for Mr Boon’s assets including 19 cars.

- with AFP