(Nov 25): Thai hospital tycoon Boon Vanasin, who allegedly lured some 7.5 billion baht (US$217 million or RM967.68 million) of investments in fake medical projects, has fled to China, prompting the police to issue a warrant for his arrest.

Police have received some 520 complaints since December last year involving about 247 people, Nopasin Poolsawat, deputy commissioner of the Metropolitan Police Bureau, told the media on Saturday in Bangkok. The victims believed they were investing in medical businesses in Thailand, Laos and Vietnam, promoted by the founder and former chairman of Thonburi Healthcare Group Pcl.

“The fundraising was for all these projects that didn’t exist,” Nopasin said, according to a YouTube livestream by Channel 3 of the press conference. “The victims believed they would materialise, but two years have passed and they have not seen a single thing happen.”

Some individuals claim to have invested as much as 600 million baht because they trusted Boon’s credibility, he said.

Boon left Bangkok for Hong Kong on Sept 19 and “we’ve been informed he has left Hong Kong for China”, Nopasin said. Police have coordinated with Interpol to issue a red notice for Boon to be arrested.

There are nine alleged accomplices, including Boon as “mastermind”, his wife, daughter, two assistants and three brokers, Nopasin said. Police are looking for Boon’s assets including 19 cars.

In a statement on Monday, Thonburi said it had nothing to do with the five medical projects promoted by Boon. His spouse and daughter, who currently serve as directors in the company, have surrendered themselves to police for questioning to demonstrate their innocence and have denied the allegations, the company said.

The two have stated that the signatures on documents related to the allegations were forged, Thonburi said. They have not expressed intention to resign from the board, nor do criminal charges disqualify them from the positions.

Shares of Thonburi surged as much as 21% in Bangkok on Monday, the biggest intraday advance since they began trading in 2017.  

Boon, while chairman of Thonburi Healthcare Group, was fined by the Securities and Exchange Commission in 2022 for misleading investors by disseminating false information, and he was barred from serving as a director or executive in a public company for 42 months.

Nopasin said the metropolitan police were preparing to hand over the case to the Central Investigation Bureau and it may fall under the jurisdiction of the Department of Special Investigation.

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