Thai prosecutors have indicted Boon Vanasin, the 86-year-old founder of Thonburi Healthcare Group (THG), for loan fraud amounting to US$480 million.

The alleged scheme, which spanned over a decade, reportedly caused financial damages of 16.1 billion baht (US$480 million) from 2010 until December 2024.

"It is agreed to indict Boon Vanasin, the first suspect, for loan fraud," the attorney-general said in a statement, as reported by Bangkok Post.

Authorities accused Vanasin, the former chairman of THG, of raising massive sums from investors for healthcare business ventures in Thailand and abroad.

In 2022, Thailand's Securities and Exchange Commission fined Boon 2.3 million baht ($66,000) for misleading investors in 2021 over the company's ability to procure millions of Pfizer mRNA Covid-19 vaccines.

An investigation later confirmed that THG had not signed a contract with Pfizer.

Given the large number of victims, the scale of financial losses, and widespread public interest, the government formed a special working team to investigate the case.

Thai police reported last year that Vanasin had fled the country and requested an Interpol Red Notice for his arrest.

The attorney general's office has instructed the Department of Special Investigation (DSI) to bring him to justice within 15 years before the case reaches its statute of limitations.

Vanasin's ex-wife and daughter, both THG directors, were arrested last year along with six others on fraud and money laundering charges. #