Prosecutors file charges in Dr Boon’s alleged multi-billion-baht fraud

The case has been designated as a priority under the Office of Attorney-General regulations

The Office of the Attorney-General has filed charges against Dr Boon Vanasin and 12 others for defrauding the public and fraudulently obtaining loans, inflicting damages exceeding 16.1 billion baht. 

Dr Boon and two other suspects remain at large.

Sakgasem Nisaiyok, spokesperson for the Office of the Attorney-General, announced on Friday (February 14) that prosecutors had received a case file from the Department of Special Investigation (DSI) involving Boon Wanasin, also known as "Dr Boon", and 15 others. 

The suspects are accused of fraudulently obtaining loans and defrauding the public. The offences between 2010 and December 15, 2024 caused damage estimated at 16.1 billion baht.

Due to the large number of victims and the substantial financial losses, as well as high public and media interest, the case has been designated as a priority under attorney-general regulations. The Special Case Department has assigned a task force to review the case and report its findings to the director-general for further action.

Prosecution moves forward

Following an extensive review, the Office of the Attorney-General has decided to file charges against 13 suspects. However, three of them, including main suspect Dr Boon, remain at large. Prosecutors have instructed the DSI to expedite their arrests within the 15-year statute of limitations.

This case is considered one of Thailand’s largest Ponzi schemes, with billions of baht in damage and hundreds of victims. Authorities believe the prosecution will set a legal precedent for cracking down on fraudulent investment schemes.Dr Boon’s background and alleged scheme

Dr Boon, 86, co-founded Thonburi Hospital in 1976 and later expanded it into the Thonburi Healthcare Group (THG). He allegedly leveraged his position as founder and chairman to secure fraudulent loans and attract investments worth billions of baht to fund five large-scale healthcare projects.

The suspects include his wife, Jaruwan Wanasin, 79, and their daughter, Nalin Wanasin, 51. Both have been detained since November 2024. 

Investigators revealed that Dr Boon fled Thailand in late September 2024, boarding Cathay Pacific flight CX712 to Hong Kong before allegedly continuing into mainland China.

Unravelling the financial fraud

On November 22, 2024, the Criminal Court issued arrest warrants for Dr Boon and several others. 

Dr Boon may have been using THG shares as collateral for illegal loans since 2022. The scandal surfaced when creditors discovered they could not cash cheques issued by the suspects.

Despite hundreds of victims already filing complaints, many prominent figures have remained silent, fearing the public exposure could damage their reputation. Among them are executives of major listed companies, influential business and political families, and senior medical professionals.

Several business leaders, particularly from construction materials, telecommunications, real estate, and entertainment sectors, reportedly trusted Dr Boon’s credentials and extended loans with promised returns of 8-9% interest. The post-pandemic healthcare boom further reinforced investor confidence, making the scheme highly attractive.

(2025/02/14-00:00)