BANGKOK — Thai government thanks the UAE officials for extraditing the main suspect, in STARK stock fraud case that affected 4,704 victims and caused 402 million USD in damages.
On June 23, officials from the Department of Special Investigation (DSI) escorted Chanin Yensudchai, former chairman of Stark Corporation Public Company Limited (STARK), from Suvarnabhumi Airport to the DSI headquarters on Chaeng Watthana Road for questioning. Chanin is a key suspect in the “STARK stock fraud case.”
The Thai government expressed gratitude to the United Arab Emirates (UAE) for extraditing Chanin to face prosecution in Thailand. This is considered a major case, with 4,704 victims and total damages amounting to 14.778 billion baht (approximately $402 million). The DSI has already interviewed 5 accusers and 157 witnesses.
Chakkrapong Saengmanee, Minister to the Prime Minister’s Office, revealed that the arrest of Chanin, who is accused of accounting fraud, public fraud, and money laundering involving billions of baht, took over 8 months. The process involved tracking his whereabouts across multiple countries and required delicate handling due to international implications.
It required cooperation from various agencies, including the Ministry of Justice, DSI, Ministry of Foreign Affairs, Securities and Exchange Commission (SEC), Attorney General’s Office, and UAE authorities.
“This case will serve as an important lesson for Thailand’s capital market. The SEC will use it to improve transparency and accountability,” Chakkrapong stated. He also disclosed that in initial conversations, Chanin claimed he fled the country due to safety concerns after receiving threats.
Subsequently, the DSI has pressed 6 major charges against Mr. Chanin, as follows:
- Fraud against public property
- Violation of the Securities and Exchange Act of Thailand
- Forgery and false accounting records
- Negligence in the performance of executive duties
- Corruption
- Money laundering
These charges represent serious allegations of financial crimes and misconduct in a corporate or financial context.
Previously, authorities had charged 11 suspects with violations of the Securities and Exchange Act of 1992 for accounting and financial statement fraud, as well as public fraud. They also face charges under the Anti-Money Laundering Act of 1999.
On June 24, the court will consider whether to grant bail to Chanin. Regarding the recovery of funds transferred abroad by the suspects, the DSI has been tasked with handling this aspect of the investigation.
_____
Related article:
