ID :
141332
Wed, 09/08/2010 - 20:45
Auther :
Shortlink :
http://m.oananews.org//node/141332
The shortlink copeid
Chinese man arrested for alleged Bt600 million embezzlement
BANGKOK, Sept 8 – Thai immigration police on Wednesday arrested a Chinese national accused of embezzling Bt600 million (115 million yuan or over US$18 million) from a listed real estate company in China before fleeing to Thailand in 2009.
Xin Yong Feng, 40, was arrested at his home in Bangkok’s southeastern suburban Prawet district after the Chinese authorities had provided information on the suspect to Thai immigration police.
According to the police, Mr Xin illegally entered the country in April 2009 and has stayed here since then. Before fleeing to the kingdom, he and 11 accomplices submitted fake Chinese government bonds to the stock market in order to borrow $18 million by claiming to invest in the real estate business in September 2008.
After receiving the cash, they divided and distributed money among themselves. However, his accomplices were detained at Weihai in Shandong province while Mr Xin escaped to Thailand with Bt25 million (more than $757,000) from the embezzlement.
In Thailand, the detainee used counterfeit official documents including an identity card, a Thai passport and a university degree, as well as using another person’s identify, the name of a Somsak Pongvichai.
Apart from bringing the cash, he received other Bt10 million (some $303,000) via bank transfer.
He later set up a real estate company in Thailand as assets for living and hiding permanently in the country.
Initially, Thai police charged the Chinese man with illegally entering Thailand and forging the official documents while the Chinese authorities charged him with embezzling from a Chinese listed company. (MCOT online news)
Xin Yong Feng, 40, was arrested at his home in Bangkok’s southeastern suburban Prawet district after the Chinese authorities had provided information on the suspect to Thai immigration police.
According to the police, Mr Xin illegally entered the country in April 2009 and has stayed here since then. Before fleeing to the kingdom, he and 11 accomplices submitted fake Chinese government bonds to the stock market in order to borrow $18 million by claiming to invest in the real estate business in September 2008.
After receiving the cash, they divided and distributed money among themselves. However, his accomplices were detained at Weihai in Shandong province while Mr Xin escaped to Thailand with Bt25 million (more than $757,000) from the embezzlement.
In Thailand, the detainee used counterfeit official documents including an identity card, a Thai passport and a university degree, as well as using another person’s identify, the name of a Somsak Pongvichai.
Apart from bringing the cash, he received other Bt10 million (some $303,000) via bank transfer.
He later set up a real estate company in Thailand as assets for living and hiding permanently in the country.
Initially, Thai police charged the Chinese man with illegally entering Thailand and forging the official documents while the Chinese authorities charged him with embezzling from a Chinese listed company. (MCOT online news)
