Dhammakaya & tycoon's daughter: Where did the money go?
As Dhammakaya treasurer & credit union chairman he stole deposits, bought land, sold land to tycoon's daughter (Dhammakaya hospital built with land) & then kept the profits from land sale, his name is Supachai Srisupa-aksorn & he lives in prison now.
As Dhammakaya treasurer & credit union chairman he stole deposits, bought land, sold land to tycoon's daughter (Dhammakaya hospital built with land) & then kept the profits from land sale, his name is Supachai Srisupa-aksorn & he lives in prison now.
RELIGION, FRAUD & TYCOONS
Dhammakaya & the tycoon's daughter: Where did the money go?
Amlo to seize land bought with Klongchan credit union money
10/05/2017
Online Reporters
Tycoon's daughter faces probe over KCUC scam (Source: Post Today).
The Anti - Money Laundering Office (Amlo) has decided to seize eight parcels of land from a daughter of property tycoon Anant Asavabhokhin.
The tycoon's daughter purchased the land with money from the Klongchan Credit Union Cooperative (KCUC) embezzlement.
The word "bank" does a better job indicating what is happening here. The long abstract name "Klongchan Credit Union Cooperative" with an even more abstract abbreviation "KCUC" was a "financial institution". People entrusted it with their life savings for safe keeping. It operated like a "bank" but was not regulated and audited like a "bank" which allowed its chairman in collusion with Dhamakaya Temple to steal the depositors' life savings. This is clearly not a religious freedom issue as some Thai Studies academics insist it is.
CHAIRMAN OF BANK TOOK MONEY FROM THE BANK BOUGHT LAND WITH IT
Supachai Srisupa-aksorn, former treasurer of Dhammakaya temple and also chairman of the Klong Chan credit union at the centre of the 12-billion-baht embezzlement scandal, allegedly used the embezzled money from the credit union accounts to buy the eight parcels of land which covered 41 rai of land in Pathum Thani’s Khlong Luang district.
He then resold the land for 298 million baht to Alisa Asavabhokhin, the daughter of Mr Anant, the chairman of SET-listed developer Land & Houses Plc.
CHAIRMAN OF BANK POCKETED THE BANK'S MONEY AFTER THE LAND SALE
After the sale, Supachai did not return any money to the cooperative, the Department of Special Investigation (DSI) investigating the embezzlement scandal has found.
Amlo’s committee on financial transactions recently resolved to seize the land from Ms Alisa for receiving the stolen assets from Supachai, Thai media reported on Wednesday.
LAND SOLD TO TYCOON'S DAUGHTER USED FOR DHAMMAKAYA MEDICAL BUILDING
The eight parcels of land Supachai sold to Ms Alisa were found to be next to Wat Phra Dhammakaya.
The probe found that she had allowed the temple’s foundation to construct the six-storey medical care building, Boon Raksa, on the land.
Wat Phra Dhammakaya made headlines after Supachai allegedly transferred 684 million baht from the cooperative's fund to the temple and its former abbot, Phra Dhammajayo.
So, in the end, if the money trail is traced, the life savings entrusted to the bank ended up as a Dhammakaya medical facility.
In other words, through a series of shady financial transactions Dhammakaya Temple effectively stole the life savings of these people.
Sometimes it is necessary to cut through all the complexity, subterfuge or smokescreen created in the course of fraudulent activities to see the truth.
WHY IS THIS IMPORTANT?
This credit union functioned much like a bank entrusted with money of the many people who deposited their life savings there.
These people lost there life savings when the money was stolen (embezzled) and siphoned off to the Dhamakaya Temple as donations.
This is an important fact, because in Thailand's highly polarized political environment many people continue to see the Dhammakaya case as a religious freedom issue.
In fact, criminal fraud led to a bank collapse which led to many victims losing their life savings.
CATCHING, PROSECUTING & PUNISHING THOSE RESPONSIBLE
Supachai was convicted of siphoning money from his organisation.
He is currently in prison after being sentenced by the Criminal Court to 16 years in jail after admitting to siphoning money from KCUC accounts in 2013.
The 72-year-old former abbot and founder of the Dhammakaya sect Phra Dhammajayo is a fugitive wanted on money laundering charges, receiving stolen assets and forest encroachment charges.
http://www.bangkokpost.com/news/general/1247015/amlo-to-seize-land-bought-with-klongchan-money
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