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Chinese man arrested for alleged Bt600 million embezzlement

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Breaking News. Image: GoodManPL (Pixabay).


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.

MCOT


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