Chula savings head turns himself in to face charges
A former chairman of Chulalongkorn University’s savings cooperative turned himself in to police early yesterday to face charges of defrauding people out of at least 541 million baht.
A source at the Crime Suppression Division (CSD) said Assoc Prof Sawad Saengbangpla, 79, reported to police about 2am yesterday.
CSD commander Pol Maj Gen Suthin Sapphuang said the suspect was being questioned.
Assoc Prof Sawad was charged with defrauding people, and detained for questioning at CSD headquarters yesterday afternoon.
The former chairman of Chulalongkorn University’s savings cooperative had been in hiding since late last month following complaints from about 60 members of the cooperative that he had misled them into investing in his “government lottery cooperative” for a monthly 1% return.
A total of 78 people say they were victims of the alleged scam, losing altogether 541 million baht.
The Government Lottery Office quickly denied the suspect was among listed lottery dealers.
It was initially reported that Assoc Prof Sawad had lured about 160 people into transferring about 1.4 billion baht to him since 2010.
Three women were arrested late l ast month f or allegedly receiving and laundering millions of baht from the elderly academic.
Two of them were accused of facilitating the transfer of the money and the other of money laundering.
Police believe it was a Ponzi scheme but did not go into details of how it worked.
Police said Assoc Prof Sawad decided to surrender in the early hours to avoid being questioned by reporters.
The suspect had his fingerprints taken before he was formally charged and questioned, according to a police source.
Central Investigation Bureau (CIB) chief Thitirat Nongharnpitak has assigned his deputy Pol Maj Gen Charn Wimonsri, CSD commander Suthin Sappuang and two deputy CSD commanders to question the suspect.
Assoc Prof Sawad admitted he devised the government lottery cooperative scheme to swindle people, according to police.
Investigators are now trying to find out where the money he amassed from investors is exactly.
They are also trying to determine how much money was taken.
The police said they would oppose any bail requests to the court while the investigation is in progress, owing to the large amount of damages incurred by the scheme.
They also fear the suspect may try to influence witnesses or tamper with evidence if he were granted bail.
Pol Maj Gen Suthin said the investigation is focusing on the details of the money trail and related allegations.