Amlo probe finds B60m bank transfer by co-op exec

The Anti-Money Laundering Office (Amlo) has uncovered evidence of 60 million baht being transferred out of the bank account of a Klongchan Credit Union Cooperative executive, a source at the agency said.

The Department of Special Investigation (DSI) earlier alleged the cooperative’s executives, including board chairman Supachai Srisupa-aksorn, were involved in a 12 billion baht embezzlement.

Amlo found a cheque for the withdrawal of 60 million baht as it was tracking the money trail of an executive, who is also an assistant to a politician, the source said.

The withdrawn money had been invested in U-Airline, the source said, adding the executive now has only 20,000 baht left in his bank account.

Amlo is also investigating his investment in real estate, the source said.

DSI case officer Kittikong Kanachan said U-Airline, which provided direct flights from Bangkok to several countries, including South Korea and Dubai in the United Arab Emirates, has gone out of business.

The embezzled money from the cooperative could have been invested in this airline, Mr Kittikong said.

The Ratpracha Credit Union is one of the 27 organisations found to have borrowed money from the Klongchan Credit Union Cooperative.

Its president Watchanon Nawa-israrak is under Amlo scrutiny after his signature was found on borrowing documents, Mr Kittikong said.

Mr Watchanon has insisted his signature was faked, and has filed a police complaint against Mr Supachai over the matter, Mr Kittikong said.

Mr Watchanon was found to have received 10% of the deposited money as brokerage fees for introducing new members to the cooperative. An investigation is under way.

Amlo last week announced it would freeze 37 additional assets, worth more than 227 million baht, belonging to Mr Supachai. Earlier, it froze 309 assets worth more than 633 million.