Chiang Mai bank embezzlement scandal: 70 million baht stolen from cooperative

Five former Chiang Mai bank employees, together with a former manager, have been accused of forging signatures to embezzle 70 million baht from the San Pa Tong Agricultural Cooperative. The cooperative has had to use reserve funds to pay dividends to its members following the alleged fraud.
Instant , Chairman of the San Pa Tong Agricultural Cooperative Board, and Suchitra Mano, Cooperative Manager, reported the progress of the case at a recent board meeting. Preliminary investigations revealed that no farm cooperative employees have been concerned in the alleged fraud. Police have issued arrest warrants for a lady known as “A” (a pseudonym), who falsely claimed to be a bank supervisor, and 4 different former bank staff linked to the crime.
It is reported that the accused people persuaded the cooperative board to deposit a big sum of cash in a particular bank branch in Chiang Mai, providing high-interest charges as an incentive. The cooperative officers deposited 20 million baht initially and eventually added a complete of 70 million baht to the account. However, funds began to vanish in February 2021, with only 9,000 baht remaining in the account by September 30, 2022.
The case was filed on January 19 2023 towards the bank’s management and 23 others, accusing them of colluding to defraud the San Pa Tong Agricultural Cooperative of more than 104 million baht, together with curiosity and different damages. The cooperative has been trying to negotiate with the financial institution to recuperate the funds.
Chaiwiset urged related events to expedite the bank’s reimbursement to the cooperative, because the funds are wanted for the mortgage and dividend payments to members. Suchitra revealed that the investigation found proof of forgery and the arrest warrants have been issued for the five individuals involved within the scheme..

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