Thailand’s Immigration Police have detained Mr. Rakesh Saxena, a former Indian banker of the Bangkok Bank of Commerce (BBC), following his release from prison. He will be held in Bangkok’s Immigration detention center until he is deported.
On Monday, Immigration police detained him at the Medical Correctional Institution for deportation. Subsequently, he was transported to the Police General Hospital for a medical examination, during which the physicians determined that he was in good health to travel.
Saxena Saxena, 72, was responsible for the BBC bank’s collapse in 1995 through the mismanagement of huge under-collateralized loans, which created the Asian “Tom Yam Kung” financial crisis.
Immigration police are currently coordinating with the Indian Embassy in Bangkok to facilitate his deportation.
Saxena was convicted of embezzling funds from the Bangkok Bank of Commerce (BBC) from 1994 to 1996 while advising the late Mr. Krirkkiat Jalichandra, the bank’s president.
According to estimates, he embezzled approximately US$75 million, which contributed to the bank’s failure and triggered a system-wide collapse, ultimately contributing to the 1997 Asian financial crisis.
Mr. Saxena retreated to Vancouver, British Columbia, Canada, where he was apprehended in July 1996. He incurred the costs of his 12-year home detention by embezzling funds from the bank.
In November 2008, a Canadian court authorized his extradition following a protracted dispute. He was subsequently transported to Thailand to face trial.
In connection with illicit loans granted to City Trading Corp totaling 1.6 billion baht, the Bangkok South Criminal Court sentenced him to 10 years in prison, ordered him to pay a fine of one million baht, and directed him to return 1.13 billion baht to the bank in June 2012.
In September 2022, the Supreme Court upheld the lower court’s judgment and sentenced him to 335 years in prison and a fine of 33.5 million baht. His lawyers appealed the decision.
The court also ordered him to pay 2 billion baht in damages to the parties involved in three cases presented under the Securities and Exchange Commission Act.
He received regal clemency on July 28, 2018, in honor of His Majesty the King’s sixth-cycle birthday, following a 15-year sentence in prison.
Age-related illness necessitated his transfer to the Medical Correctional Institution, where he remained until his Monday release.
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Geoff Thomas is an award winning journalist known for his sharp insights and no-nonsense reporting style. Over the years he has worked for Reuters and the Canadian Press covering everything from political scandals to human interest stories. He brings a clear and direct approach to his work.
