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Thailand Indian's property attached

The Thai anti money-laundering office has seized property owned by NRI financier Rakesh Saxena.

india Updated: Nov 06, 2006 17:52 IST

Thailand's anti-money laundering office (Amlo) has seized a 105 million Baht beach property owned by India-born fugitive financier Rakesh Saxena, charged with embezzling money from the now defunct Bangkok Bank of Commerce.

Saxena is currently fighting an extradition battle from Canada to Thailand.

The beach property is in Thailand's Chon Buri province, north of the Gulf of Thailand, according to the Bangkok Post.

After completing his studies in India, Saxena moved to Hong Kong and started dealing in the speculative business of buying and selling companies.

In 1989, Saxena became advisor to the then senior vice-president of the bank. The bank tried hostile takeovers against many of the large Thai companies that traded publicly on the stock exchange.

The Bangkok Bank of Commerce collapsed in 1996, contributing to the Asian financial recession, economic and political crises and the 1997 devaluation of the baht. Later, Saxena fled to Switzerland.

Thai authorities charged Saxena and a number of other officials for embezzling money estimated to be worth $2.2 billion.

According to investigators, Saxena himself had siphoned off 300 million pounds in 1992-1993. the Canadian police arrested Saxena in July 7, 1996 at Whistler, British Columbia, at the behest of Thai investigators.

First Published: Nov 06, 2006 17:30 IST