Thonburi Healthcare founder Boon Vanasin fled to China after $480M phantom project fraud

Thonburi Healthcare Group (THG) was one of Thailand's largest private hospital operators, listed on the Stock Exchange of Thailand. Its founder, Dr. Boon Vanasin, was an 86-year-old medical billionaire whose personal reputation and the company's standing made him a trusted figure in Thai healthcare. He used that trust to defraud investors for over 14 years.

Between 2010 and December 2024, Boon raised huge sums from investors for healthcare ventures in Thailand and abroad that did not exist. He used his own credibility and the hospital group's name to convince 527 victims to invest in phantom projects. The scheme was uncovered by the Securities and Exchange Commission, which filed criminal complaints and charged Boon with market manipulation spanning 369 trading days.

In February 2025, prosecutors indicted Boon and 16 others — including his ex-wife and daughter, both THG directors — for fraud and money laundering. Estimated damages reached 16.1 billion baht ($480 million). Boon fled to China, and an Interpol Red Notice was requested. The DSI was instructed to bring him to justice within the 15-year statute of limitations. Earlier, in 2022, Boon was fined 2.34 million baht for falsely claiming THG had secured a deal to procure Pfizer mRNA vaccines.