BANGKOK — Rakesh Saxena, an Indian national nicknamed ‘The Financial Wizard,’ who was imprisoned for embezzlement from Bangkok Bank of Commerce (BBC), has been granted a royal pardon. This pardon was issued under the Royal Decree of Amnesty on the occasion of His Majesty the King’s 6th Cycle Birthday Anniversary on July 28, 2024. Sources said on September 10 that he was released from prison on Monday afternoon.
Officers from the Economic Crime Suppression Division (ECD) took Rakesh into custody upon his release from prison to facilitate his deportation. They went to pick up Rakesh from the Medical Correctional Institution and transferred him to the Immigration Bureau’s Investigation Division to process his deportation in accordance with the Immigration Act.
As Mr. Rakesh has pre-existing conditions, cardiac arrhythmia and muscle weakness, he is unable to walk. Officials have taken Rakesh to the Police General Hospital for a medical check.
Later, on September 10, the doctor reported the results of the physical examination, stating that the individual was able to travel and did not need to be hospitalized. Therefore, the person was transferred to Division 3 of the Investigation and Inquiry Division, Immigration Bureau, to proceed with deportation from the country.
As for the deportation process, it falls under the embassy’s procedures. In Rakesh’s case, as he is an Indian national, it will be the responsibility of the Indian Embassy in Thailand to determine how to assist him, including matters related to travel documents and the timeframe for deportation.
Rakesh was born in Indore, Madhya Pradesh. He holds a master’s degree in Literature from Cambridge University. He entered Thailand after 1977, working as a financial and investment expert and consultant for several companies.
Eventually, he became an advisor to Bangkok Bank of Commerce in 1992. He was charged with embezzling 75 million US dollars in 1996 following the collapse of Bangkok Bank of Commerce in 1995. An arrest warrant was issued for him on June 5, 1996.
Rakesh fled Thailand and resided in Whistler, British Columbia, Canada. He was arrested by the Royal Canadian Mounted Police on July 7, 1996. Thai authorities coordinated with Canadian officials to extradite Rakesh back to Thailand to face charges. However, Rakesh’s lawyers filed an objection, claiming he might be killed or subjected to cruel imprisonment if returned to Thailand.
The Supreme Court of Canada dismissed Rakesh’s appeal in November 2008, resulting in Canadian authorities having to extradite Rakesh Saxena to Thailand through the extradition process.
Subsequently, on June 8, 2012, the South Bangkok Criminal Court sentenced Rakesh to 10 years in prison, fined him 1 million baht (with 2 years of detention in lieu of payment), and ordered him to pay 1,132,000,000 baht ($33.4 million) in damages to Bangkok Bank of Commerce.
Later, on September 12, 2022, the Supreme Court issued a verdict sentencing him to 5 years in prison and a fine of 500,000 baht for each count. The first case had 60 counts, the second case had 6 counts, and the third case had 1 count, totaling 67 counts. This amounted to a total of 335 years in prison and a fine of 33,500,000 baht ($1 million).
The combined sentence for all counts was capped at 20 years in prison. The court also ordered him and other defendants to jointly repay the following amounts to the victims: 722,136,005.03 baht ($21.3 million) in the first case, 1,427,195,799.92 baht ($42.1 million) in the second case, and 353,363,966 baht ($10.4 million) in the third case.
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