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

Five former Chiang Mai bank employees, including 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.

Chaiwiset Deesuwan, 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 were involved in the alleged fraud. Police have issued arrest warrants for a woman known as “A” (a pseudonym), who falsely claimed to be a bank manager, and four other former bank employees connected to the crime.

It is reported that the accused individuals persuaded the cooperative board to deposit a large sum of money in a…