Rakesh Saxena, the infamous architect behind the Bangkok Bank of Commerce (BBC) collapse, made headlines once again as he arrived at the Bangkok South Criminal Court in June 2012, escorted by police. (Photo: Somchai Poomlard)
Fresh out of prison, Saxena finds himself back in the hands of law enforcement. Police have apprehended the 72-year-old Indian national, notorious for his role in the BBC debacle, and have commenced arrangements for his deportation to India. The BBC’s downfall in 1995, triggered by colossal under-collateralized loans, is widely regarded as the precursor to the devastating Asian “Tom Yam” financial crisis.
A source divulged that economic crime suppression police collected Saxena from the Medical Correctional Institution on Monday. To ensure his well-being, he was taken to Police General Hospital for medical care while concurrent efforts were made to coordinate his deportation with Indian authorities.
Born in Indore, Madhya Pradesh, Saxena’s journey from a bustling Indian city to the eye of a financial storm is a dramatic tale. Between 1994 and 1996, Saxena, then an adviser to the late Krirkkiat Jalichandra, the BBC president, engaged in embezzlement activities that siphoned off approximately US$75 million. The subsequent unraveling of BBC in 1995 set the stage for the 1997 Asian financial meltdown.
In the wake of the scandal, Saxena fled to Canada, only to be apprehended in July 1996. His legal battles on Canadian soil were protracted, culminating in November 2008 when a Canadian court dismissed his extradition objections, paving the way for his return to Thailand to face trial.
Fast forward to 2022, the Thai Supreme Court handed Saxena a cumulative sentence of 335 years in prison, fined him a staggering 33.5 million baht, and ordered restitution amounting to about 2 billion baht for the aggrieved parties. Legal stipulations, however, capped his actual prison term at 20 years.
The saga took another twist when Saxena was granted royal clemency in July 2024, coinciding with the celebration of His Majesty the King’s sixth-cycle birthday on July 28. After serving 15 out of a potential 20 years, his release seemed almost anti-climactic given the whirlwind of events leading up to it.
A source within the Department of Corrections shared that Saxena was initially detained at Bangkok Remand Prison before being relocated to Klong Prem Central Prison. His advancing age and related health issues necessitated his transfer to the Medical Correctional Institution, where he stayed until his release on September 9, 2024.
Now, as the wheels of justice turn once more, Saxena’s story seems far from over. His journey from Indore to international infamy and his eventual comeuppance is a cautionary tale in the world of financial crime, showing that no matter how long it takes, the law eventually catches up.
So, Rakesh Saxena finally gets to face justice in India! It’s high time criminals like him got what’s coming.
Agreed, Alexandra. But you have to wonder, will the Indian justice system really hold him accountable? Corruption runs deep.
True, Patel. There is always a risk he might find loopholes, but there’s still hope for justice.
I echo that sentiment, Alexandra. But I’m skeptical about whether any prison term can truly compensate for the devastation he caused.
Honestly, what’s with the royal clemency? This guy should’ve served his full sentence in Thailand!
I know, right? It feels like yet another example of how the rich and powerful get away with their crimes.
In Thailand, royal clemency is quite common on special occasions. It’s part of their tradition and legal system.
But should tradition overlook justice? It sends a terrible message.
As an Indian, I’m concerned about how Saxena’s case will be handled once he’s back. Will he really pay for his crimes, or will he find a way out?
Valid point, Priya. Our judicial system is known for delays. Let’s hope this one is different.
Does anyone else think Saxena’s legal battles in Canada were unnecessarily prolonged? They should’ve sent him to Thailand much sooner.
Absolutely, Nick. The legal system often protects the wrong people while victims suffer in silence.
Saxena’s role in the Asian financial crisis is a lesson in corporate greed. The real tragedy is the countless lives ruined by his actions.
Yes, it’s heartbreaking. Financial crimes may seem ‘victimless,’ but their ripple effects are devastating.
Agreed, Sophia. The impact on everyday people is often overlooked in these big financial scandals.
Absolutely. We should focus more on the human cost of high-stakes financial crimes.
I’m surprised he got royal clemency. Maybe he had some powerful friends pulling strings for him.
Possible, John. Money and influence can often sway decisions, even in legal matters.
Is it just me, or does this feel like a movie plot? International fugitive, financial crisis, royal pardons… it has everything!
You’re right, Sam. Maybe Hollywood should take note! It’s suspenseful and dramatic enough for a blockbuster.
For all his crimes, I doubt 20 years in prison was enough. Financial criminals like Saxena need harsher penalties to deter others.
The man lived a life of luxury while others suffered. There’s no justice in a 20-year cap.
Considering the environmental impact of the financial crisis Saxena helped precipitate, the scope of his crimes extends beyond just economics. It’s all interconnected.
But is this really news? Financial scandals are almost as old as finance itself. It’s just another day in a corrupt world.
Jake, that kind of apathy is why these crimes continue. We need to hold people accountable to effect change.
Is there any way to ensure Saxena’s wealth is returned to his victims? Recovering stolen assets should be a priority too.
Good point, GlobalCitizen. Asset recovery is complicated but crucial. Victims deserve restitution for their loss.
What blows my mind is how someone in his 70s can still be so controversial. His tale is like a never-ending saga!
The wheels of justice might turn slowly, but at least they do turn. Better late than never for Saxena.