This Article is From Oct 30, 2009

Indian-origin banker extradited to Thailand

Toronto: Fugitive Indian-origin Thai banker has been handed over to Thailand authorities and is en-route to Bangkok after the Supreme Court here refused to hear his appeal, ending one of the longest extradition cases in Canadian history.

57-year-old Rakesh Saxena on his return will face charges of embezzling USD 88 million from a Bangkok bank.

Thailand alleges the fraud contributed to the bank's 1995 collapse and to the Asian financial crisis of the late 1990s.

Saxena has been fighting a 13-year-long legal battle -- the longest extradition proceedings in Canada's history.

In its order, the court said it has denied Saxena's request for permission to appeal. Indian-born banker has been under house arrest in Richmond after he turned himself over to Canadian police on Thursday prior to the ruling.

The police handed him over to a posse of Thai police at Vancouver.

Saxena, in the early 1990s, worked as treasury adviser to the Bangkok Bank of Commerce. In May 1996, Thai authorities accused him of embezzling USD 88 million from the bank.

The Indian Thai banker had moved to Canada in 1996. In the same year, he was arrested by Canadian police. The federal department of justice commenced extradition proceedings, which he opposed on grounds that he would not get a fair trial in Thailand.

One of his alleged co-conspirators, Krekkiat Jalicahn, was recently sentenced to 30 years in jail in Thailand.
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