Santiphap Pengduang, who worked with Mr Akeyuth for six months, confessed to police during a tense interrogation that he had murdered the outspoken businessman in order to rob Bt5 million cash and he was angry that Mr Akeyuth had fired his girlfriend from her job.
Mr Akeyuth was believed to have withdrawn Bt5 million from a bank before he disappeared on Thursday.
Mr Santiphap, arrested in Samut Songkhram Monday night, appeared at a news conference at the Metropolitan Police Command and denied any involvement in Mr Akeyuth’s disappearance.
The driver reportedly was taken to Songkhla's Hat Yai airport by air and was flown to Phatthalung by helicopter to show police where he allegedly dumped the businessman's body.
Mr Santiphap earlier said that he shot his boss but later said that he strangled him.
Two other men allegedly helped Santiparb in hiding Mr Akeyuth's body. One, identified as Chawalit Woonchum, was arrested while in hiding on Libong Island in Trang.
A third suspect, identified as Peerakarn Songkhao, was still at large.
Meanwhile, Suwat Apaipak, Akeyuth's lawyer, said he has sent his legal team to observe the search for his client’s body in Phatthalung.
However, he said he believed that Mr Akeyuth was murdered but he did not believe that Mr Santiphap’s motive for the killing was to get cash.
Mr Suwat quoted Mr Santiphap as saying he was hired by a person named Piak.