The Dhammakaya temple, a vast ultra-modern complex near Bangkok considered one of the richest monasteries in Thailand, will repay the funds donated by the former chairman of Klongchan Credit Union Cooperative after he was accused of embezzlement.
"We have agreed to return 684 million baht (USD 20.7 million) to be paid in six instalments between March and August (to the cooperative)," Sermcheep Samphan, a lawyer for the temple, told AFP.
The repayments "will come from donations from people who have faith in Dhammakaya", he said.
The scandal has outraged many in the Buddhist-majority nation in recent weeks, raising concerns over how temples raise donations and the commercialisation of Buddhism.
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The case has also shone a spotlight on the practice of encouraging devotees, who believe in reincarnation, to make donations proportional to the size of good fortune they hope to achieve in their next life -- sparking calls for authorities to better regulate religious institutions.
In September 2013 authorities said they had seized nearly USD 800,000 worth of assets, including a Porsche and a Mercedes-Benz, from a monk who was disrobed for a controversial trip in a private jet.