Thailand once again sees Srettha and Thaksin, the Prime Minister, after many years of exile and imprisonment.

Hysteria as the billionaire returns to serve his prison sentence

Srettha promises to work tirelessly for Thailand.

The property owner wins the vote on the prime minister with unexpected ease.

Taxin denies speculation about a deal with enemies.

BANGKOK, August 22 (Reuters) - Ousted former Prime Minister of Thailand Thaksin Shinawatra made a historic return on Tuesday and was escorted to prison after years of exile, on the day when his ally and businessman was elected Prime Minister following a victory in the parliamentary vote.

74-year-old Thaksin, the billionaire founder of the Pheu Thai Party, has finally fulfilled his promise to return to Thailand after 15 years of self-imposed exile, stealing the spotlight from property tycoon Srettha Thavisin, who won for their party in the parliament.

The return of Thailand's most famous politician has caused a frenzy. Thaksin received a warm welcome upon arriving in Bangkok on his private jet, before being escorted by police to the Supreme Court and then to prison to serve eight years for abuse of power and conflict of interest.

The victory of Srettha paves the way for the populist Pheu Thai party.

Srettha is set to form and maintain a potentially fragile coalition that includes parties created by the ultra-right military wing that overthrew the Pheu Thai government in the coups of 2006 and 2014.

60-year-old Srettha, a political newcomer and former president of the luxury real estatedeveloper Sansiri (SIRI.BK), suddenly found himself in the spotlight just a few months ago and received the support of two-thirds of the parliament members, which was far from obvious given the military's influence among the hundreds of legislators.

“I will perform my duties to the best of my ability.

Political deal?

The return of Thaksin and the remarkably smooth takeover of Srettha will add to speculation that the influential Thaksin has struck a deal with his enemies in the military and political elite for his safe return and possibly premature release from prison.

Taxin and Pheu Thai reject such assumptions.

The events on Tuesday marked the latest turning point in the nearly two-decade struggle for power between the Shinawatra family and their business allies on one side, and a network of royalists, generals, and old money families who have long influenced Thai governments and institutions on the other.

When he emerged from the airport in a black suit, red tie, and yellow pin with royal symbols, Taksin folded his hands in the traditional "wai" greeting before the crowd, then knelt and bowed before the portrait of the king and queen.

Taxi is still loved and simultaneously hated in Thailand, and hashtags about its return have become trending on social media. The country is engulfed in detailed coverage of its significant arrival and immediate detention.

Hundreds of supporters in red shirts with banners gathered at the airport, outside the courthouse, and at the prison to welcome him, many chanting "Prime Minister Thaksin."

A former police officer who started a business empire selling computers, Thaksin was a revolutionary prime minister who won the hearts and votes of millions of Thai farmers through populist gifts, ranging from cash handouts and loans for villages to subsidies for farmers and universal healthcare.

But his immense popularity, his bold style, and the support of a new wave of capitalist newcomers have put him at odds with powerful elites and business networks, leading to an unresolved political struggle that continues to this day.

Despite the fact that Thaksin has repeatedly broken his promises to return home, his supporters remain loyally devoted to him.

“No matter what land he is on, wherever he goes, I only love Taksin and have always loved him,” said Buni Pim-Makaed from Loei province.

"I'm so glad he's back."