Businessman accused of running pyramid scheme arrested

By The Nation

 

 

Police took into custody a 61-year-old Thai businessman accused of running a pyramid scheme that allegedly duped thousands of people and reportedly caused damage estimated at Bt3 billion, Immigration Bureau commissioner Pol Lt-General Surachate Hakparn said on Saturday at Suvarnabhumi Airport.

 

Kittikorn Wannawasuthorn, who was wanted for fraud and other related offences, was arrested on March 29 in Vietnam where he was apprehended thanks to Thai-Vietnam police collaboration. Another wanted female suspect, Sirawanporn Chaiwatcharakup, 53, who had also fled to Vietnam with Kittikorn, remained at large, Surachate said.

 

 

Some 30 victims showed up at the airport to present flowers thanking the police’s swift action.

 

The Action Taskforce for Information Technology Crime Suppression (Tactics), of which Surachate serves as deputy director, received public complaints of the fraud after an alleged pyramid scam invited people to apply for membership viacofcashback.com and promised monthly dividends at up to 3.5 per cent on the invested capital per day, or 105 per cent per month. 

 

 

The alleged scam, running since October last year, had attracted thousands of people to open some 86,000 membership accounts (many members held multiple accounts) with it, resulting in Bt3 billion in losses, Surachate said. Two months later, the company shuttered and its executives disappeared, resulting in more than 1,000 people filing complaints with police.

 

An investigation was launched resulting in the arrest of eight suspects in Thailand, while Kittikorn and Sirawanporn fled to Vietnam, prompting a Thai-Vietnam police operation to hunt for them.

 

 

Source: http://www.nationmultimedia.com/detail/national/30366866

 

-- © Copyright The Nation 2019-04-01

23 minutes ago, webfact said:

and promised monthly dividends at up to 3.5 per cent on the invested capital per day, or 105 per cent per month. 

Sigh' .. Here we go again .. Just how daft are these people sometimes .. 

Very swift action indeed, as mentioned below one of the photos. 

 

Anyone of the victim's is a hi-so,  or with top level connections ? 

1 hour ago, webfact said:

Some 30 victims showed up at the airport to present flowers thanking the police’s swift action.

Jail time for this ”Victime” to. 

2 hours ago, Justgrazing said:

Sigh' .. Here we go again .. Just how daft are these people sometimes .. 

April everyday for them maybe?

Damn!  Fancy missing out on my chance to double my money every MONTH!

Looks like their about to do the oki koki at swampy ????

5 hours ago, webfact said:

3.5 per cent on the invested capital per day, or 105 per cent per month. 

The people that believed this,really deserve to lose their money,

driven by greed and stupidity,how could they ever believe returns

of 105% could be possible,I hope they get their money back,AND

have learnt a lesson.

regards Worgeordie

1 hour ago, worgeordie said:

have learnt a lesson

Extremely  doubtful.

I'll say WELL DONE to the Police

Sent from my SM-G7102 using Thailand Forum - Thaivisa mobile app

Members of the ruling elite must have got duped for this to be enacted upon so quickly. Either that or the govt didn't like someone using their model

Good Job but what about Red Bull heir?  

Greed alway bring you down!

I fell for the same type of scam, urged by a "friend" known for years backed up by official looking data sheets. The friend died and, of course, scammer back in the UK. I was warned and, of course, know, that if it sounds too good to be true, it isn't.

Good thing they caught him, but I can't feel much sympathy for these greedy, downright stupid people.

8 hours ago, observer90210 said:

Very swift action indeed, as mentioned below one of the photos. 

 

Anyone of the victim's is a hi-so,  or with top level connections ? 

Or maybe this shady character's pyramid scheme was simply impinging on some hi-so's lucrative pyramid scheme.

 

9 hours ago, webfact said:

Some 30 victims showed up at the airport to present flowers thanking the police’s swift action.

Stage-managed hype and hopeless grandstanding springs to my mind rather than any swift action.

1 hour ago, NanLaew said:

Or maybe this shady character's pyramid scheme was simply impinging on some hi-so's lucrative pyramid scheme.

 

Stage-managed hype and hopeless grandstanding springs to my mind rather than any swift action.

Are you sure this isn't another April Fools story? It should be.

I thought we had it from a very good source that Thais don't scam Thais?