‘Future richest man in world’ back in Phuket – in handcuffs

[Lite Beer]

‘Future richest man in world’ back in Phuket – in handcuffs
Nattha Thepbamrung

Chong Mi Chiew with the gold jewellery found in the huge safe (in background) in his Rawai villa.

PHUKET: The “internationally famous businessman” and “future richest man in the world”, who recently donated B34 million to Phuket temple, has been arrested.

Chinese national Chong Mi Chiew, the owner of Yun Shu Mao, allegedly a Ponzi scheme, is wanted in China and Malaysia for cheating investors of a total of around B9 billion.

He was arrested in Bangkok on Monday (October 27) on a charge of having a fake Thai ID card, before being brought to Phuket yesterday (October 28).

Chong, who also goes by the aliases Zhang Jian and Supachai Rujathon, was arrested along with two lieutenants, his girlfriend Wang Wanfan (aka Pachuachiw Saeyang), and Kerng Lianpao (aka Surin Soponsuksan), also alleged to have fake Thai ID cards.

Police are waiting for arrest warrants to be issued for six more of Chong’s associates who are wanted in China.

Phuket police led by Pol Col Saman Chainarong of Region 8 brought Chong to his luxury villa in Rawai yesterday (October 28) to search for more evidence.

“He and his party were initially found to be using fake [Thai] ID cards. However, the Chinese police have already sent us copies of arrest warrants [for alleged frauds committed there] and Malaysian police are expected to send us more,” Col Saman said.

“After the Thai police have finished his case, he will be sent immediately to China.”

He said the group came to Thailand to buy many properties and are believed to be laundering money.

Thai police have already seized properties that Chong and his associates bought in Phuket. These include four villas in Rawai, two villas in Rassada and a house in Land & House (where Kerng/Surin was arrested).

The properties are estimated to be worth a total of B240 million.

Apart from the homes, police also seized cash in various currencies worth the equivalent of almost B1 million, and a bank book showing deposits of B1.5 million.

He explained that it is alleged that before the group arrived in Thailand, they cheated Chinese people of 1.3 billion Yuan – about B6 billion.

When arrest warrants were issued there they fled to Malaysia where they successfully persuaded another 80,000 people to buy into their company, Yun Shu Mao, raking in 300 million Ringgit (B3 billion).

They were about to register the company in Thailand when they were arrested.

In the bedroom of Chong’s Rawai villa, police opened a large safe in which they found a box of gold jewellery and gemstones, but no cash.

Asked about the donation of B34 million to Wat Charoensamanakit in Phuket, where Chong spent some time as a monk, Col Saman said, “We know the amount of the donation exactly. I do not think it will be a problem [to retrieve it]. But the Anti-Money Laundering Office will take care of this.

“I want to warn people, especially those living in Khon Kaen, Loei and Chonburi provinces, to be aware of the Yun Shu Mao company. I have heard that many members of this scheme are already promoting it in those provinces.”

The Ponzi scheme allegedly operated by attracting “investors” to buy into Yun Shu Mao Co, paying them large and immediate dividends and also commissions for bringing in more investors.

However, the dividends did not come from any profits the company was making, but from payments by other “investors” who put their money in later.

As long as a Ponzi scheme continues to grow it can make the founders and those who got in early very rich. But it will eventually unravel and latecomers – who will number in the tens or even hundreds of thousands – will lose everything.

The largest Ponzi scheme in history was the one launched by Bernard Madoff in the US. Losses to investors were estimated at US$65 billion (B1.9 trillion). Madoff was arrested in 2008 and sentenced to 150 years in jail.

Source: http://www.thephuketnews.com/%E2%80%98future-richest-man-in-world%E2%80%99-back-in-phuket-in-handcuffs-49391.php

-- Phuket News 2014-10-29

[ThaidDown]

I hope that Phuket News makes a note to follow up on this story. Not at all interested in the fates of those arrested but would be very interested to know, in a years time, who is living in the seized properties below.

Thai police have already seized properties that Chong and his associates bought in Phuket. These include four villas in Rawai, two villas in Rassada and a house in Land & House (where Kerng/Surin was arrested).

[shirtless]

I sure the investors he meets in his future accommadation wont be so easily deceived

[TVGerry]

LOL @ the Mickey Mouse shirt!

[blowin]

LOL @ the Mickey Mouse shirt!

You would find it hard to make all this stuff about Thailand. It lives up to its infamous name Amazing Thailand .

[Star Dust]

...bummer.

[LivinginKata]

PHUKET: The “internationally famous businessman” and “future richest man in the world”, who recently donated B34 million to Phuket temple, has been arrested.

You could never ever make this stuff up. Amazing Thailand .... LOL

I wonder how the BiB will carve up all these properties, money, and gold.

[Briggsy]

Come on, stop keeping us in suspense, which district office issued the I.D. cards.

[saakura]

Whats the copper holding in his hands?

[Showbags]

Whats the copper holding in his hands?

torch...or a vibrator

[ezzra]

A thief with a golden heart, a benevolent criminal... what is going to happened to all those properties

that were bought with the stolen loot I wonder?

[LivinginKata]

Whats the copper holding in his hands?

Looks like a lump of cheese

[dogleg]

Gave them time to amass something worth confiscating.

[NamKangMan]

Phuket finally attracts a "high end tourist" and what do they do - arrest him.

[NamKangMan]

Whats the copper holding in his hands?

Looks like a lump of cheese

Maybe it's gold.

[JetsetBkk]

Asked about the donation of B34 million to Wat Charoensamanakit in Phuket, where Chong spent some time as a monk, Col Saman said, “We know the amount of the donation exactly. I do not think it will be a problem [to retrieve it]. But the Anti-Money Laundering Office will take care of this.

There's going to be some very disappointed monks.

[atyclb]

He must be confused as all the "future richest (hansum) men in the world" can be found in pattaya, nana, and cowboy.

[mrfill]

Whats the copper holding in his hands?

Looks like a lump of cheese

Maybe it's gold.

Kerrygold butter?

[IamNoone88]

"Future dumbest man in world" back in Phuket - in handcuffs …. ……...

[kinmaew]

I hope that Phuket News makes a note to follow up on this story. Not at all interested in the fates of those arrested but would be very interested to know, in a years time, who is living in the seized properties below.

Thai police have already seized properties that Chong and his associates bought in Phuket. These include four villas in Rawai, two villas in Rassada and a house in Land & House (where Kerng/Surin was arrested).

Wonder what the Thai police will do with all that cash? I hear Hampstead has some nice digs.

[kuifje]

"In the bedroom of Chong’s Rawai villa, police opened a large safe in which they found a box of gold jewellery and gemstones, but no cash."

"Asked about the donation of B34 million to Wat Charoensamanakit in Phuket, where Chong spent some time as a monk, Col Saman said, “We know the amount of the donation exactly. I do not think it will be a problem [to retrieve it]. But the Anti-Money Laundering Office will take care of this."

Haha, not cash in the bedroom! But what about the other 20 rooms ? And maybe the cash already went to the first 'coppers' on the scene!

He draw the attention with this 'small' donation to the temple. Probably the monks knew he had much more money and became greedy/unsatified about the 'small' donation, so they put the attention on the case. His bad.

If he had stayed under the radar, with all his billions, just rented the most expensive/beautifull villa in Phuket, arranged for a proper (fake) passport he could have stayed maybe forever.

[loongdavid]

If ultimately they are deported back to China their fate could be a lot worse than here in Thailand. Many previous and similar convictions for fraud and deceptive practices in China have seen the courts hand-down a death sentence.

[maidee]

he did not know that non-thai cannot own land ?

hence the fake id ?

he should have kept the 34 million donated to the temple, as run away cash when the bib came

"you never saw me, i was never here"

[cookee68]

He must be confused as all the "future richest (hansum) men in the world" can be found in pattaya, nana, and cowboy.

I don't think that he would ever have become future richest man, far from it by a long shot

[RustBucket]

I am not surprised they are keeping hold of him while they finish the case against him. They want every last drop of everything he has before sending him to China.

Every last drop that will end up in the ownership of the police bosses. Instead of being turned over to the Chinese authorities to be returned to people he stole from.

[lvr181]

LOL @ the Mickey Mouse shirt!

You would find it hard to make all this stuff about Thailand. It lives up to its infamous name Amazing Thailand .

I am thinking of many ponzi schemes running in USA years ago?

Edited October 29, 2014 by lvr181

[technologybytes]

I would think that with that amount of money he should be out on bail in no time.

After all, it's not real crime and he certainly does not belong in jail.

All his "victims" are just greedy and trying to get something for nothing.. now they have learned the truth, which is that if a deal looks too good to be true then it is.

He will only be in trouble if he has cheated anyone "important" in Thailand.

[Krataiboy]

Nice of the cop to offer him a piece of cheesecake. Everybody's bringing happiness to somebody these days.

[Wombat6]

The Thai Police should be saying to the Chinese Police..."We will send you your Chinese criminal if you send us our Thai criminal (Thaksin) "

[godden]

Yes Berney Made off with the money