Another suspect arrested in U-Fun scam probe

[webfact]

Another suspect arrested in U-Fun scam probe
THE NATION

BANGKOK: -- AS ONE more executive involved in U-Fun Store's alleged pyramid scheme was arrested in Nong Khai yesterday, 50 U-Fun members urged the Chiang Mai Administrative Court to hold the Consumer Protection Board responsible for the damages they sustained because of the public fraud allegations. The board, which authorised the company's operations, must compensate its affected members, they said.

A member who asked not to be named said the firm brokered trade among members, so those who claimed to be damaged should step out and file police complaints so the truth could be revealed.

"We read from the media that many are affected but where are these people? The investigation should listen to both sides," the member said.

Pol Lt-General Suwira Songmetta, assistant national police chief, said five out of 12 people wanted in this case had been arrested.

The latest - Namonpan Thara-bundit, 41, a major shareholder of U-Fun Thailand - was caught while trying to leave Thailand via Nong Khai.

Namonpan told police she had invested about Bt1 million in the scheme last year until she recouped the investment, then she heard the Consumer Protection Board was investigating the firm last October so she pulled out and told her sub-distributors to get out too.

She said she didn't know she was wanted and was just visiting Laos for a vacation. She and her friends were later brought back to Bangkok.

Namonpan was the company’s authorised person to make transfers and conducted 80 totalling Bt116 million from U-Fun to companies in Thailand in the six months from June-November last year, Suwira said.

The so-called pyramid scheme had bilked Bt20 billion out of 110,000 people so far, Suwira said.

More investigators were added to handle the extra work on this case, which involved cooperating with the Anti-Money Laundering Office (AMLO) to retrieve assets that had been transferred to other countries.

Suspect Arthit Kaewpan was a Malaysian who allegedly got a forged Thai passport before registering the firm with capital of Bt10 million, Suwira said.

Arthit was convicted by a Thai court of first instance for counterfeit goods but was released on bail, he said.

Another company, U-Fun Property capitalised at Bt1 million, was being examined to see who else was involved in the investment, so more arrest warrants were on the way.

National police Pol General Somyos Pumpanmuang has told the investigators to probe transparently and arrest all those implicated.

Police searched a house in Bangkok's Lak Si district belonging to Lt-General Athiwat Sunpan, a retired Army officer who was named as a suspect but reportedly fled the country, and found eight title deeds and some valuables in four safes.

Four of the deeds were for parcels in Prachin Buri that were transferred to U-Fun.

Police said they would transfer the assets, believed to be connected to the scheme, to AMLO for further inspection.

AMLO secretary-general Sihanart Prayoonrat and his team joined a meeting with Suwira and U-Fun case investigators to find more assets from the U-Fun network.

Paisit Wongmuang, deputy director-general of the Department of Special Investigation, said he would call a meeting to follow up on the progress in this case and see if it should be assigned to the DSI as a special case.

Source: http://www.nationmultimedia.com/national/Another-suspect-arrested-in-U-Fun-scam-probe-30258135.html


-- The Nation 2015-04-17

[Rooo]

Greed & gullibility.

[johnnynmonic]

A bunch of people I know bought into that scheme. Most are out 20k, though some recovered it by zealously recruiting friends and family (who are all out the 20k buy in fee now.).

[wordchild]

i dont know what will happen in Thailand but in other countries, when dealing with a ponzi scheme, the authorities (ie securities regulators, liquidators, courts and police) would also investigate those who cashed out early in the life of the scheme. Even if they were not clearly party to the fraud, the funds they withdrew could be called back and used to compensate other members who did not manage to get their money out in time. This is what happened with certain Madoff investors for example. However, from what I understand, UFUN was such a blatant ponzi scheme, where (unlike say Madoff) there was the clear incentive for all involved to pull in other "investors", its hard to see that anyone who got caught by this was a completely "innocent" victim.

Edited April 17, 2015 by wordchild

[Strangebrew]

Can't believe that want consumer protection to cover there losses. Look I stupid and greedy you need to pay me back because I'm stupid and greedy. I knew what it was from day one You never get something for nothing someone always losses. Just chalk it up to learning is all you can do. But The Nad's of one of them to post on craigslist as a job get 500 USD a month part time as sales associate. Get real no one pays that here if it were legal they do it in US. Only took one minute chatting and I called the dude out on the scam was his pissed. That is why research first before dropping one satong folks.

[SOTIRIOS]

...admittedly the 'big fish' have already fled.....so....???