Chinese officials to join forces with Thai police to probe UFUN pyramid scheme

[webfact]

Chinese officials to join forces with Thai police to probe UFUN pyramid scheme
The Nation

BANGKOK: -- The Chinese police have joined forces with their Thai counterparts to investigate UFUN's alleged pyramid scheme and a transnational crime suppression centre will be set up soon, Pol Lt-General Suwira Songmeta, an assistant national police chief, said yesterday.

Following a three-hour meeting at the Consumer Protection Police Division yesterday, Suwira said the 200 police investigators would be joined by Chinese Embassy officials to speed up the evidence gathering and formulation of case reports. He said the investigation was progressing and 921 people have now filed complaints with police. Arrest warrants had been issued for 18 suspects. He said the case report should be concluded in two weeks and submitted to the Attoney-General's for consideration as a transnational case.

Regarding the recent arrests of two executives of UDBP Management (Thailand) Co, Malaysian manager Kevin Lai, 49, and Chinese deputy manager Yang Yuan Zhao, 48, Suwira said the Bank of Thailand probe found that UDBP wasn't registered as a bank. The company allegedly operated business in the manner of a pyramid scheme by raising funds from 8,000 people in China as well as four Thais, Suwira said.

Transactions showed that money from China was wired to Thailand before it was sent to Malaysia and then Vanuatu; hence, it could be regarded as a transnational pyramid scheme, he said. Police would treat this UDBP's alleged pyramid scheme case separately from the UFUN case, he added.

As for Lai and Zhao's link to the UFUN case, Suwira said the two men signed a Memorandum of Understanding (MOU) with UFUN allowing them to deposit US$10 million (Bt335 million) with the company but the MOU was later cancelled because no such amount was deposited.

Source: http://www.nationmultimedia.com/national/Chinese-officials-to-join-forces-with-Thai-police--30260341.html

-- The Nation 2015-05-18

[selftaopath]

When doesn't Thailand need assistance in anything; especially in any type of police investigation?

Amazing how a nation seemingly so pompous is repeatedly unable to forge challenges using only internal personnel. IMO.

Edited b/c of type o.

Edited May 17, 2015 by selftaopath

[FangFerang]

I am a member of a fairly large group of people who are wondering why no Chinese officials nor employees are being implicated in the phony G2G rice deals for which many Thais are being prosecuted.

I simply cannot see how such an elaborate ruse could have been pulled off without Chinese help. No way.

So the question remains -- why are no Chinese nationals being investigated, arrested nor accused?

To say it means none were involved is myopic and diversionary at best, and at worst is pure disinformation.

[Srikcir]

"money from China was wired to Thailand before it was sent to Malaysia and then Vanuatu"

Now that is very curious. The yuan in not an international traded currency which makes it difficult to be "wired" outside the country.

Perhaps the money was exchanged in China by private money marketeers for foreign currency, then wired outbound. Or perhaps the "money: was never really wired and there is another scam in process.