Bt1.8-billion UFUN assets smuggled to Malaysia, say police

[Lite Beer]

Bt1.8-billion UFUN assets smuggled to Malaysia, say police
THE NATION

BANGKOK: -- AROUND BT1.8 billion of UFUN Thailand's investment assets belonging to Thailand-based investors has been withdrawn and wired to Malaysia for laundering, chief investigator Pol Lt-General Suwira Songmetta said yesterday.

The latest withdrawal of Bt779 million in cash was intercepted by police on Wednesday. Three Thai nationals and one Malaysian were arrested in Padang Besar for attempting to smuggle the cash into Malaysia, he said. The four suspects have also been charged with conspiring to launder money in addition to fraudulent investment and lending.

Anyone found involved in the smuggling of cash or wiring of money associated with the UFUN scheme will be charged with money-laundering, which will subject them to seizure of assets, said Suwira, an assistant national police chief.

Police revealed that Bt1.816 billion had been withdrawn from 33 bank accounts and had been smuggled out of Thailand in two ways - Boon Kiat Choo, who was arrested together with the three Thais, smuggled the cash to Malaysia, or a Penang-based man received the money from Boon, after he withdrew the money from a Penang bank.

Suwira said a singer - Supakij Tangthatsawas - had made an appointment with the police yesterday to explain his alleged links with UFUN as a key endorser, who openly invited the public to invest in UFUN. The officer also named comedian Theerachart "Ood Pentor" Theerawitthayaku and country singer Khwannapha "Lala" Ruengsri as such endorsers who would be later summoned for questioning.

Suwira said the Malaysian police were willing to probe a suspected link between a key UFUN Thailand suspect on the run - Maj-General Athiwat Sunpan - after he was found taking a photo with the son of a high-ranking Malaysian politician.

Source: http://www.nationmultimedia.com/national/Bt1-8-billion-UFUN-assets-smuggled-to-Malaysia-say-30260766.html

-- The Nation 2015-05-23

[ezzra]

Here you have people withdrawing 779 millions baht in cash from the banks and no one is the wiser,

try as I may to remit 50,000 baht overseas and all the alarm bells and whistles in the bank's

head office are ringing and I have to show a stack of proofs to send this money out...

something is definitely wrong with the system here........

[Anthony5]

So a criminal organisation which has been under investigation for a multi billion fraud for more than a month still didn't had its accounts frozen?

TAT is right, Amazing Thailand.

[maidee]

would be fun to arrive at the bank and you ask, i want to make a withdrawel ....

q: how much sir ?

a: about 700 million baht and pocket change please

[Si Thea01]

Here you have people withdrawing 779 millions baht in cash from the banks and no one is the wiser,

try as I may to remit 50,000 baht overseas and all the alarm bells and whistles in the bank's

head office are ringing and I have to show a stack of proofs to send this money out...

something is definitely wrong with the system here........

Let's not jump to conclusions so quickly based upon this storey. We all know how poor the reporting is here. Firstly, we do not know in whose names these accounts were, and secondly, maybe the cops were half smart, knew about the accounts, or were tipped of by the banks then waited until there was movement, pounced and have now rounded up a few more crooks with substantial evidence to make a successful prosecution. I am not following this closely but given the bits and pieces that I have read, I would say that the cops, together with the assistance of their Malaysian counterparts, are doing a pretty good job. Thailand has an enforcement agency, the AMLO, whose responsibility is to detect illegal activity, freeze accounts and seize monies and other assets where there is money laundering involved, and by all accounts, this is what they are doing..

I am quite sure that if someone made application to withdraw such a substantial amount, it would set off bells and whistles too, and no doubt be the banks responsibility to notify the ALMO, and this is how the subsequent arrests came about. Also, note the names of those being discovered after the arrests. Now, we don't now how involved these singers and comedian are but it is becoming more interesting by the day. Not being privy to what is going on within the investigation, all I have stated is conjecture, but like I said, I don't think the cops are dummies and given everything that they have discovered, those arrested and the assets seized, I would say they deserve more credit than criticism. But then you may feel different?

[deckape]

Bt1.8-billion UFUN assets smuggled to Malaysia, say police

Police were "closely monitoring" the malfeasance".

[Si Thea01]

So a criminal organisation which has been under investigation for a multi billion fraud for more than a month still didn't had its accounts frozen?

TAT is right, Amazing Thailand.

If you had any knowledge of how these types of investigations were carried out, who and what is being watched and why, then maybe you would think before you post. It doesn't all happen in a day and being a complex and now an international crime, then it can go on for months even years Co-operation has to be sought from other countries' law enforcement agencies in order to bring such criminals to justice and seize their ill-gotten gains from wherever they have secreted them.

[Anthony5]

So a criminal organisation which has been under investigation for a multi billion fraud for more than a month still didn't had its accounts frozen?

TAT is right, Amazing Thailand.

If you had any knowledge of how these types of investigations were carried out, who and what is being watched and why, then maybe you would think before you post. It doesn't all happen in a day and being a complex and now an international crime, then it can go on for months even years Co-operation has to be sought from other countries' law enforcement agencies in order to bring such criminals to justice and seize their ill-gotten gains from wherever they have secreted them.

If you engaged brain before trying to slag me off for my comment, you would have noticed that the investigation was made public in the media already more than a month ago, so it may have started even earlier however I doubt that.From the first day they were well aware how much money was involved, since they have always been talking about 1.8 Billion, yet they let the whole amount be withdrawn AFTER the investigation was in full swing and people were arrested.

You would also have noticed that it here concerns Thai banks where the money was deposited and withdrawn, and that the last withdraw happened just the other day.

So everyone involved was alerted for a month already that they were investigating, yet the suspected accounts weren't frozen.

Only in a banana republic this can happen.

[Anthony5]

Here you have people withdrawing 779 millions baht in cash from the banks and no one is the wiser,

try as I may to remit 50,000 baht overseas and all the alarm bells and whistles in the bank's

head office are ringing and I have to show a stack of proofs to send this money out...

something is definitely wrong with the system here........

Let's not jump to conclusions so quickly based upon this storey. We all know how poor the reporting is here. Firstly, we do not know in whose names these accounts were, and secondly, maybe the cops were half smart, knew about the accounts, or were tipped of by the banks then waited until there was movement, pounced and have now rounded up a few more crooks with substantial evidence to make a successful prosecution. I am not following this closely but given the bits and pieces that I have read, I would say that the cops, together with the assistance of their Malaysian counterparts, are doing a pretty good job. Thailand has an enforcement agency, the AMLO, whose responsibility is to detect illegal activity, freeze accounts and seize monies and other assets where there is money laundering involved, and by all accounts, this is what they are doing..

I am quite sure that if someone made application to withdraw such a substantial amount, it would set off bells and whistles too, and no doubt be the banks responsibility to notify the ALMO, and this is how the subsequent arrests came about. Also, note the names of those being discovered after the arrests. Now, we don't now how involved these singers and comedian are but it is becoming more interesting by the day. Not being privy to what is going on within the investigation, all I have stated is conjecture, but like I said, I don't think the cops are dummies and given everything that they have discovered, those arrested and the assets seized, I would say they deserve more credit than criticism. But then you may feel different?

Based on the few bits and pieces you have read about the whole story ( your own words) you consider yourself the expert and call everyone else on here who has an opinion, that may be based on something more than a few bits and pieces, an idiot.

Way to go mate.

[mango66]

Here you have people withdrawing 779 millions baht in cash from the banks and no one is the wiser,

try as I may to remit 50,000 baht overseas and all the alarm bells and whistles in the bank's

head office are ringing and I have to show a stack of proofs to send this money out...

something is definitely wrong with the system here........

Let's not jump to conclusions so quickly based upon this storey. We all know how poor the reporting is here. Firstly, we do not know in whose names these accounts were, and secondly, maybe the cops were half smart, knew about the accounts, or were tipped of by the banks then waited until there was movement, pounced and have now rounded up a few more crooks with substantial evidence to make a successful prosecution. I am not following this closely but given the bits and pieces that I have read, I would say that the cops, together with the assistance of their Malaysian counterparts, are doing a pretty good job. Thailand has an enforcement agency, the AMLO, whose responsibility is to detect illegal activity, freeze accounts and seize monies and other assets where there is money laundering involved, and by all accounts, this is what they are doing..

I am quite sure that if someone made application to withdraw such a substantial amount, it would set off bells and whistles too, and no doubt be the banks responsibility to notify the ALMO, and this is how the subsequent arrests came about. Also, note the names of those being discovered after the arrests. Now, we don't now how involved these singers and comedian are but it is becoming more interesting by the day. Not being privy to what is going on within the investigation, all I have stated is conjecture, but like I said, I don't think the cops are dummies and given everything that they have discovered, those arrested and the assets seized, I would say they deserve more credit than criticism. But then you may feel different?

very sucessfull ??

How many billions they siced from Thaksin which he brought out of Thailand ??

Tax many from the poor and small people !!!

[cookee68]

I wonder how long that took to count, it took the bank half an hour to give me 500,000 baht, after counting it 10 times. what was wrong with the other 9, and the 3 machine counts I don't know, shit waiting for 779 million baht

[Si Thea01]

Here you have people withdrawing 779 millions baht in cash from the banks and no one is the wiser,

try as I may to remit 50,000 baht overseas and all the alarm bells and whistles in the bank's

head office are ringing and I have to show a stack of proofs to send this money out...

something is definitely wrong with the system here........

Let's not jump to conclusions so quickly based upon this storey. We all know how poor the reporting is here. Firstly, we do not know in whose names these accounts were, and secondly, maybe the cops were half smart, knew about the accounts, or were tipped of by the banks then waited until there was movement, pounced and have now rounded up a few more crooks with substantial evidence to make a successful prosecution. I am not following this closely but given the bits and pieces that I have read, I would say that the cops, together with the assistance of their Malaysian counterparts, are doing a pretty good job. Thailand has an enforcement agency, the AMLO, whose responsibility is to detect illegal activity, freeze accounts and seize monies and other assets where there is money laundering involved, and by all accounts, this is what they are doing..

I am quite sure that if someone made application to withdraw such a substantial amount, it would set off bells and whistles too, and no doubt be the banks responsibility to notify the ALMO, and this is how the subsequent arrests came about. Also, note the names of those being discovered after the arrests. Now, we don't now how involved these singers and comedian are but it is becoming more interesting by the day. Not being privy to what is going on within the investigation, all I have stated is conjecture, but like I said, I don't think the cops are dummies and given everything that they have discovered, those arrested and the assets seized, I would say they deserve more credit than criticism. But then you may feel different?

Based on the few bits and pieces you have read about the whole story ( your own words) you consider yourself the expert and call everyone else on here who has an opinion, that may be based on something more than a few bits and pieces, an idiot.

Way to go mate.

Never professed to be an expert, I said everything I stated was based on conjecture. Do you know the meaning of the word, if you did, then you'd see it in no way relates to one being an expert? check the definitions and you might understand As for calling others idiots, you're a special aren't you? These are your words, not mine, so if you want to criticise then at least be factual when you do. Other's, geese you're good, from the one person I was responding to, it has now grown to many and I called them all idiots. I'd say in your case, if the cap fits.

And I did say that they may feel different to what I posted. But this is typical of your responses to posts that differ from your thoughts. That's fine, but don't twist things around or add words that were never uttered. Why is that when some one praises the cops, you get your knickers in a knot? Now If you're trying to engage me in a slanging match, sorry, you're out of luck as it just won't happen. So away you go pal.

[Si Thea01]

So a criminal organisation which has been under investigation for a multi billion fraud for more than a month still didn't had its accounts frozen?

TAT is right, Amazing Thailand.

If you had any knowledge of how these types of investigations were carried out, who and what is being watched and why, then maybe you would think before you post. It doesn't all happen in a day and being a complex and now an international crime, then it can go on for months even years Co-operation has to be sought from other countries' law enforcement agencies in order to bring such criminals to justice and seize their ill-gotten gains from wherever they have secreted them.

If you engaged brain before trying to slag me off for my comment, you would have noticed that the investigation was made public in the media already more than a month ago, so it may have started even earlier however I doubt that.From the first day they were well aware how much money was involved, since they have always been talking about 1.8 Billion, yet they let the whole amount be withdrawn AFTER the investigation was in full swing and people were arrested.

You would also have noticed that it here concerns Thai banks where the money was deposited and withdrawn, and that the last withdraw happened just the other day.

So everyone involved was alerted for a month already that they were investigating, yet the suspected accounts weren't frozen.

Only in a banana republic this can happen.

You're really into it aren't you. As I said before, you have certain ways to respond and this is just another typical one from you. Slagging you off, where, pray tell, did I verbally attack you using disparaging terms in an unpleasant manner. Or are telling me that I told you to think before you post, disparaging and unpleasant? Again, just up to your old tricks. You seem to know all about the best form of defence is attack, don't you?.

I really can't understand your hatred of Thailand, what has happened that causes you to proffer such derogatory terms? With you criticisms, what needs of yours are you trying satisfy, certainly not mine, as everything your on about falls back on you, no one else. Think about it.