164 people indicted in Ufun scam

[Lite Beer]

164 people indicted in Ufun scam

BANGKOK: -- A total of 164 individuals associated with Ufun Store Company have been indicted by the Office of Attorney-General on charges of operating lending and borrowing services in a way suspected to be public fraud.

Six counts of charges were lodged against the group minus the charge of using electronic cards which will be brought against the other 13 associates of the company, said the OAG.

Ufun Store Company has also been charged with operating a Ponzi scheme to cheat members of the public.

A panel comprising prosecutors from the Office of Criminal Litigation and Office of Economic and Resources Crime will be formed to handle the case.

Source: http://englishnews.thaipbs.or.th/164-people-indicted-in-ufun-scam

-- Thai PBS 2015-07-03

[sanuk711]

I am quite surprised at the number of people Arrested-- I had viewed it as a pyramid scheme more than a Ponzi--in as much as they were selling something --which is the difference between Ponzi & Pyramid (selling their cards---which were worthless)

Also before we get all the mail--hate Thailand stuff---aren't they really stupid people, farangs wouldn't fall for that type posts ---as it was the last time that this news article surfaced . If we go back to where these schemes originated ...... America / Canada (of course) The law there & in most other western countries who have been affected by these schemes by the Billions---"Bernie Mindorff" alone took that much from "Savvy"--American investors for over 20 years----------------(has always been)

" the only guilty party in the Ponzi and pyramid scheme is the originator of the corrupt business practice, not the participants (as long as they are unaware of the illegal business practices)." http://www.investopedia.com