Core suspects in Ufun case arrested



BANGKOK, 12 August 2015 (NNT) - The Consumer Protection Police Division (CPPD) has announced the arrests of two siblings in connection with the Ponzi scheme operated by Ufun Store.

The CPPD and National Police have apprehended Withoon and Panupong Teerapolkul and have charged them with colluding in fraudulent loans and being members of a transnational crime gang. They are the 53rd and 54th suspects in the controversial case.

Mr Withoon was arrested in Chonburi and Mr Panupong surrendered himself to the police, following his brother’s arrest. They are believed to have been the core members of Ufun Store in Thailand who together successfully recruited around 800 people for the business.

Evidence shows that both men earned around 121 million baht from the scheme. They claimed running Ufun was only a side job to boost their income.

The transnational Ponzi scam has allegedly conned about 120,000 people out of more than 20 billion baht.


-- NNT 2015-08-12

' They claimed running Ufun was only a side job to boost their income.'

Nice side job if you can get it huh? and when they realised that the hundreds of millions are pouring in,

did they still thought it was a ' side job'?

With 121 million (albeit baht) in the bank, one must wonder what they were still doing in Thailand. I imagine that as well as the prospect of arrest, it can't be too healthy for them here with the number of people they have ripped off.

Of the 54 suspects how many are in prison?,or are they all out on

bail,walking around ready to flee if things really get too hot for them.

These Ponzi schemes (scams) seem very popular in Thailand,and

have been going on for years,I suspect greed takes over from common

sense,when victims are promised huge returns.just waiting till the next

one comes around,feel the Police also need to be more alert and nip

future Ponzi scams in the bud,instead of waiting until a lot of people, loose a lot of money.

regards Worgeordie

The people that bought into it are just as guilty.

Something for nothing.

Come on, can't tell me those investors didn't know something.

Pull the other one.

The investors are just as guilty.

Got what they deserved.