Arrest over alleged Bt4-billion pyramid scheme

[webfact]

Arrest over alleged Bt4-billion pyramid scheme

By The Nation

 

A businessman who allegedly deceived more than 40,000 people to invest over Bt4 billion with promises of weekly high yields has been arrested.
 

Phudit Kittitharadilok, managing director of The System Plug and Play Co Ltd and Innovision Holding Co Ltd, was arrested by immigration police when he returned to Thailand on Wednesday.

 

Phudit and his family had fled to live in Singapore after his victims filed complaints with the Department of Special Investigation (DSI).

On May 9, about 200 people filed a complaint with the DSI, which agreed to accept it as a special case.

 

The DSI investigated and concluded that Phudit and his companies had deceived people since 2015 by luring them to buy investment packages that advertised 7-per-cent yields per week. There were five packages offered – VIP for Bt108,000, Premium Bt36,000, Standard Bt18,000, Mini Bt9,000 and Micro Bt4,500.

 

Members were also told to recruit new participants for a 5-per-cent commissions and urged to participate in paid-for seminar courses with the promise of receiving shares in the investment firms.

 

The DSI said some victims had invested as much as Bt10 million, but Phudit’s companies stopped paying dividends in July 2016.

 

Source: http://www.nationmultimedia.com/detail/national/30323414

 

-- © Copyright The Nation 2017-08-10

[canopus1969]

7-per-cent yields per week

 

Just how dumb can you get 

[Bluespunk]

55 minutes ago, webfact said:

Phudit and his companies had deceived people since 2015 by luring them to buy investment packages that advertised 7-per-cent yields per week. There were five packages offered – VIP for Bt108,000, Premium Bt36,000, Standard Bt18,000, Mini Bt9,000 and Micro Bt4,500.

There is no fire like passion, there is no shark like hatred, there is no snare like folly, there is no torrent like greed.

Gautama Buddha

[BasalBanality]

10 minutes ago, canopus1969 said:

7-per-cent yields per week

 

Just how dumb can you get 

Greed does not discriminate, stupidity and greed is not mutually exclusive.

[janclaes47]

1 hour ago, webfact said:

7-per-cent yields per week

 

Why I never get informed about these opportunities while it is still accepting new customers.

 

Bet they don't like foreigners, yeah?

[darksidedog]

7% per week! Anyone who invested in this believing it was genuine, really must be unbelievably stupid. Given the total comes to 4 Billion, there are clearly a very large number of extremely dumb and gullible people out there.

 

[moe666]

1 hour ago, canopus1969 said:

7-per-cent yields per week

 

Just how dumb can you get 

About as dumb as all of the movie stars, and other people of means in America who gave money to Bernie Maydoff

[StraightTalk]

15 hours ago, moe666 said:

About as dumb as all of the movie stars, and other people of means in America who gave money to Bernie Maydoff

Madoff's Ponzi scheme was an international operation.

[robertson468]

18 hours ago, canopus1969 said:

7-per-cent yields per week

 

Just how dumb can you get 

You may think this is dumb, but there has been a bunch of Foreigners advertising in TV that if you invest with them, they will put your money to various construction/hotel projects and are saying that after a year you will get 7% return over 12 months and for some other investments up to 10/12% return.  I have sent emails to the organisations they claim to be investing in, but sadly have had no replies.  On the other hand, if you would like to buy my little Resort, you can easily achieve 10% return on investment (ROI) and with a little bit of adjustment of how to operate, it could rise to 12%.  PM me if you are interested.

[scorecard]

18 hours ago, BasalBanality said:

Greed does not discriminate, stupidity and greed is not mutually exclusive.

 

 

How true,  one of our neighbors , a lawyer who owns and operates her own medium size law firm, lost about 30Million Baht of her own funds to one of these schemes / scams about 3 years back.

 

She already owned numerous properties in several provinces.

 

Total absolute greed.

 

The fund 'owner' fled Thailand and supposedly can't be found. The lawyer lady complains bitterly that nobody will help her and she complains bitterly that the government won't refund her losses. 

 

Different point / even worse, she convinced some of her own staff to invest their savings in this scheme and helped several to take loans using their family chanute documents to borrow money to invest in the scam on the basis that she would get 1% of all returns.  

 

Greed, greed, greed. 

 

 

Edited August 11, 2017 by scorecard

[scorecard]

18 minutes ago, robertson468 said:

You may think this is dumb, but there has been a bunch of Foreigners advertising in TV that if you invest with them, they will put your money to various construction/hotel projects and are saying that after a year you will get 7% return over 12 months and for some other investments up to 10/12% return.  I have sent emails to the organisations they claim to be investing in, but sadly have had no replies.  On the other hand, if you would like to buy my little Resort, you can easily achieve 10% return on investment (ROI) and with a little bit of adjustment of how to operate, it could rise to 12%.  PM me if you are interested.

 

Actually I suspect there are at least a couple of such groups advertising on TV.

 

Same as above, I've send e.mails and never got a reply. I've called tel. numbers, once I was asked quickly to give bank account numbers and twice when I said that I wouldn't give any bank details the farang who answered said a senior person would call me back but I never got a call.

 

Once a Thai girl answered the phone (good English) and when I asked some questions about their fund registration, registered address etc etc., she said she didn't understand what I was talking about and hung up. In this case they were advertising 'much cheaper rates on good health insurance for older people'.

 

Beware.

[Stargeezr]

Try to remember the USA, S and L scheme, those people were greedy, and some were old and

greedy. I felt sorry for all of them losing their money as well. I certainly will not accuse them of

all being stupid,  just too trusting and greedy to make a bigger nest egg for retirement.

Geezer

[timendres]

4 hours ago, scorecard said:

The fund 'owner' fled Thailand and supposedly can't be found. The lawyer lady complains bitterly that nobody will help her and she complains bitterly that the government won't refund her losses. 

Why would the government be on the hook for these losses?

She paid her "stupid tax", she should stop complaining.

[timendres]

3 hours ago, Stargrazer9889 said:

Try to remember the USA, S and L scheme, those people were greedy, and some were old and

greedy. I felt sorry for all of them losing their money as well. I certainly will not accuse them of

all being stupid,  just too trusting and greedy to make a bigger nest egg for retirement.

Geezer

The S&L crisis was the seed that grew into the Too Big To Fail phenomenon that is engulfing the central banks. We lost the war when we decided the government should intervene to stop and/or mitigate failure.

[Get Real]

Seems like the limit on the allowed amount of stupidity has been lifted, in order to maintian the critically low level of intelligence.