Ponzi scheme: Thai Fraudster Sentenced to 13,275 Years in Prison

Related stories

Big Oil’s Power Couple Heads to Guyana

Following the completion of Chevron’s acquisition of Hess Corporation,...

The U.S. Has Only The 10th Most Powerful Passport: Here’s What That Means

The United States blue book continues its decade-long slide...

2027: PDP Eyeing Jonathan, Others for Presidential Race, Party Official Reveals

By Nwosa Hamilton  In a strategic move to broaden its...

$24 Billion Loan: Senate Approves Tinubu’s Request, Loan Strategy

By Abiola Olawale The Nigerian Senate has approved President Bola...

Alleged N80.2bn Fraud: Court Throws Out Yahaya Bello’s Travel Request

By Nwosa Hamilton The Federal High Court, Abuja, has rejected...

A Thai court has sentenced a fraudster to more than 13,000 years in prison.

Pudit Kittithradilok, 34, admitted running a Ponzi scheme whereby he promised investors artificially high financial returns.

About 40,000 people were persuaded to pour more than $160m (£120m) into his companies.

The court found he engaged in illicit lending and some 2,653 counts of fraud. Thanks to his confession, it halved his sentence to 6,637 years and six months.

He is unlikely to serve more than 20 years, as Thai law sets a maximum 10-year term for each of the two crimes he was convicted of.

Prosecutors told the court that Pudit organised seminars where attendees were encouraged to invest in what he said were businesses linked to property development, beauty, used cars and exports, among other things.

According to the Bangkok Post, investors were promised generous returns, plus incentives to bring new members on board.

As with any pyramid scheme, these new cash injections would then be used to pay off the earlier backers.

Pudit had been held in Bangkok Remand Prison since his arrest in August, when he was denied bail.

The court fined his two companies the equivalent of $20m each. Pudit and the firms were ordered to repay around $17m to the 2,653 identified victims, with 7.5% yearly interest.

 

BBC

Hamilton Nwosa
Hamilton Nwosa
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
Big Oil’s Power Couple Heads to GuyanaThe U.S. Has Only The 10th Most Powerful Passport: Here’s What That Means2027: PDP Eyeing Jonathan, Others for Presidential Race, Party Official Reveals$24 Billion Loan: Senate Approves Tinubu's Request, Loan StrategyAlleged N80.2bn Fraud: Court Throws Out Yahaya Bello's Travel Request[VIDEO] Natasha vs Akpabio: Tension as Natasha Denied Access To National Assembly Complex2027: Drama as Davido's Uncle, Gov Adeleke, Osun PDP Endorse TinubuDetails as NNPC Remits N6.69 trn to Federation Account in First Half of 2025Just In! CBN Retains Interest Rate at 27.5% for Third Time in 2025Datti Baba-Ahmed Attends Abure-Led Labour Party NEC Meeting, Vows to Reunite Obi, Otti, OthersJust In! Nigeria’s Economy Surges with 3.13% Growth in Q1 2025, NBS ReportsLabour Party's Crisis Deepens As Abure-Led Faction Rejects Nenadi Usman’s LeadershipDrama as ADC’s 2023 Presidential Candidate Kachikwu Says, Obi Plans to Exit Coalition (VIDEO) Falana, Shehu Sani, Others Blast Kemi Badenoch Over Claim on Nigerian Citizenship Laws Kenneth Okonkwo Slams Okpebholo for Threatening Peter Obi
X whatsapp