Suspects in B9bn Ponzi scam nabbed

Suspects in B9bn Ponzi scam nabbed

Police have arrested three Chinese suspects accused of masterminding Ponzi schemes worth 9 billion baht in China and Malaysia.  

Three Chinese suspects accused of masterminding Ponzi schemes worth 9 billion baht in China and Malaysia were brought to a press conference in Bangkok. (Photo by Somchai Poomlard)

Police chief Somyot Phumphanmuang on Tuesday announced the arrests of Chong Mee Chew, also known by the Thai name of Supachai Rujathorn; Keng Lean Pao, also known as Surin Sophonsukson; and Wang Wen Fan, also known as Pachaowchew Saeyang. They are among 10 suspects allegedly running Ponzi schemes and wanted by Chinese police.

Police also seized banknotes in various currencies worth more than 900,000 baht, five land purchase contracts in Phuket worth 22 million baht, two title deeds for beachfront properties in Phuket's Muang district, a passbook and two fake identification cards. 

Police tracked down Mr Supachai and arrested him at a temple in Phuket where he was ordained as monk. He had donated 30 million baht to the temple, according to police. The other two suspects were arrested outside a condominium on Rajadmari Road in Bangkok. It is not clear when the three were arrested. 

Pol Gen Somyot said the trio and seven other gang members had opened the Yum Shu Mao Company to run Ponzi schemes in China. About 100,000 people in China had been duped into investing about 1.3 billion Chinese yuan, or about 9 billion baht. 

The gang had also set up a company in Malaysia and allegedly lured more than 80,000 people in the country into investing about 300 million Malaysian ringgit, or about 3 billion baht, in the venture, police said.

Acting deputy police chief Pol Lt Gen Chakthip Chaichinda said the gang had tried to set up a company in Thailand, but the three were arrested before they could do so.

Pol Maj Gen Ronnasin Phusara, of the Police Strategy Division, said the arrests were the result of cooperation between Chinese, Malaysian and Thai police. Police said Mr Supachai had used his fake ID to buy assets worth of 240 million baht in Thailand.

Pol Capt Suwanee Sawaengpon, deputy secretary-general of the Anti-Money Laundering Office, said staff were checking the trio's assets and financial transactions.

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