Police arrest key UFun suspect
text size

Police arrest key UFun suspect

Fallout continues from multi-billion-baht pyramid scheme that unravelled a decade ago

Police arrest Neo Ong, 42, a key suspect in the 10-billion-baht UFun pyramid scheme, at Don Mueang airport. (Photo: Central Investigation Bureau)
Police arrest Neo Ong, 42, a key suspect in the 10-billion-baht UFun pyramid scheme, at Don Mueang airport. (Photo: Central Investigation Bureau)

A key suspect in the 10-billion-baht UFun pyramid scheme was arrested recently at Don Mueang airport as he tried enter the country, according to the Consumer Protection Police Division (CPPD).

Neo Ong, 42, was wanted on an arrest warrant issued by the Criminal Court on June 25, 2015, for fraud, engaging in an electronic money business without a permit, and being involved in a transnational criminal organisation.

Police had learned that Mr Ong, a former UFun executive, was planning to enter the country on May 23. He was detained at an immigration checkpoint at Don Mueang airport and brought to the CPPD headquarters for questioning.

In January, the wife an a UFun executive was arrested in Si Sa Ket after almost 10 years on the run.

She faced two warrants dating back to 2015 and 2016 for colluding in transnational crime, fraud and money laundering.

The scandal surfaced in early 2015 after several people filed complaints with police about being duped into investing an a scheme operated by UFun, which was registered to operate as a direct-sales company.

According to the police, the firm lured victims by telling them to invest in a factory that would manufacture UFun merchandise, promising high returns.

The network later duped people into investing in U-Tokens, a fraudulent cryptocurrency, and product purchases, causing 10 billion baht in damages, police said.

In 2017 the Criminal Court handed down jail terms ranging from 12,255 to 12,267 years to 22 defendants, including mastermind Apichanat Saenkla and gay rights advocate Natee Teerarojanapong.

However, the actual imprisonment under the law would be a maximum of 20 and 50 years each.

Do you like the content of this article?
COMMENT