Pudit Kittitradilok, 34, was jailed for failing to return their investments to those he tricked into investing in his business.
The Thai swindler, who was sentenced to 13,275 years in prison, will only spend 20 years in prison for his crime. The man admitted to running a pyramid scheme that promised high financial returns to investors, which of course was a lie. Reported by Unilad.
More than £120m (over UAH5bn) was injected into the network of companies, and around 40,000 people were persuaded to invest in their business.
Local courts ruled that he was involved in illegal lending and faced 2,653 fraud charges. However, because he confessed to his crimes, his heavy sentence was reduced by half to 6,637 years and six months.
Despite such an impressive number, Kittitradilok is unlikely to serve more than 20 years. This is due to Thai law, which provides for a maximum sentence of 10 years in prison for each of the two crimes for which he is convicted.
Prosecutors explained how the man had managed to stay on the run for so long and told the court that he held a series of seminars in which participants were encouraged to invest their savings in several of his businesses. He said that these business ideas are about real estate development, beauty, car sales and other things, but these claims are false.
According to the Bangkok Post, Kittitradilok promised investors huge returns and incentives to attract new entrants to the scheme. As with most pyramid schemes, the purpose of these new cash injections was to pay previous depositors, and this continued in a cycle.
The man is now held in a Bangkok prison after being arrested in 2017. The scammer will be released in 2037 after serving a 20-year sentence.
Previously Focus He wrote that a US Army veteran stole $1.8 million using a large-scale Internet scheme but was caught. Both older Americans and entire companies have suffered at the hands of a swindler. The court ordered him to return the money and sent him to jail.
It was also reported that the drug dealer converted to a Korean to escape justice. Plastic surgery didn’t help the young offender escape arrest last week. He was detained in a housing complex in Bangkok.
Source: Focus
Alfred Hart is an accomplished journalist known for his expert analysis and commentary on global affairs. He currently works as a writer at 24 news breaker, where he provides readers with in-depth coverage of the most pressing issues affecting the world today. With a keen insight and a deep understanding of international politics and economics, Alfred’s writing is a must-read for anyone seeking a deeper understanding of the world we live in.