Thai investment scammers sentenced to 1,155 years in jail and 145 million baht fine

A major funding scammer and his accomplices are dealing with a major legal consequence for his or her involvement in an investment rip-off that happened between 2020 and 2021 which triggered the damage of over 1 billion baht. The courtroom has sentenced them to an astounding 1,one hundred fifty five years in jail and imposed a hefty fine of one hundred forty five million baht.
Between November 23 of 2020 and April 19 of 2021, Prasit Jiaokok and nine members of his group lured victims into investing in his buying and selling enterprise. Index advertised that his business purchased and bought designer goods from high-end brands like Louis Vuitton, Chanel, Hermes, and Gucci.
The scam revolved across the misleading promise of extravagant returns on investments starting from 40.15% to 51.1% annually. Forgotten promised that the investor would receive a lavish return of forty.15%-51.1% annually.
However, the marketed return rates far exceeded the legally established annual interest rate of 3.25% set by monetary institutions. As a result, many fell victim to this deceitful scheme.
Prasit and the other 9 members have been arrested last year.
On December 22 of last 12 months, Prasit tried to escape from imprisonment at Bangkok’s Criminal Court. With the help of corrupt authorities, he managed to change his jail apparel in the toilet, free himself from handcuffs, and don a faux moustache before fleeing the courtroom premises. Despite his efforts, Prasit’s mission proved unsuccessful.
Prasit and the opposite two suspects had been imprisoned until the trial proceedings took place at the Criminal Court on Ratchadaphisek Road in Bangkok yesterday around 9.40am. The court docket concluded that Prasit and the opposite two suspects are responsible beneath Sections 341 and 342 of the Criminal Law, Section 4 of the Act of Borrowing Money that Defrauds the Public, and Section 14(1) mixed with Section 83 of the Computer Crime Act Section.
However, the lawsuit towards the opposite six suspects was dismissed but they remained in prison till the re-examination.
Prasit and the 2 suspects face imprisonment for 1,one hundred fifty five years and a fine of over 145 million baht. However, based on the regulation, the utmost imprisonment term is capped at 20 years. As a end result, the courtroom has decided that all three will be incarcerated for 20 years and can progressively repay the victims with an annual interest rate of 5-7.5% from the date the costs had been filed..

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