The Department of Special Investigation (DSI) – Thailand’s equivalent of the FBI – is investigating a man for defrauding a group of students from Bangkok’s Assumption University (ABAC) of over THB300 million in a scam to set up an iPhone shop.
The investigation comes after a representative from the group of 20 students went to the secretary of the Ministry of Justice, Mr. Thirachai Wutitham, and chief of the DSI, Mr. Tharit Pengdid, to request that the agencies track the finances of the suspect, ABAC student Mr. Preu-ti Jarupokkakul, to try to get their money back.
Each student lost at least THB1 million and the biggest loss was THB175 million, Matichon reported.
All of the students now have major financial problems and some are unable to continue studying, which is damaging their future.
“The damage from this iPhone shop scam is over THB300 million and the biggest concern is that most of the victims are students who need money for their education. They have been tricked to invest all of their money in shares of the iPhone shop,” a representative of the ABAC students said.
Mr. Tharit Pengdid said that the suspect is a known conman with a professional manner, who developed close relationships with the younger students. He allegedly persuaded them that he would be contacting Apple directly to buy the iPhones to sell in the store and promised 10% returns. He persuaded the victims to transfer the money into his account for the investment.
In what sounds like a Ponzi scheme, many victims did make a profit in the beginning so they persuaded their friends and relatives to invest in the shady business. The scheme went on for two years with some victims making a profit, but they finally found out that they were being cheated.
“The victims still don’t believe that the suspect did it alone. They believe that there must have been some close friends or relatives who worked with the suspect. They have requested to track the suspect’s financial records and those of his family and the seizure of their assets from this fraud. They’ve requested to get their money back too,” Mr. Tharit Pengdid said. He added, though, that the DSI cannot promise that all of the money will be returned, as that depends on how much of the suspect’s assets remain. The assets will be divided for every victim and an attorney will charge the suspect with criminal and civil offenses, he said. And investigation officer is now tracking the suspect’s families finances as well.
Secretary of Ministry of Justice Mr. Thirachai said that he would request the DSI to conduct legal proceedings through the end of case because it is such a big crime. He estimated that the DSI would sum up the charges to the suspect by next week.
The Anti-Money Laundering Office (AMLO) has reportedly confiscated some of the suspect’s assets including land, condominiums, four pieces of mortgaged, and three or four cars – but there is no money left in his bank account. AMLO will work with the police to track the suspect’s finances because the believe it must have been a team effort to commit this fraud.
Translated by Christal
