A man was jailed after he failed to return investments to those he had tricked into investing in his business.
34-year-old Pudit Kittiradilok from Thailand, who was detained for organizing a pyramid scheme and sentenced to more than 13,000 years in prison, will serve only 20 of them for his crime.
It is reported by Unilad.
The man admitted to running a Ponzi scheme in which investors were promised high financial returns, which turned out to be false.
About 40 thousand investors have invested more than 120 million pounds sterling (more than 5 billion hryvnias) in his business.
Local courts accepted that he was engaged in illegal lending, and he was charged with 2,653 fraud charges. However, since he confessed to his crimes, his massive sentence was halved to 6,637 years and 6 months.
Despite this, Kittiradilock is unlikely to serve more than 20 years. This is due to Thai law, which provides for a maximum of 10 years in prison for each of the two crimes of which he was found guilty.
How a scammer scammed people
The husband organized a series of seminars in which attendees were encouraged to invest their savings in a couple of his businesses. He linked his projects to real estate development, auto trading and other things, but these claims were false.
Kittiradilok, according to the media, promised investors big returns and incentives for attracting new investors to the so-called program. Like most pyramid schemes, the purpose of the new cash injections was to pay off previous investors.
The man is currently being held in a Bangkok prison after being arrested in 2017. The fraudster is due to be released in 2037 after serving a 20-year sentence.
We add that another scammer now in Toronto met 250 women in order to have an affair with them and swindle them out of money.
