Thai authorities filed charges against seventeen new suspects in the uFun Club Ponzi scheme on December 23rd, leading to immediate arrests. These actions continue an investigation that has now netted 94 individuals since the pyramid operation collapsed.
The cases moved directly to the Office of the Attorney-General. Natthajak Patamasingh na Ayudhya, the Criminal Case director-general, will make the final decision on indictments. Thailand has indicted approximately thirty uFun Club operators in total.
These seventeen individuals face charges of loan fraud, public fraud, and operating a transnational criminal organization. Convictions for fraud carry penalties ranging from five to ten years in prison, alongside fines between 500,000 and 1 million baht. The organized crime charge brings a sentence of four to fifteen years and fines from 80,000 to 300,000 baht.
Sirichok Siriwannapa, a former member of the Chart Thai Pattana Party, is among this group. Police spokesman Suwira stated investigators discovered some suspects had established a similar scheme in a neighboring country. Authorities in that nation have received alerts regarding the activity.
Police claim they know the locations of twenty-seven fugitives connected to the uFun Club operation. They are now working through the process to secure extraditions for these individuals.
The neighboring country is almost certainly Malaysia. When Thai police began making arrests in April, many of the scheme's management team and non-Thai investors fled across the border into Malaysia. From there, the ringleaders launched Unascos, essentially a rebranded version of uFun Club.
Malaysian authorities have not acted against Unascos. The scheme continues to operate, making promises of returns that investors report never materialize. Pictures posted by investors show ribbon-cutting ceremonies and seminars with sparse attendance, indicating the operation's struggling status.
Several Thai uFun Club investors recently filed complaints against their own legal representatives. These attorneys allegedly promised special access to prosecutors and other justice system officials. They took money from victims, claiming they could arrange for bail releases for arrested suspects.
The lawyers did nothing once suspects were arrested and refused to return the funds.
Jirawat Saenkla reports paying one lawyer 2.5 million baht, approximately $69,700 USD. He believes other uFun suspects experienced similar scams, estimating total losses to victims from these lawyers at 40 to 50 million baht, or between $1.1 million and $1.39 million USD. Police are investigating these claims but have not yet filed charges against any lawyers.
The effectiveness of Thai extradition requests remains uncertain. The fate of Unascos in Malaysia also hangs in the balance. Malaysian authorities may eventually take action against the clear Ponzi scheme operating within their borders, or they may continue to overlook it.