BANGKOK, 12 August 2015 (NNT) – The Consumer Protection Police Division (CPPD) has announced the arrests of two siblings in connection with the Ponzi scheme operated by Ufun Store.
The CPPD and National Police have apprehended Withoon and Panupong Teerapolkul and have charged them with colluding in fraudulent loans and being members of a transnational crime gang.
They are the 53rd and 54th suspects in the controversial case.Mr Withoon was arrested in Chonburi and Mr Panupong surrendered himself to the police, following his brother’s arrest.
They are believed to have been the core members of Ufun Store in Thailand who together successfully recruited around 800 people for the business.
Evidence shows that both men earned around 121 million baht from the scheme.
They claimed running Ufun was only a side job to boost their income.
The transnational Ponzi scam has allegedly conned about 120,000 people out of more than 20 billion baht.