Scammer Sentenced To 1,155 Years In Jail

A major investment scammer and his accomplices are facing a significant legal consequence for their involvement in an investment scam that took place between 2020 and 2021 which caused the damage of over 1 billion baht. The court has sentenced them to an astounding 1,155 years in prison and imposed a hefty fine of 145 million baht.

Between November 23 of 2020 and April 19 of 2021, Prasit Jiaokok and nine members of his team lured victims into investing in his buying and selling business. Prasit advertised that his business bought and sold designer goods from high-end brands like Louis Vuitton, Chanel, Hermes, and Gucci.

The scam revolved around the deceptive promise of extravagant returns on investments ranging from 40.15% to 51.1% annually. Prasit promised that the investor would receive a lavish return of 40.15%-51.1% annually.

However, the advertised return rates far exceeded the legally established annual interest rate of 3.25% set by financial institutions. As a result, many fell victim to this deceitful scheme.

Prasit and the other nine members were arrested last year.

On December 22 of last year, Prasit attempted to escape from imprisonment at Bangkok Criminal Court. With the help of corrupt authorities, he managed to change his prison attire in the bathroom, free himself from handcuffs, and don a fake moustache before fleeing the court premises. Despite his efforts, Prasit’s mission proved unsuccessful.

Prasit and the other two suspects were imprisoned until the trial proceedings took place at the Criminal Court on Ratchadaphisek Road in Bangkok, yesterday around 9.40am. The court concluded that Prasit and the other two suspects are guilty under Sections 341 and 342 of the Criminal Law, Section 4 of the Act of Borrowing Money that Defrauds the Public, and Section 14(1) combined with Section 83 of the Computer Crime Act Section.

However, the lawsuit against the other six suspects was dismissed but they remained in prison until the re-examination.