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Bitter investors file complaint of millions lost in Phuket Ponzi scheme

PHUKET: A group of investors who claim to be victims of the “Srithai Network” filed a complaint at the Damrongdhama Centre (ombudsman’s office) at Phuket Provincial Hall today (Feb 9), saying they have lost B19 million in the business scheme.

crime
By Suthicha Sirirat

Friday 9 February 2018, 05:21PM


The group say they have lost B19 million invested in the network. Photo: Suthicha Sirirat

The group say they have lost B19 million invested in the network. Photo: Suthicha Sirirat

Victims led by Adisorn Raksamran filed the complaint, explaining that they were persuaded to join the Srithai Network, which sells health supplements.

“My friend and I were persuaded to join the business in 2016,” Mr Adisorn said.

“Witchuda Yuwapan is the head of the team in this network, and Adul Tansanguan was one of the five partners,” he added.

“I was told that if my friends and I invested B19mn, we would receive products that we could sell for B50mn, with each of us making about B7mn (profit) in one year.

“We were also told that we would be offered business positions and receive compensation and flight tickets to Texas and Hong Kong for travelling abroad,” he added.

“So since 2016, my friends and I have invested B3.75mn each. We have asked Witchuda for the products, but she said that she did not have products to give to us and that our money had been paid as part of a B30mn deposit to the Srithai Network.

QSI International School Phuket

“We are in trouble as some of us borrowed the money in the hope of receiving benefit (from the investment). We did not even get any airplane tickets as promised,” Mr Adisorn said.

“Today we came here as we want executives or relevant people in the Srithai Network investigated. We want to check where our money has gone, why we did not get anything as they promised and where are the B50mn in products that Witchuda used our B19mn to buy,” he explained.

Documents about the business were presented to media to prove that victims had actually invested the money claimed in the business.

Officials at the Damrongdhama Centre said they would investigate the complaint filed.

However, exactly why the complaint was filed with the Damrongdhama Centre and not the Royal Thai Police was not explained.

 

 

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SueYu2 | 10 February 2018 - 12:58:37

Agree totally with the previous commentor. If something appears too good to be true it likely isn\'t true!
So these greedy people borrowed as much money as they could & \'lost\' everything. Tough, they don\'t deserve any help.

BenPendejo | 10 February 2018 - 11:23:37

This is Thai classic..."Hello Damrongdhama Centre, Khun Witchuda told us a story that sounded too good to be true, and we believed her...so we spent our money so we could get rich...but it really was too good to be true. Now we want our money back...please help".  Stupid greedy and short-sighted people that all fell for some half-cocked get rich quick scheme, so they got what they deserv...

CaptainJack69 | 10 February 2018 - 11:23:14

Hmm. 7 million baht profit in a year? Doubling your investment? In a year? Selling "health supplements"? Seems too good to be true doesn't it...

BTW this isn't a Ponzi scheme, just a simple con. In a Ponzi scheme new 'investors' are sought and their money used to pay off the existing ones. These people have just been sold some magic beans.

khon kaen | 10 February 2018 - 09:51:14

Were the investors arrested for  being greedy and stupid?

Kurt | 09 February 2018 - 19:06:24

Lovely story. I like to read more of those.
All these 'health products' one can buy in the shops the Zero Dollar Tours are visiting!
Offers of business positions to 'easy to fool people'?
Tickets to Texas/Hongkong, for compensating what?
Seen any 'products'?  
Products tested for not damaging your health, and ingredients in it?

A lovely Alice in Wonderland story.

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