KUALA LUMPUR, April 14 – Thai police are on the hunt for three Malaysians, believed to be involved in a pyramid scheme, the Bangkok Post reports. The three suspects are said to be directors and shareholders called UFun Store Co Ltd. They are Tae Kim Leng, 40, Lee Kuan Ming, 38 and Wong Ching Hua, 42. While Tae and Wong are both shareholders and directors, Lee is only a director. The trio are among the four being sought after another four of the company’s executives were charged in court recently.
The fourth suspect, a Thai national has been identified as Arthit Pankaew, 47. According to the daily, UFun Store Co Ltd sells herbal drinks, fruit drinks and cosmetics. However, authorities later found out that they were operating a pyramid scheme which focused on bringing in new members rather than selling products. The Bangkok Post reported that investigations were initiated after the police received complaints by the company’s business partners who said they had not received their share of promised profits.
It is believed that the company made money by persuading people to invest through its website and other online channels by offering five investment positions, up to US$50,000 (RM180,000). According to the daily, which quoted Thai deputy chief of the Consumer Protection Police Division, Pol Col Aungoon Klaikluang, those convicted risked a maximum prison sentence of 10 years and a one-million baht fine.