The Bangkok Post reported on 28/12 that Thailand’s Economic and Resource Crime Division prosecuted businessman Prasit Jeawkok and several associates from two companies, Nuea Lok and Web Sawasdee. They faced charges of fraud, violating the Decree on Loans to the Public that are Fraudulent, and the Computer Crime Act.

The Criminal Court of Thailand found Prasit and his two companies guilty of fraud, having enticed numerous victims into fraudulent investment schemes. The businessman was convicted on 242 counts, each carrying a 5-year prison sentence, totaling 1,210 years. This sentence was later reduced to 806 years and 8 months due to his cooperation.

Businessman Prasit Jeawkok. Photo: Nation.

Prasit, 49, was arrested in 2021 after hundreds of individuals filed complaints. They stated that Prasit and his accomplices had invited them to invest in his companies, promising high returns.

The "investment opportunities" Prasit offered included travel packages, collective savings, gold, and luxury items. After victims transferred money for investment, Prasit and his accomplices misappropriated the funds.

Each of Prasit’s companies received a fine of 121 million baht (over 3,8 million USD), which was later reduced to approximately 80 million baht (over 2,5 million USD) due to cooperation with the prosecution.

An accomplice of Prasit, identified as Wimgrit, was convicted on 37 counts and sentenced to 74 years and nearly 9 months in prison.

However, under Thai law, the maximum enforceable prison sentence is 20 years, meaning both Prasit and Wimgrit will serve only 20 years. The court also ordered Prasit and his two companies, Nuea Lok and Web Sawasdee, to compensate 267 victims for damages.

Ngoc Anh (According to Bangkok Post, Nation, Yahoo News)