<p>A Thailand criminal court on Wednesday sentenced a couple to 12,640 years’ jail term each for duping people online in a Ponzi scheme under the guise of a savings plan, as per Straits Times.&nbsp;</p>

<p>The online crimes were committed by Wantanee Tippaveth and her husband Methi Chinpha in 2019 when&nbsp;the couple conned people online. However, it was just not the duo who ran this big scam to leach money off people.&nbsp;During the hearing of the trial, the couple confessed to their crimes and said that there were seven other people along with them who played a part to run the scam.&nbsp;</p>

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<p>The couple invited people on the social media platform Facebook between March and October 2019. They would urge people online to make investments in a savings scheme. To make it look appealing to people, they would promise that the investments will bring&nbsp;them 93 per cent returns.&nbsp;</p>

<p>To make it look real and to convince people of the 'veracity' of the fraud ponzi scheme, Wantanee would often posted online videos wherein she would show off her gold jewellery in a jewellery shop.&nbsp;</p>

<p>She would claim that she owned the shop. However, the jewellery turned out to be fake. In reality, it was not even a shop. It was a counter which the couple set up beside the room which is styled as an office space.&nbsp;</p>

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<p>The court held the couple guilty of scamming millions of dollars from more than 2,000 people in the Ponzi scheme, an investment fraud that pays existing investors with funds collected from new investors.&nbsp;</p>

<p>One of the ways how the couple was able to fool people online is how they portrayed themselves online. Their posts were all curated in a manner that would make them appear to be super-rich people with lavish lifestyles. But everything was fake.&nbsp;</p>

<p><strong>Watch | Exclusive: Talking Tennis with Stefanos Tsitsipas | Sports News</strong></p>

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<p>It was not an ordinary scam as about 2,533 people joined the so-called savings scheme making them the victim.&nbsp;The people who joined the Ponzi scheme ended up making huge investments of about 1.3 billion baht (S$51.3 million).</p>

<h2><strong>Total jail for 20 years</strong></h2>

<p>The jail term of 12,640 years was commuted to 5,056 years by Thailand’s Criminal Court. The decision was taken by the court because Wantanee Tippaveth and her husband, Methi Chinpha, confessed to their crimes.</p>

<p>Now, both husband and wife are expected to be in prison for just two decades. It is because of the law in Thailand which puts a bar on the total jail time to 20 years each.</p>

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A Thailand criminal court on Wednesday sentenced a couple to 12,640 years’ jail term each for duping people online in a Ponzi scheme under the guise of a savings plan, as per Straits Times.

A Thailand criminal court on Wednesday sentenced a couple to 12,640 years’ jail term each for duping people online in a Ponzi scheme under the guise of a savings plan, as per Straits Times. The online crimes were committed by Wantanee Tippaveth and her husband Methi Chinpha in 2019 when the couple conned people online. However, it was just not the duo who ran this big scam to leach money off people. During the hearing of the trial, the couple confessed to their crimes and said that there were seven other people along with them who played a part to run the scam. Also Read | EXCLUSIVE: Jaishankar flags need for adherence, respect for 'constitution of the oceans' UNCLOS The couple invited people on the social media platform Facebook between March and October 2019. They would urge people online to make investments in a savings scheme. To make it look appealing to people, they would promise that the investments will bring them 93 per cent returns. To make it look real and to convince people of the 'veracity' of the fraud ponzi scheme, Wantanee would often posted online videos wherein she would show off her gold jewellery in a jewellery shop. She would claim that she owned the shop. However, the jewellery turned out to be fake. In reality, it was not even a shop. It was a counter which the couple set up beside the room which is styled as an office space. Also Read | Portuguese parliament legalises euthanasia for people over 18 The court held the couple guilty of scamming millions of dollars from more than 2,000 people in the Ponzi scheme, an investment fraud that pays existing investors with funds collected from new investors. One of the ways how the couple was able to fool people online is how they portrayed themselves online. Their posts were all curated in a manner that would make them appear to be super-rich people with lavish lifestyles. But everything was fake. Watch | Exclusive: Talking Tennis with Stefanos Tsitsipas | Sports News × It was not an ordinary scam as about 2,533 people joined the so-called savings scheme making them the victim. The people who joined the Ponzi scheme ended up making huge investments of about 1.3 billion baht (S$51.3 million). Total jail for 20 years The jail term of 12,640 years was commuted to 5,056 years by Thailand’s Criminal Court. The decision was taken by the court because Wantanee Tippaveth and her husband, Methi Chinpha, confessed to their crimes. Now, both husband and wife are expected to be in prison for just two decades. It is because of the law in Thailand which puts a bar on the total jail time to 20 years each. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

Thailand court sentences couple to over 12,000 years in jail for Ponzi scam

China will prosecute 26 people linked to a peer-to-peer lender for fraud and illegal fundraising, state media said late Tuesday, in a case labelled a Ponzi scheme for allegedly bilking investors of $7.6 billion.<br />
<br />
Police have handed over the case involving P2P (peer to peer) lender Ezubao to prosecutors, the official Xinhua news agency reported.<br />
<br />
Authorities charged 11 people, including top executives of Ezubao&rsquo;s parent company Yucheng, chairman Ding Ning and president Zhang Min, of fraud while another 15 are accused of illegally obtaining investors&#39; savings, the Beijing People&#39;s Procuratorate said in statement on its website.<br />
<br />
In a televised confession shown in February after suspects were arrested, Zhang said Ezubao was &quot;a typical Ponzi scheme&quot;. Rights groups condemn such practices as prejudicing the right to a fair trial.<br />
<br />
Police previously told state media that Ezubao concocted fake projects to attract investment and pocketed funds instead of passing them to borrowers to generate returns.<br />
<br />
The case, said to be China&#39;s biggest-ever Ponzi scheme, has sparked protests from investors and is one among several dubious investment projects which have come to light this year.<br />
<br />
In May, police arrested 35 executives and employees of Shanghai-based Zhongjin Asset Management after it failed to make payments of 5.2 billion yuan ($787 million) to its 25,000 investors.<br />
<br />
Police arrested 19 people connected to a troubled metal exchange Fanya, which managed around 40 billion yuan in assets, in June amid suspicion of fraud.<br />
<br />
(AFP)&nbsp;<br />
&nbsp;

The case, said to be China's biggest-ever Ponzi scheme, has sparked protests from investors

China will prosecute 26 people linked to a peer-to-peer lender for fraud and illegal fundraising, state media said late Tuesday, in a case labelled a Ponzi scheme for allegedly bilking investors of $7.6 billion. Police have handed over the case involving P2P (peer to peer) lender Ezubao to prosecutors, the official Xinhua news agency reported. Authorities charged 11 people, including top executives of Ezubao’s parent company Yucheng, chairman Ding Ning and president Zhang Min, of fraud while another 15 are accused of illegally obtaining investors' savings, the Beijing People's Procuratorate said in statement on its website. In a televised confession shown in February after suspects were arrested, Zhang said Ezubao was "a typical Ponzi scheme". Rights groups condemn such practices as prejudicing the right to a fair trial. Police previously told state media that Ezubao concocted fake projects to attract investment and pocketed funds instead of passing them to borrowers to generate returns. The case, said to be China's biggest-ever Ponzi scheme, has sparked protests from investors and is one among several dubious investment projects which have come to light this year. In May, police arrested 35 executives and employees of Shanghai-based Zhongjin Asset Management after it failed to make payments of 5.2 billion yuan ($787 million) to its 25,000 investors. Police arrested 19 people connected to a troubled metal exchange Fanya, which managed around 40 billion yuan in assets, in June amid suspicion of fraud. (AFP)

China to prosecute 26 over $7.6 billion Ponzi scheme

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Thailand court sentences couple to over 12,000 years in jail for Ponzi scam

China to prosecute 26 over $7.6 billion Ponzi scheme