6 June 2024

The Criminal Court sentenced a man and a woman to 12,640 years in prison each on Wednesday, after finding them guilty of operating a Ponzi scheme.

The sentences were based on 2,528 acts of fraud committed by Wantanee Tippaveth and her boyfriend Metee Chinpa between March 9th, 2019 and October 30th, 2020.

The losses incurred by investors in the “Mae Manee” Ponzi scheme reached billions of baht and the couple were ordered to pay compensation to the people they defrauded.

The scheme scammed hundreds of people by offering returns of up to 93% a month on their investments.

The Court dismissed the charges against seven other defendants, because they were just employees who had no knowledge of the scam.

The Court also halved the prison terms for the couple because they confessed.

Despite the extraordinary length of the sentences, under Thai law Wantanee and Metee will be imprisoned for a maximum of 20 years each.