The 34 year old Pudit Kithithardikok has accepted the idea of running a Ponzi scheme. In this Ponzi scheme, he promised to give a huge financial advantage.
On false promises, he was able to convince 40 thousand people to invest in the scheme. In this way, he had raised $ 16 million for his company.
The court has indulged in giving him lending money and found guilty of cheating along with thousands of people.
Thankfully, he confessed his crime, and this sentence was reduced to him. However, according to the laws of Thailand, he will not be in jail for more than 20 years.
In the two cases where the court has been convicted, there are provisions for punishment of 10-10 years.
Prosecutors say that pundits organized seminars to win the trust of investors. He used to claim that his business is related to property, beauty, purchase of old cars and other things.
According to the Bangkok Post, investors were promised a huge share of revenue and a shareholder.
Police arrested Pudit on remand since being arrested in August. The court refused to grant bail to him.
The court has come to know about its two companies. Pudit and his companies have been asked to pay about $ 1.7 million so that the money can be returned to the 2,653 identified victims.
This money has been asked to return with an interest rate of 7.5 percent.