5-7-2023 (BANGKOK) Thai businessman and self-proclaimed “Jack Ma of Thailand” Prasit Jeawkok has been sentenced to 1,155 years in prison for fraud. He and nine other suspects were found guilty of using false advertising to lure victims into investing or purchasing luxury goods, promising returns of around 40% to 50% annually.
The return rate promised was much higher than Thailand’s legal rate of 3.25% per year, which led many people to fall for the scam, resulting in losses of over 1 billion Thai baht (approximately £24 million).
The court found Prasit guilty on 321 charges, which equates to over 1,000 years in jail. However, under Thai law, the maximum prison term is 20 years, so he will only serve 20 years behind bars.
Prasit made his fortune in the tourism industry before expanding into the online sector and later into the airline and real estate industries, serving as a director for over 10 companies. He has strong ties to the Thai military and is known to be a royalist.
