The Criminal Court has sentenced businessman Prasit Jiewkok to 1,244 years in prison for defrauding 311 people through bogus tour-package investment schemes, although his actual jail term is capped at 20 years by law.
The ruling was delivered on Wednesday in a case brought by public prosecutors against three companies — Mandawi Tour Co, Nuea Lok Co and Web Sawasdee Plc — as well as Prasit, a former chairman of the Return Goodness to the Land project, and Kittisak Yen-nanon, deputy chairman of the M Group.
The defendants were accused of jointly defrauding the public and violating the Computer Crime Act by offering tour packages at various prices while promising investors annual returns of 20%. Prosecutors described the scheme, which attracted 311 investors, as a Ponzi-style operation.
The first four defendants initially denied the charges but later changed their pleas to guilty during the trial. Kittisak, the fifth defendant, maintained his innocence.
The court found the first four defendants guilty of multiple offences. Prasit was sentenced to eight years on each of 311 counts, totalling 2,488 years. The sentence was halved following his guilty plea. The three companies were each fined 93.3 million baht after a similar reduction.
The court ordered the defendants to compensate all 311 victims, with interest at 7.5% per year. Prasit’s sentence is to run consecutively to those imposed in seven previous cases. Kittisak was acquitted due to insufficient evidence linking him to the offences.