In Thailand, a woman was condemned to prison for an unusually long period of time. According to accounts, she was involved in a crime that impacted individuals not only in her country but also in other countries.
Woman sentenced to jail for 1,41,708 years
Chamoy Thipyaso was sentenced to 1,41,708 years in prison for defrauding many individuals through a chit-fund racket. According to reports, she set up a chit-fund scheme called Mae Chamoy Fund, which was designed to seem like an oil share and provide higher returns to individuals who placed money in it. The woman conned around 16,000 people from all over the world and made between $200 and $300 million.
Chamoy previously worked for the Petroleum Authority of Thailand, a government-owned oil corporation. It was discovered that she used her ties in the Royal Thai Air Force to make her scheme appear legal.
She allegedly persuaded Thailand’s Royal Family and other military elites to invest in her project. Her plan was not restricted to the people of Thailand. It was discovered that she also offered similar chit-fund programme to several people in Kerala, stating that it would help them improve their financial problems.
During the 1980s, it was revealed that she stole millions of dollars from a variety of people and was sentenced to 1,41,078 years in prison, the world’s longest term for anyone.
But she had only been in prison for eight years. At the time, Thai law only authorised anyone convicted of fraud to serve a maximum penalty of 20 years in prison. In the end, she was released from prison in less than a decade.
What are chit funds?
Chit funds, also known as chitty funds, are an informal savings and borrowing system popular in India and other nations. They function as a group savings plan, in which a group of people, usually friends, family members, or acquaintances, combine their money into a fund.
Chit funds can be appealing to those who have irregular or restricted access to formal banking services because they allow them to save money, receive lump sums when needed, and create community trust. They do, however, pose some hazards. There is a risk of fraud or misuse of funds if the event is managed by unscrupulous organisers. As a result, it is critical to invest in chit funds with renowned and trustworthy organisers or firms.
It is worth noting that chit funds are governed by regulations in many countries in order to protect consumers and avoid fraud. Before investing in a chit fund, potential investors should carefully investigate and comprehend the terms and conditions.
