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Published on February 22, 2008

Buyers bought new cars to lease to the ring, expecting to receive income, not knowing their vehicles would not be leased out at all but become part of a pyramid scheme.

Many vehicles were resold in neighbouring countries. More than 400 car buyers claim to have fallen victim to the scam. News of the ring broke two weeks ago.

To make the scheme run quickly, the victim said buyers were seduced by very low down-payment schemes to prompt them to buy vehicles and "lease" them to the syndicate.

The woman, who calls herself Sommai, said she learned Yufuku Co had allegedly paid kickbacks to sales staff to lure buyers to join the scheme.

She said the staff allowed new luxury vehicles to be sold with down payments as low as Bt55,000.

Another victim, a 40-year-old female employee at an industrial estate in eastern Bangkok, also accused staff of another leasing company

of colluding with Yufuku by granting easy loans with easy terms to facilitate the scheme.

She was more fortunate than others, however, being able to recover two Japanese cars from Min Buri police.

She said she received "rental fees" from Yufuku in the first two months.

"But the cheque bounced in the third month and Yufuku later shut down," she added.

The woman said she and other 14 colleagues bought a total of 29 cars and handed them to Yufuku for leasing out.

She did not say if the other victims were able to reclaim their cars.

At Min Buri Police Station, a male victim asked officers to tell him and other victims where they retrieved eight cars on Wednesday.

He accused some policemen of cooperating with Yufuku or were covering up for the ring.

A man, who identified himself as Ton, said he was astonished how quickly police were able to locate the eight cars, including his.

"Even as the owner, I don't have the car keys. I wonder how the police were able to get the keys and drive them here," he asked.

"I am wondering if the people who duped us called the police to take the cars back. Or could it be that police are involved?" he added.

More than 400 people were cheated and 450 cars have gone missing.

Three cars were found abandoned in Nonthaburi.

Suparat Iamtan

The Nation