Thai police have arrested four executives of UFun Store Co. Ltd., a business that operates an alleged pyramid scheme.

The company has reportedly made some 14,700 victims from Thailand, Malaysia and Indonesia, with an estimate of 10 billion baht (US$307 million) in possible damages, reported local media outlet Bangkok Post.

The four individuals are charged with collaborating in fraudulent borrowings and were arrested on Saturday, following several complaints from discontented members who had not received their promised profit since 2014. Police chief Somyot Poompanmoung said:

"We looked into its business and found it was in fact a pyramid scheme. We revoked its corporate licence on April 8 and sought eight arrest warrants for its shareholders and directors, three of whom are Thai."

UFun, which essentially operates an e-commerce website, made money by persuading people to contribute to various investment plans that varied in cost from US$500 to US$50,000.

Members were also asked to persuade others to join by buying UToken, a virtual currency issued by the company and used to buy products on its website.

Somyot stated:

"We found the company did not mention products it registered to sell in its sales pitches. Instead, it urged clients to expand their teams by offering in return high-value items such as cars or gold bars. That way, the money it made mainly came from new members rather than from selling the products."

The police seized money transfer slips of hundreds of thousands of baht each, banknotes, luxury cards, brand-name bags and around 40 luxury watches from the suspects. Thailand's Anti-Money Laundering Office also seized 250 million baht (US$1.67 million) of the company's assets.

The suspects included Rittidej Warong, a lawyer by profession and police-sub lieutenant, who holds 51% of the company.

Other suspects on arrest warrants are three Malaysians — Tae Kim Leng, Lee Kuan Ming and Wong Ching Hua — and a Thai, Arthit Pankaew. The four are believed to be the masterminds of the scheme, according to assistant police chief Suvira Songmetta, who led the raid on Saturday morning.