Pattaya. Local expats lose dough in investment scam.

Thailand is Cambodia's neighbor to the West, and this forum is dedicated to Thai news, stories, reviews, blogs, videos, Thai people and anything else related to the country. A lot of expats have both lived and worked in Cambodia and Thailand, and this area is a place to discuss all aspects of life in Thailand and what's going on there. Most topics are about Bangkok and Pattaya because of their larger populations of expatriates and tourists in those cities, but this is for all things Thai.
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Cowshed Cowboy
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Re: Pattaya. Local expats lose dough in investment scam.

Post by Cowshed Cowboy »

As a finance guy with a background in internal audit I'd be interested to hear the detail of how he managed to pull this one off, Kasikorn's internal control procedures must have been seriously lacking if the money entered the system in the first place.

There was a time years ago when card skimming was rife here and people were suffering loses that way. I decided to have one bank account operated with a passbook for over the counter withdrawals, max 2 a month, no cards, as it was the safest method I could think of to at least limit the potential for fraud and having a fighting chance of proving it if it occurred.
Yes sir, I can boogie, I can boogie, boogie, boogie all night long.
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yong
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Re: Pattaya. Local expats lose dough in investment scam.

Post by yong »

3.5% per month? Doesn’t it sound completely impossible? Very often people get cheated because of greed.
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newkidontheblock
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Re: Pattaya. Local expats lose dough in investment scam.

Post by newkidontheblock »

yong wrote:3.5% per month? Doesn’t it sound completely impossible? Very often people get cheated because of greed.
Only upside? (Aka guaranteed). No downside?

3.5% a month = 48% a year

Even a US index annuity hedge fund can guarantee that level of growth, only minimize losses.

Not even a Cambodian MFI pays that well.

I agree people get cheated because of greed.
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jaynewcastle
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Re: Pattaya. Local expats lose dough in investment scam.

Post by jaynewcastle »

Greed or sheer stupidity
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Re: Pattaya. Local expats lose dough in investment scam.

Post by Kung-fu Hillbilly »

Property Con in Thailand

DSI to probe firm for 'conning expats'

Bangkok Post
Feb 4th, 2021


The Department of Special Investigation (DSI) yesterday agreed to probe a foreign company in Thailand for allegedly conning more than 2 billion baht from more than 100 expatriates.

The expats had paid for properties built on land which was later found to be a part of a forest reserve in Phetchaburi.

"This company committed the misconduct not only in Phetchaburi but also in other areas including Pattaya and Phuket and its victims were foreigners," he said.

Mr Hurst, who now lives in Pattaya, said he had decided to buy a house for 3 million baht under the project because he was convinced the developer was capable of transferring ownership of the house and the land to him as promised.

https://www.bangkokpost.com/thailand/ge ... ing-expats
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Doc67
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Re: Pattaya. Local expats lose dough in investment scam.

Post by Doc67 »

jaynewcastle wrote: Fri Feb 05, 2021 12:11 am Greed AND sheer stupidity
^^^
FTFY

3.5% per month on cash onlydeposits? FFS.

Did nobody check the bank's website for confirmation of such a deal?

Even the mob would be proud of that rate of return.
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Alex
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Re: Pattaya. Local expats lose dough in investment scam.

Post by Alex »

Strange how those expats in Thailand who lose money always have a Thai wife! Anyone dumb enough to get married in Pattaya is probably dumb enough for pretty much anything... On what planet do you have to live to even consider such an "investment" offer?
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Grand Barong
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Re: Pattaya. Local expats lose dough in investment scam.

Post by Grand Barong »

willyhilly
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Re: Pattaya. Local expats lose dough in investment scam.

Post by willyhilly »

The most trustworthy person in the world. A Pattaya bank manager. Ha ha ha ha..
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Alex
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Re: Pattaya. Local expats lose dough in investment scam.

Post by Alex »

willyhilly wrote: Tue Apr 25, 2023 11:38 am The most trustworthy person in the world. A Pattaya bank manager. Ha ha ha ha..
That happened two years ago, but still, you have a point. Do you deliberately dig up old threads or does it just happen to you by accident (almost daily lol)?
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