Thread: Hundreds� of investors caught in massive Kasikorn Bank branch fraud in Pattaya

Hundreds, perhaps more than 400, investors have been defrauded by a bank manager at a Kasikorn bank branch in Pattaya.

The manager, named in a police report as “Mr. Gob” (the Thai word for ‘frog’), was promising investors 3.5% interest, per month, yes… PER MONTH… for cash investments. It appears his high interest rate attracted hundreds of people wanting to take advantage of the generous terms.


The branch involved is the Kasikorn Bank, Soi Bua Khao Pattaya branch in Central Pattaya Road.


One investor, who only found out about the scam yesterday when he visited the branch for his monthly rolling over of funds, told The Thaiger that he has lost 250,000 baht at this stage, with no official response from the Kasikorn head office in Bangkok yet being made about the situation.


The 49 year old expat, a long term resident of Pattaya, told The Thaiger that he was approached by the co-bank manager last July and given the offer of a “special interest rate”. In the intervening months Mr B, who has filed an official police report but wishes to remain nameless at this stage, visited the branch to ‘roll over’ his interest by signing the deposit slip. He was told he could withdraw the interest if he wanted to but was “encouraged” to roll the interest over into the lump sum.


“It all seemed so legitimate and I saw many people coming and going at the end of each month, some bringing in bags of cash to invest into the scheme.”

Mr B knows of some investors who invested many millions of baht and even one Chinese man who had allegedly invested 130 million baht. He also believes that “agents” were actively seeking out possible investors to pour money into the scam.


“Every time I visited there were people coming in with bags of cash investing for other people.”


It all came to pass yesterday as hundreds of bewildered investors visited the bank for their monthly ‘roll over’ and were informed that the bank manager had been arrested 2 weeks ago by police and is currently in jail as the investigation continues. But, according to Mr. B, neither the Kasikorn branch in Pattaya, or the headquarters in Bangkok, had made any effort to alert the affected investors of the situation.

The branch apparently had two senior managers, one was Mr. Gob. The other bank manager, a female, told investors yesterday that she had no idea about the situation and hadn’t asked any questions about the hundreds of investors queueing up to visit Mr. Gob at the start of each month.


A number of the investors have now made official police statements about the scam – The Thaiger has a copy of the one filed by Mr. B. The headquarters of Kasikorn Bank in Bangkok has told Mr. B, and other ‘investors’ that they are currently “investigating the situation” and that they will “respond within 10 days”.


"Hundreds" of investors caught in massive Kasikorn Bank branch fraud in Pattaya | The Thaiger

Originally Posted by misskit

The manager, named in a police report as “Mr. Gob” (the Thai word for ‘frog’), was promising investors 3.5% interest, per month, yes… PER MONTH… for cash investments. It appears his high interest rate attracted hundreds of people wanting to take advantage of the generous terms.

Good grief, presumably they gleefully handed over cash without checking the small print of the non-existent glossy bank brochure. Sometimes people deserve what they get.

“It all seemed so legitimate and I saw many people coming and going at the end of each month, some bringing in bags of cash to invest into the scheme.”

... well if that didnt ring alarm bells for the dumb expat, then he deserves to lose every baht.

The other bank manager, a female, told investors yesterday that she had no idea about the situation and hadn’t asked any questions about the hundreds of investors queueing up to visit Mr. Gob at the start of each month.

The other bank manager, a female, told investors yesterday that she had no idea about the situation and hadn’t asked any questions about the hundreds of investors queueing up to visit Mr. Gob at the start of each month.

Highly believable of course.

^

indeed, mr gob is probably laying her down on a bed of 1000b notes and banging it senseless.

Did seeking asylum take the day off today?

It gets worse. If you are overseas and you have funds in Kasikorn you might want to take note.

The bank would do well to announce that they will make good any losses, otherwise there will be a bigger fucking queue tomorrow of people wanting to empty their accounts.

According to the report, Mr. Chaisit was responsible for money transfers from abroad on behalf of the farang clients and ensuring that they were deposited into their accounts. The farang would receive a bank book with the account balance that is transferred from abroad, but it turned out the money in that account didn’t exist. When the farang asked the bank about the money, it turned out that the bank book and the record of transfer were counterfeit or outdated books.

Some victims were also tricked by the same bank manager to invest in opportunities that would yield high interest for them. The farang trusted the bank manager and decided to invest. The report doesn’t specify the nature of these investments, but it does say tens of millions of baht were lost in damages.
Police said that they want a resolution that’s fair for the farang victims. Mr. Chaisit has been arrested and sent to Pattaya Special Prison. Further legal proceedings are pending.

10’s of Millions of Baht Embezzled from Farang Bank Accounts in Pattaya | True Crime Thailand

Originally Posted by cyrille

Did seeking asylum take the day off today?

Would that be ironic...

Originally Posted by misskit

I saw many people coming and going at the end of each month, some bringing in bags of cash to invest into the scheme.”

Originally Posted by misskit

Every time I visited there were people coming in with bags of cash

...were these people in uniform?...

From the Post:

Pol Col Phisit urged other people who suspected they might have been duped by the man to report to them so they could gather more evidence for further legal action.

Attachment 64218

Foreigners accuse Pattaya banker of fraud

That this wretched bank has not made an unqualified declaration that all monies transferred by account holders, whoever they might be, into the bank at this branch and stolen by these thieves will be restored is another insight into why this country remains mired in its third world customer relations primitivism. And of course we are shown yet again that at whatever level of society Thai are avaricious, mercenary and devious people reluctant to honour their commitments and obligations when it comes to parting with their moolah.

This crime is so appalling not just because it was committed by such a high level of management but because it shows just how fucking dreadful their audit and security protocols must be. If I were a Karzi account holder I'd withdraw all my funds and close it ASAP.

Its a good scam. I am impressed. It was at a retail level bank. Just using plain old interest on savings.

You know the monetary authorities fucked up the system when there are 3.5% ponzi schemes going around. 3.5% is fuck all nothing in most of monetary history. Yet rates are driven so pitifully low artificially, that a 3.5% yield is flocked to like flies to a light.

If anyone is going to try this again, just bump the yield down to 2.5%

It could only have operated in this country or some similar dysfunctional environment where security protocols are so blatantly ignored.

Originally Posted by Backspin

3.5% is fuck all nothing in most of monetary history.

If you could read you would have seen it was 3.5% per month. What age were you when dropped on your head?

Originally Posted by Seekingasylum

It could only have operated in this country or some similar dysfunctional environment where security protocols are so blatantly ignored.

Compared to Bernie Madoff the guy's a fucking amateur.

^You'd never find a rogue in the British banking system either, and Barings never existed

It's only the Gent, if he doesn't post something that's derogatory about the country he's trapped in then briskly adjust his cardigan in a gesture of indignation he feels he hasn't done his daily part to get back at the locals.

Originally Posted by harrybarracuda

From the Post:


Foreigners accuse Pattaya banker of fraud

The manager and staff represent the bank, if they screw up or in this case commit fraud against customers using bank premises and resources, under any civilised order the bank becomes responsible for losses, and fwiw in respect to the way things work in Thailand, no quibble compensation.

Naturally I would never suggest that customers demonstrate their outrage by withdrawing deposits and cease doing business with this listed financial institution, but if I were a customer that's precisely what I would do.

In the west, people understand the power of peaceful and democratic mass protest, which tends to give delinquent firms pause to reconsider their money grubbing policies.

Fcuk me, just realised as I posted that I hold a bunch of KBANK stock, which also happens to be my most profitable in terms of % and value.

Originally Posted by harrybarracuda

As of Wednesday morning staff at the bank branch in the centre of this mess have been “instructed” to tell affected customers that “they will not be reimbursing the monies” as “the products sold to customers were not official bank products”.

The products being the bank books?


The bank manager gave you a fake bank book, so we're not going to give you your money.

Nice loophole to save them having to reimburse the millions.

Originally Posted by Headworx

^You'd never find a rogue in the British banking system either, and Barings never existed

You truly are as gormless as that fucking moron 'Arry, you idiot.

The thrust of my post you oaf was the unwillingness of his employing bank to accept responsibility for their employees.

Honestly, the dregs that are now accumulating on the near-empty barrel that TD is becoming are surely the worst in cybersphere.

I rather think my toilet brush has more acumen than you.

Originally Posted by Edmond

Nice loophole to save them having to reimburse the millions.

The bank will not be able to escape from their responsibility, I'm sure they will pay out.
Not doing that would be most devastating for the bank.

Indeed, one would think the BoT would intervene to compel Karzibank to act like a proper bank but then, this is Thailand and expecting regulatory competence can be naive.

Certainly, if they persist in evading their responsibility one might think it reasonable for the embassies representing the nationals who lost money to issue an advisory that Karzibank is not a reliable bank in which to deposit funds.

s.a.

merest smidgin of in telligence

but we are not dealing with people of intelligence here.

we are dealing with idiot farangs and their dumb wives along with greedy thais who have, without any due diligence, put on their rose tinted glasses and queued up to hand their money over to a man who promised them high interest rates. do they have any official bank paperwork, a contract, a deposit slip confirming the investments. no of course they dont .

when insatiable longing for easy material gain is what you live for in life there are no limits to your gullibility when presented with schemes such as this.

they are fools, every single one of them. if it looks too good to be true etc.

the bank should of course be morally responsible for their losses, but being a thai bank we know they will squirm their way out of this. a court case will take years and could be even more expensive for the "investors" than their foolish investments.