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Investment that earns 3.5%/month...


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Most would run fast and far from anyone offering that kind of investment deal. Then there are the greedy idiots of the world that foolishly fall for the scam.

“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”.

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Can't believe the manager of the bank saw 100's of people coming in with bags full of notes each month to see the assistant manager and didn't think to find out what was going on.

This "investment" was physical cash from circa 400 people. How does Mr Frog store that in the branch and remove if from the branch without being noticed?

Normally the CCTV would tell you a lot but they never seem to work in Pattaya🙂

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4 hours ago, Yesitisdakid said:

yea ok but to be told of this deal by the bank manager in the bank itself not in a bar somewhere would have had people believing it I may have had a look myself I mean this guy was the manager in the branch its self Greed ? yea maybe but ..............................

 

Yeah, the near perfect scam.

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1 hour ago, Lemondropkid said:

Can't believe the manager of the bank saw 100's of people coming in with bags full of notes each month to see the assistant manager and didn't think to find out what was going on.

This "investment" was physical cash from circa 400 people. How does Mr Frog store that in the branch and remove if from the branch without being noticed?

Normally the CCTV would tell you a lot but they never seem to work in Pattaya🙂

And how did he get the receipt printed up on Bank equipment as well as the past books updated I'm sure there's a lot more to this

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Problem, a bank manager for many gives a false sense of security. Gives some an idea he has some sort of inside knowledge. Feel sorry for those who lost money, as its often those who need cash think they have spotted a golden goose only to be devastated after.

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22 minutes ago, Yesitisdakid said:

And how did he get the receipt printed up on Bank equipment as well as the past books updated I'm sure there's a lot more to this

Yep

There is further and different details here from the Bangkok Post, seems a scam directly aimed at farangs.

https://www.bangkokpost.com/thailand/general/2061423/foreigners-accuse-pattaya-banker-of-fraud

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