Thai student apologizes for 160 million baht losses after Ponzi scheme got out of hand

[webfact]

Thai student apologizes for 160 million baht losses after Ponzi scheme got out of hand

 

Picture: Daily News

 

BANGKOK: -- A Thai woman studying at university ripped off her friends and others to the tune of 160 million baht - then started crying at police HQ saying it all got out of hand.

 

Nitchaphat Phatrathada, 32, appeared at 191 Special Branch HQ in Bangkok on Saturday after being arrested in the north east on two southern Thailand warrants for fraud.

 

She had fled earlier in the year after an investment scheme went belly-up.

 

She had started a Facebook group first under the name of "Klum Rap Sap" (Get rich group) then calling herself "Mai Ka" changed the name to "House Number 5".

 

She had hundreds of members and at first offered, and paid out, 3% interest over seven days saying she was investing money on behalf of her clients.

 

Many of the victims were her friends and were delighted with initial gains.

 

At first they were limited to 50,000 baht investments. Then they were encouraged to invest more with the promise of gold as well as high interest if they did.

 

By June of this year it had spiraled out of control and she disappeared. Some people had invested a million baht.

 

She bought condos, houses and vehicles with the money - and gambled on the lottery, said Daily News.

 

On Saturday in disguise she turned on the tears. But 20 of her victims were not buying that - they objected to bail for her.

 

Hundreds of victims have lost around 160 million baht.

 

The woman was studying a masters degree in administration at a university that was not named.

 

Source: Daily News

 

-- © Copyright Thai Visa News 2017-09-11

[ratcatcher]

Where did the money go then? Did she spend bigly? 

[madmitch]

I've lost money through a Ponzi scheme, but it did look, on paper, to be legitimate, with nice brochures and attractive offices.

 

However, I don't think this fits quite into that category. Greed and gullibility spring to mind.

 

I wonder if the student passed her degree?

[darksidedog]

14 minutes ago, webfact said:

On Saturday in disguise she turned on the tears. But 20 of her victims were not buying that - they objected to bail for her.

I'm not buying it either. She knew exactly what she was doing when she started the whole thing up, and did a runner when things got messy. I suspect she will be crying for quite some considerable time. Having said that, it never ceases to amaze me how many incredibly stupid people there are in this country who continuously fall for schemes that the first ounce of common sense tells you is a scam.

[impulse]

9 minutes ago, madmitch said:

I've lost money through a Ponzi scheme, but it did look, on paper, to be legitimate, with nice brochures and attractive offices.

 

However, I don't think this fits quite into that category. Greed and gullibility spring to mind.

 

Every victim thinks the scheme that they fell for was a lot more credible than the scheme that someone else fell for.

 

[Thaiwrath]

And I thought it was Michael Jackson in the picture ! 

[rkidlad]

She's crying cos she got caught. 

 

Off to prison. 

[shady86]

The ones who got ripped off should blame themselves for human greed.

[inThailand]

The typical criminal saying sorry and a wai, but you won't be getting your money back. Typical justice here.

[impulse]

1 hour ago, rkidlad said:

She's crying cos she got caught. 

 

Off to prison. 

 

If I had 160 million baht, a passport and some bail time, I doubt I'd ever spend a day in a Thai prison.

 

Or even what's left over of the 160 mill...

 

Edited September 11, 2017 by impulse

[jaltsc]

"A Thai woman studying at university ripped off her friends and others to the tune of 160 million baht ..."

 

It appears she has all the qualifications to run the program handling future  payments to rice farmers. 

[worgeordie]

When are they going to learn,no sympathy for the victims,Ponzi,Pyramid

schemes are not a new phenomenon  ,they have been going on for 100's

years,driven by the greed of the "investors",and seem to be a regular occurrence,

I suppose Thailand does not have the saying "If it looks too good to be true......."

there are most likely a few more going on as i type.

 

regards worgeordie

[ezzra]

2 hours ago, webfact said:

She had started a Facebook group first under the name of "Klum Rap Sap" (Get rich group) then calling herself "Mai Ka" changed the name to "House Number 5".

How do you say in Thai ' get conned and scammed quick?' and what university 

she's studying? the Bernie Madoff faculty of scoundrels?.....

[TVGerry]

An apology? I was thinking the article would follow up saying she was given a 500 baht fine also.

[funandsuninbangkok]

Geez. Hope my Ponzi scheme never "gets out of hand". 

 

Or even better - sorry officer.  No intention to murder.  My knife got "out of hand". 

[MaxYakov]

32 minutes ago, ezzra said:

How do you say in Thai ' get conned and scammed quick?' and what university 

she's studying? the Bernie Madoff faculty of scoundrels?.....

Maybe the Uni had a "Future Enterprisers" course and she was an overzealous student member? Aren't Ponzi schemes, by definition, out of control from the very first transaction? Silly questions I know, but I'm never amazed by what people "buy into" these days.

[nausea]

There's a name for this kind of scam - "affinity" fraud.

 

"You can trust me," says the scamster, "because I'm just like you. We share the same background and interests. And I can help you make money."

 

In this case friends and colleagues; I think similar scams have operated among the Farang community in Pattaya, from what I've read.

[rtco]

4 hours ago, ratcatcher said:

Where did the money go then? Did she spend bigly? 

She bought condos, houses and vehicles with the money - and gambled on the lottery

[barefootbangkok]

Make her work at 7-11 until all the money is paid back.

[Titan1962]

Funny how they are all smart <deleted> untill they get caught. Then they cry like little bitches. Sell everything she has,give it back to the conned. Throw her in jail for 5 yrs. show her face on media. 

[inThailand]

It's all a big misunderstanding. This was a required project in my corruption class. 

[Searat7]

Thai people in general are far too gullible and very easily attracted to "Get rich Schemes".  There should be a mandatory money management course offered in high school to give students the basics. They certainly aren't going to learn this stuff from their parents (in most cases).

[hobobo]

She did say sorry, so she should be forgiven. To convince people that she REALLY IS sorry, she might even consider to become a nun for a week.

[observer90210]

Another member of The global Madoff Fan Club...

 

I'm intrigued....could we assume that an "appology" in Thailand, bails you out of anything (only if you are Thai naturally)....including a White Collar Crime?

 

Anyhow...one could never repeat it enough...."if it's too good to be true....it is not [true]...in Thailand or elsehwere!

[chainarong]

I'm looking for investment personal , anyone got her mobile number......................................

[oldlakey]

4 hours ago, rtco said:

She bought condos, houses and vehicles with the money - and gambled on the lottery

How do you know that 5555555

Only kidding

Never mind ratcatcher

[roo860]

Make her work at 7-11 until all the money is paid back.

Unfortunately I doubt she would reach 300yrs of age.

Sent from my SM-G920F using Thailand Forum - Thaivisa mobile app

[JRUSA]

4 hours ago, rtco said:

She bought condos, houses and vehicles with the money - and gambled on the lottery

Lottery, isn't that a scam in itself..

[bazza73]

I'm waiting for the first bitcoin scam - or perhaps bitcoin itself is a scam.

[wakeupplease]

A scam aday lots going on here anyone got any info on the oil scam top grade motor oil made from glycerine? yes it ongoing now.

 

Brings soap to your eyes that one will and damage to your engine must MAX avoid using that oil.