Thai business people allege they were duped by Myanmar scam promising Bt200m returns

By PIYANUCH TAMNUKASETCHAI 
THE NATION

 

 

SEVERAL THAI business people have filed complaints with the Department of Special Investigation (DSI) alleging they were duped into investing Bt300 million in a Bt500-billion mega-project in Myanmar’s Mon state.

 

Contacts for the project claimed to be connected to members of the state’s royalty as part of a sales pitch to convince Thai investors, DSI deputy chief Pol Major Suriya Singhakamon said yesterday. 

 

Citing complaints by construction contractor Chanon, whose last name was withheld, and several others, Suriya said the alleged wrongdoing took place two years ago when a group of companies convinced 100 Thai companies to invest in 78 smaller projects including an airport and a civil-service complex. 

 

Chanon said he had drawn designs for 78 projects in the expectation of being paid Bt20 million, but the money was never delivered. 

 

He added that he and other investors were told that a person who invested Bt100,000 to Bt200,000 in the project would realise Bt200 million to Bt300 million in returns. 

 

Chanon also urged other investors to file complaints to avoid being considered conspirators.

 

The DSI investigation also found that Thai investors had also been invited to become members of a disaster-mitigation volunteer foundation allegedly linked to the Royal Thai Police (RTP), to which they allegedly could make donations in exchange for police ranks, Suriya said.

 

A Bt50,000 donation was supposed to secure a police major-general rank and a Bt80,000 donation would get a lieutenant-general rank. The donors would then get two sets of what resembled police uniforms with decorative items indicating rankings to wear to charity events, Suriya said. 

 

An executive of the foundation who is a former police had surrendered to DSI officers and claimed to have been duped by the same group of companies, Suriya said. The foundation faces a forgery charge as the RTP had not been given permission to use the force’s name in the foundation registration.

 

The investigation also discovered a group of journalists had been hired to cover news about the group of companies and the alleged royal, who was identified as Kyaw Myint Oo or Thepyothin Mahathun, as well as product launches and charity events, which senior Thai officials were invited to attend, Suriya said. 

 

DSI officers also uncovered documents from a female executive with the group of companies, Supattha Chantharangsi, that suggested the entire mega-project was a hoax. 

 

That evidence led to a court granting arrest warrants for three suspects, two of whom were already in custody while Kyaw Myint Oo remained at large in Myanmar, Suriya said. Authorities would apply for arrest warrants for more accomplices including the involved officials and journalists, he added.

 

According to the arrest warrants issued on Wednesday, the three wanted suspects were company executive Supattha, Kyaw Myint Oo and a Thai man identified as Kosin Jina-on. The warrants were based on charges of fraud and violations of the Computer Crime Act.

 

Source: http://www.nationmultimedia.com/detail/national/30328887

 

-- © Copyright The Nation 2017-10-10

" He added that he and other investors were told that a person who invested Bt100,000 to Bt200,000 in the project would realise Bt200 million to Bt300 million in returns.  "

 

Love it, thick as pig s...t these people.

Pretty funny stuff.

Buying into a corrupt scheme, and then crying foul when they're cheated.

Reminds of an incident I read about in a Florida newspaper some years back: a guy picks up a hooker on the street, they discuss an arrangement, she takes his money and runs off.  He calls the cops and tells them what happened...

And there's a story a friend told of when she worked the desk in motel in Texas, a guy comes up to her and tells her to call the cops, someone stole his marijuana stash from his room.  She said it took some doing to convince the moron it was a bad idea.

 

 

And the point goes to Myanmar! 

Amazing.  So the design company did all the work up front with no periodic or progress payment schedule?  Everybody jumping on board due to greed, or need or a combination of both.  Either is a recipe for getting scammed.  Kind of funny in Thailand because for most things I get in Thailand I have to pay in advance.

Edited October 9, 20178 yr by gk10002000
addition

Thai business people??? I wouldn´t think they classify as that. For being able to wear that title, you must be alble to realize the probability of truth and realitic growth in your investments.

I would call it rich and dumb people.

26 minutes ago, over it said:

And the point goes to Myanmar! 

Myanmar has real buddhists though....

 

i don't know what to believe from this story except that they must be super stupid to believe that huge profit.

 

He added that he and other investors were told that a person who invested Bt100,000 to Bt200,000 in the project would realise Bt200 million to Bt300 million in returns.  5555555555555

Greed rules supreme

I just finished laughing at another story out there today of how Thailand will be a developed country in 20 years. All the time you have people as stupid as these, who invest in schemes promising unbelievably crazy returns on investment that are clearly fraudulent, that is not going to happen. Half of the country are crooks, with the other half as dumb as a box of spanners.

1 hour ago, webfact said:

linked to the Royal Thai Police (RTP), to which they allegedly could make donations in exchange for police ranks,

I thought this was the usual recruitment/promotion policy.  The prices quoted seem a little on the cheap side; a posting to Pattaya is supposedly priced at one million.  It is reputed that this investment will be re-paid within a year.

1 hour ago, webfact said:

A Bt50,000 donation was supposed to secure a police major-general rank and a Bt80,000 donation would get a lieutenant-general rank.

 

Hmm... could I become a lieutenant-general?

 

I'd even pay 90,000...

SOM NAM NA

After this, I'm going into the scam business......how easy can it be to make 300M off idiots?

They seem a bit weird that they want to pay so much for a supposed coppers rank and uniform. Are their parents aware of what they are doing?

Normally its called dress down Friday, not dress up. 

Looks like the Burmese exploited Thai greed,the bigger the lie,

the bigger the returns.

regards worgeordie

3 hours ago, webfact said:

Thai business people allege they were duped by Myanmar scam promising Bt200m returns

Sub 'business people' with idiots.

50,000 to 80,000 would get you a uniform that looked like a police uniform.

My Indian tailor in BKK would do that for 5,000 a time I'm sure.

........"The DSI investigation also found that Thai investors had also been invited to become members of a disaster-mitigation volunteer foundation allegedly linked to the Royal Thai Police (RTP), to which they allegedly could make donations in exchange for police ranks, Suriya said.

 

A Bt50,000 donation was supposed to secure a police major-general rank and a Bt80,000 donation would get a lieutenant-general rank. The donors would then get two sets of what resembled police uniforms with decorative items indicating rankings to wear to charity events, Suriya said.....". 

 

Yes thats the way into a developed country!!!!!!!!!!

4 hours ago, davehowden said:

 

 

Love it, thick as pig s...t these people.

.... and Thailand will be a developed economy within 20 years!!!

 

major mind set adjustments needed first, methinks!!

They forgot to tell their Myanmar counterparts: "but don't Thai me!"

Oh dear, so sorry, never mind eh !!!!!!!!!!!!!!!!!

 

 

There's a sucker born every minute.

So they expected a return of x1000 on their investment and lined up to buy "police positions" ? So they are complaining about what, being born stupid? 

Gordon Geko's of Asia. Too good to be true, then it is going to pull your pants down. 

13 hours ago, ChrisY1 said:

After this, I'm going into the scam business......how easy can it be to make 300M off idiots?

Fairly easy apparently.  Just have to promise a lot, create a fancy presentation, etc.  Much like one of my favorite TV shows in the USA, American Greed, Scams, Scoundrels, and Suckers.

And yet everyone was up in arms when a bunch of 'pensioners' got scammed in the not too distant past. And by their own country men to boot!

But they were English,,,absolutely  outrageous. Simply not on...not on at all.

They were British by God...could never have been a greedy bunch like these colonial types tut tut tut.

 

And you lot now gloat because other people got sucked in.

 

Double standards much?

"A fool and his money are soon parted" © 

Even some Governments say that Thailand is the land of scams, it would seem they are correct. If it sounds too good to be true chances are pretty good that it is too good to be true!!!