Villagers cheated out of nearly $5 million

[geovalin]

More than 200 villagers in Tbong Khum province’s Ponhea Kraek district yesterday filed a complaint with police against a woman who allegedly cheated them out of nearly $5 million. Orm Monyvann, Ponhea Krek district police chief, said villagers from Kok commune were duped by a woman identified as An Theary, 29, who promised them 10 percent monthly returns on their deposits but failed to pay.

 

Mr Monyvann noted that Ms Theary had gone missing and police were looking for her. He said that several villagers borrowed money from a bank to deposit with the suspect, with some dishing out up to $30,000.

 

“More than 200 villagers came to complain. We found out they were all cheated out of nearly $5 million,” he said. “They should not have believed this woman, no one actually pays 10 percent monthly returns on deposits.”

 

read more http://www.khmertimeskh.com/5095893/villagers-cheated-nearly-5-million/

 

 

-- © Copyright Khmer Times 14/12

[mrfill]

That's the price of unfettered greed.

At 10% a month, 10000 becomes 28531 in a year, but as they say - high returns come from high risk.

In this case the risk was sky high, they still paid in and they lost.

No sympathy for the greedy and stupid.

[simoh1490]

6 minutes ago, mrfill said:

That's the price of unfettered greed.

At 10% a month, 10000 becomes 28531 in a year, but as they say - high returns come from high risk.

In this case the risk was sky high, they still paid in and they lost.

No sympathy for the greedy and stupid.

What about the uneducated and unprotected!

[mrfill]

2 minutes ago, simoh1490 said:

What about the uneducated and unprotected!

If they have the brains to acquire up to $30000 in Cambodia, they clearly have some kind of financial nouse, but get blinded by promises of huge returns. 

Its like falling for the Nigerian 401 con where a totally unknown person wants to give you $10m and all you have to do is supply your bank details.

As they say, if it looks too good to be true, it usually is.

[simoh1490]

9 minutes ago, mrfill said:

If they have the brains to acquire up to $30000 in Cambodia, they clearly have some kind of financial nouse, but get blinded by promises of huge returns. 

Its like falling for the Nigerian 401 con where a totally unknown person wants to give you $10m and all you have to do is supply your bank details.

As they say, if it looks too good to be true, it usually is.

I imagine a lot of those people will have mortgaged family/inherited land at a bank or money lender, that's the extent of their financial nouse.

[digger70]

One can't fix stupid ,,, in this case Greed ,,,,

[Stargeezr]

S and L Asian style...

[Briggsy]

4 minutes ago, Stargrazer9889 said:

S and L Asian style...

Sun and Light????

[Stargeezr]

Savings  and loans in the USA  sorry,  some have short memories.

Geezer