webfact Posted May 10, 2018 Share Posted May 10, 2018 Huge raid nets 166 Chinese nationals using Ubon hotel as base for stock speculation Picture: Thai Rath A joint raid by many Thai agencies resulted in the arrest of 166 Chinese men and women who were being paid to speculate on stocks in Chinese markets. The raid yesterday by local police, tourist cops, immigration, local bank of Thailand representatives, the Department of Labor and the military was carried out at the Zara Double Tree hotel in Muang district. The Chinese were staying at the hotel but they were not "guests" in the normal sense of the word. They were being paid 15,000 baht a month to engage in stock trading. Most of them had arrived in early April on tourist visas from all over China. They were given mobile phones and had 6-8 sim cards each. They used 119 computers on the ground floor and more upstairs at the hotel to constantly be online - even while having their lunch and dinner. Not surprisingly this aroused the suspicions of locals who called in the authorities. They were staying three or four to a room on the second and third floors of the three story building. Manager Natthapong Somjai, 38, was arrested and fined under the ordinance that requires guests to be registered every 24 hours. Fines totaling 265,000 baht or 1,600 baht per person are being paid before the stock traders will be repatriated back to China, reported Thai Rath. Source: Thai Rath -- © Copyright Thai Visa News 2018-05-10 1 Link to comment Share on other sites More sharing options...
Popular Post colinneil Posted May 10, 2018 Popular Post Share Posted May 10, 2018 Wow this was done without the involvement of that big joke... big joke, amazing as i thought he was the only one catching crooks here now. Ohh silly me he was busy chastising a young flower seller. 3 1 2 Link to comment Share on other sites More sharing options...
meatboy Posted May 10, 2018 Share Posted May 10, 2018 wow this is unbelievable,this reminds me,i have to do my 90DAY REPORT. 1 Link to comment Share on other sites More sharing options...
Popular Post daoyai Posted May 10, 2018 Popular Post Share Posted May 10, 2018 I don't understand why "stock speculation" must be done from a foreign country, are they buying stocks not listed or outlawed by C.C. P.(igs)? or avoiding taxes? 3 1 Link to comment Share on other sites More sharing options...
sammieuk1 Posted May 10, 2018 Share Posted May 10, 2018 Result 166 Chinese boiler room take away. 2 Link to comment Share on other sites More sharing options...
Popular Post Darcula Posted May 10, 2018 Popular Post Share Posted May 10, 2018 1 hour ago, webfact said: constantly be online - even while having their lunch and dinner Sounds like a lot of hard wok. 3 Link to comment Share on other sites More sharing options...
ExpatOilWorker Posted May 10, 2018 Share Posted May 10, 2018 1 hour ago, daoyai said: I don't understand why "stock speculation" must be done from a foreign country, are they buying stocks not listed or outlawed by C.C. P.(igs)? or avoiding taxes? If somebody are paying 166 people 15,000 baht a month + accommodation, hardware and SIM cards, you can be sure it is a money spinning scam. Could be something simple as they are registering fake Wechat or Weibo accounts and talk certain penny stocks up (or down), but it is probably more complex than that. 1 Link to comment Share on other sites More sharing options...
AsiaHand Posted May 10, 2018 Share Posted May 10, 2018 Buying certain stock in China in mass from an outside country(Thailand) ,driving the stock price up then some of them in China sells short just before this groups dumps the stock. Here they would endure ,lets say $1,000,000 while the person in China recoups $50,000,000.It cost for the operation here about $1,050,000. Not a bad weeks work. 1 Link to comment Share on other sites More sharing options...
observer90210 Posted May 10, 2018 Share Posted May 10, 2018 Well in that case 3/4 of all the bankers, wealth asset mangers of the world could be arrested ???!?..... Just another issue of some scams that are reserved for the locals, so please farangs, don't tred on our mill. Thank you. 1 1 Link to comment Share on other sites More sharing options...
Peterw42 Posted May 10, 2018 Share Posted May 10, 2018 (edited) I cant understand why these guy would need to be physically in Thailand, I know China has internet restrictions but with VPNs etc and they could be virtually in any country. Edited May 10, 2018 by Peterw42 1 Link to comment Share on other sites More sharing options...
Popular Post Lupatria Posted May 10, 2018 Popular Post Share Posted May 10, 2018 It's just the first batch of Ali Baba's 4 million thieves 1 5 Link to comment Share on other sites More sharing options...
Popular Post BuaBS Posted May 10, 2018 Popular Post Share Posted May 10, 2018 Must be JP Morgan & Goldman Sacks Ubon branch. 5 Link to comment Share on other sites More sharing options...
Popular Post RichardColeman Posted May 10, 2018 Popular Post Share Posted May 10, 2018 Guessing the cue for the bathroom was the giveaway ! 5 Link to comment Share on other sites More sharing options...
asean Posted May 10, 2018 Share Posted May 10, 2018 boiler room Link to comment Share on other sites More sharing options...
Redline Posted May 10, 2018 Share Posted May 10, 2018 Quality tourists no doubt. Are these zero dollar peeps? Link to comment Share on other sites More sharing options...
lkv Posted May 10, 2018 Share Posted May 10, 2018 (edited) 2 minutes ago, Redline said: Quality tourists no doubt. Are these zero dollar peeps? Not at all. Money is flowing into the Thai economy in the form of hotel fees, food consumption and mobile phone usage. Edited May 10, 2018 by lkv Link to comment Share on other sites More sharing options...
Redline Posted May 10, 2018 Share Posted May 10, 2018 (edited) 7 minutes ago, lkv said: Not at all. Money is flowing into the Thai economy in the form of hotel fees, food consumption and mobile phone usage. True enough. A little ignorant to conduct such a large operation in Ubon. Bangkok would have made more sense. Edited May 10, 2018 by Redline 1 Link to comment Share on other sites More sharing options...
Sydebolle Posted May 10, 2018 Share Posted May 10, 2018 Quality tourists Link to comment Share on other sites More sharing options...
car720 Posted May 10, 2018 Share Posted May 10, 2018 9 hours ago, daoyai said: I don't understand why "stock speculation" must be done from a foreign country, are they buying stocks not listed or outlawed by C.C. P.(igs)? or avoiding taxes? Me too. What's the deal???? Link to comment Share on other sites More sharing options...
car720 Posted May 10, 2018 Share Posted May 10, 2018 4 hours ago, AsiaHand said: Buying certain stock in China in mass from an outside country(Thailand) ,driving the stock price up then some of them in China sells short just before this groups dumps the stock. Here they would endure ,lets say $1,000,000 while the person in China recoups $50,000,000.It cost for the operation here about $1,050,000. Not a bad weeks work. Best answer. Link to comment Share on other sites More sharing options...
saakura Posted May 10, 2018 Share Posted May 10, 2018 4 hours ago, AsiaHand said: Buying certain stock in China in mass from an outside country(Thailand) ,driving the stock price up then some of them in China sells short just before this groups dumps the stock. Here they would endure ,lets say $1,000,000 while the person in China recoups $50,000,000.It cost for the operation here about $1,050,000. Not a bad weeks work. I am quite sure that even in China, one would need to have an account with a securities brokerage firm in order to buy & sell stocks online. And to open an account, you need to provide full credentials. So whether you are trading from Shanghai or Udon Thani is irrelevant, they know your identity. There is something else in this scam which we do not quite underdstand. 1 Link to comment Share on other sites More sharing options...
Maestro Posted May 10, 2018 Share Posted May 10, 2018 Removed an off-topic post. Link to comment Share on other sites More sharing options...
Eiva Posted May 10, 2018 Share Posted May 10, 2018 My best guess is that these folks were doing SEO (Search Engine Optimization) for Chinese sites. Google is blocked in China, but almost all web Advertisement is based on Google engine and servers. 1 Link to comment Share on other sites More sharing options...
Mickmouse1 Posted May 10, 2018 Share Posted May 10, 2018 ????why not? Link to comment Share on other sites More sharing options...
ExpatOilWorker Posted May 10, 2018 Share Posted May 10, 2018 58 minutes ago, Eiva said: My best guess is that these folks were doing SEO (Search Engine Optimization) for Chinese sites. Google is blocked in China, but almost all web Advertisement is based on Google engine and servers. Or an attempt to make China more popular overseas. Could it be related to the Xiaomi IPO, the trade dispute with the US, NK or something else? Link to comment Share on other sites More sharing options...
DavidAlexander Posted May 11, 2018 Share Posted May 11, 2018 "Pump and dump", first perfected in the US. 1 Link to comment Share on other sites More sharing options...
bluesofa Posted May 11, 2018 Share Posted May 11, 2018 23 hours ago, Darcula said: Sounds like a lot of hard wok. Just stop stir(-fry)ing things. 1 Link to comment Share on other sites More sharing options...
mokwit Posted May 11, 2018 Share Posted May 11, 2018 On 5/10/2018 at 10:13 AM, daoyai said: I don't understand why "stock speculation" must be done from a foreign country, are they buying stocks not listed or outlawed by C.C. P.(igs)? or avoiding taxes? Looks to me more like a stock manipulation operation. 1 Link to comment Share on other sites More sharing options...
mokwit Posted May 11, 2018 Share Posted May 11, 2018 2 hours ago, bluesofa said: Just stop stir(-fry)ing things. "Stir Fry" is the Chinese slang for pump and dump - a great description of the manouvre where they flip it at the top. 1 Link to comment Share on other sites More sharing options...
ExpatOilWorker Posted May 11, 2018 Share Posted May 11, 2018 15 hours ago, Eiva said: My best guess is that these folks were doing SEO (Search Engine Optimization) for Chinese sites. Google is blocked in China, but almost all web Advertisement is based on Google engine and servers. Click-fraud. The fraudsters used Thailand because in China only one phone can be linked to a single WeChat account, presumably to prevent click fraud. http://www.khaosodenglish.com/news/business/2017/06/12/chinese-likes-farmers-arrested-thai-border-town Link to comment Share on other sites More sharing options...
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