Six more in custody over investment scam

By The Nation

 

 

Police have arrested six more suspects in a fake investment scheme that has reportedly cost victims more than Bt100 million.

 

About a dozen victims were at the Economic Crime Suppression Division yesterday to identify the suspects. 

 

“This gang lured thousands of victims into investing in World Bit Trade Co, a fake trader in cryptocurrencies,” Tourist Police Division deputy commander Pol Maj General Surachate Hakpal said. 

 

“Gang members claimed the company was registered in the United States, but in fact it never really existed.”

 

Pasu Bangnong and Wantanee Niamsuwan, arrested earlier, are accused of leading the gang that included the six – Khemaras Anannittayakij, Sulawan Pimya, Pantira Sirimongkol, Porntip Suedpraditsuk, Sasimon Wong and Payuhapon Supa. 

 

Surachate said they offered a rate of return of one per cent per day for the 300-day investment period. 

 

“If investors brought in more investors, they were promised a financial reward equivalent to 10 per cent of what the new investors put in,” he said. 

 

Police believe the gang must have duped thousands of people, but only 50 victims have lodged police complaints so far.

 

Tanyarat Sitticharoenyos, a 53-year-old designer, said she was coerced under heavy pressure into investing in the scheme. 

 

“I put in Bt2.7 million last September. After one month I wanted to withdraw the money, but the gang always refused to let me,” she said.

 

Source: http://www.nationmultimedia.com/detail/breakingnews/30351022

 

-- © Copyright The Nation 2018-07-30

No coercion happens without willingness .It is the lust for money from GREEDY INDIVIDUALS that facilitated the scam?

Uh... can spend hours on the internet ordering crap or watching inane videos, but can’t spend half a minute checking the veracity of this group on line. They got what they deserved, the greedy, stupid lot, and we should not waste precious police resources on them.

In Canada they target a lot of seniors who may not be computer savvy so the veracity of facts aren't checked. Here, they count on greed.  

5 hours ago, webfact said:

Surachate said they offered a rate of return of one per cent per day for the 300-day investment period. 

“If investors brought in more investors, they were promised a financial reward equivalent to 10 per cent of what the new investors put in,” he said. 

So, not at all like a Ponzi scheme then.

 

How stupid/greedy do people have to be to fall for crap like this?

This seems a rather simple scam aimed at the simple and vulnerable. And it seems to have been rather successful, at least initially.

 

One wonders how the scammers aimed to get away with it. The usual method is to purchase protection from the police in advance but with the publishing of the names of the suspects, that method seems to have failed or not even been attempted.

 

It would be interesting to know what "satang in the baht" duped investors will receive back. It could be very little. The police will expect to be "rewarded" and the investors have already held "Thank you ceremonies" for the police (Thai press) probably to try to ward off a 100% police snatch of the proceeds. Of course, we will never know as the negotiated deals to wrap up cases are never published and paraded by the police unlike the initial arrests.

What cheapskates only 1% per day think I will wait for a better opportunity take em out BJ ?