DSI arrest 21 - Thais and foreigners - after hundreds swindled in elaborate Ponzi scheme

[webfact]

DSI arrest 21 - Thais and foreigners - after hundreds swindled in elaborate Ponzi scheme

 

Picture: INN

 

INN reported that the Department of Special Investigation (DSI) have arrested 21 people who allegedly took part in a massive pyramid or Ponzi scheme that defrauded 250 victims out of 235 million baht. 

 

The arrests are of people connected to the Eagle Gates Group Co Ltd, a US based firm that promised high yields on investments in the US stock and futures markets. 

 

The fraudulent company went to great lengths to appear legitimate including a high profile publicity and media event in Pattaya. 

 

One of the people arrested was a woman called "Neungnamphet" who was responsible for leading a sales team in the east of the country. 

 

Court judgments giving terms of many years have already been handed down to some of the people working for the firm. 

 

Source: INN

 

 

-- © Copyright Thai Visa News 2020-04-27

 

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[Grumpy John]

The cops that work in the DSI are worth every baht their paid by the look of it. 

[sanemax]

Reading the article you would think that this was a scam by foreigners

19 Thais were arrested and two foreigners

Also , the company was based in the USA , but the company was bought there and didnt do any business there .

   The owners of the fraudulent company seem to be Singaporeans   

"DSI has arrested 21 suspects, 19 of whom are Thai citizens and 2 foreigners."

[Pedrogaz]

Court judgments giving terms of many years have already been handed down to some of the people working for the firm....but the rich and influentials hisos who ran the scheme got away scot free. There fixed it for you.

[Estrada]

After launching about 4 years ago in late 2016, Eagle Gates Group collapsed in April, 2017.

In May Eagle Gates Group tried to relaunch as Sener Trader, only to collapse again a few months later in July 2017

Both scams were being run from Thailand, by two Thai nationals and eight foreigners from Singapore, USA and the Netherlands.

[taxin]

When I seen the headline I instantly presumed it was the Smile Coin scam that’s been doing the rounds in Pattaya, I guess they will be next..

[Postmaster]

Did I miss something ?  How did people get duped into being swindled?

[Anant72]

When a deal looks too good to be true, it IS to good to be true. Greed makes people blind.

[Mick501]

Elephant eggs will be the next big thing. Please send investment cheques  to  Mick501.   Huge returns guaranteed!

[wolf81]

4 hours ago, Postmaster said:

Did I miss something ?  How did people get duped into being swindled?

Perhaps a bit like this other scam, BitConnect:

 

 

 

[ChaiyaTH]

On 4/27/2020 at 11:16 AM, Grumpy John said:

The cops that work in the DSI are worth every baht their paid by the look of it. 

I hope that was a joke? They are actually the guys you pay on a high level scam. If these guys did, they would been fine (good chance they still did pay before and the actual leaders walked free way before the arrests). So many important cases got stopped when arriving at the DSI previously, their reputation is quite notorious. Do not forget that in this particular scam, they previously attempted getting it silence by that now released scape goat American. 

Pretty sure this result only came after pressure of USA intelligence / federal bureau etc. Same as both dark web owners,
who both did suicide here (1 BKK, 1 Koh Chang). Nobody ever questioned and nothing ever came in the news after again, most dont even know the KohChang one.

Edited April 29, 2020 by ChaiyaTH