Bank staffer arrested after siphoning tens of millions of baht from Pattaya expats

[scubascuba3]

4 minutes ago, Bill Good said:

From what I have read and been informed is that the employee from the bank scamming the people was using obsolete stationery and bank/pass books, making entries of the deposits/withdrawals in this stationery then hitting the bank books and deposit slips with the bank's rubber stamp making it look all official. I assume the employee would of had their desk drawer with funds for withdrawals. The customers were instructed to only deal with the offender.  It was not until one of the people being scammed went to another branch to make a withdrawal that the scam began to unfold. Scammer should of bolted out of Thailand when they conned bout 100 million Baht.  Personally I don't think the amount scammed will be anywhere near 50 million Baht.

I don't think the Bank will make restitution

I'm not sure how he was able to update the fake passbook with fake entries, obviously a weakness in controls. Usually you just put the book in the machine/printer and it updates

[asiaexpat]

15 hours ago, mike787 said:

Welcome to LOS....enjoy your stay.

Not just a Thailand issue, I had my Bank of America account wiped out by a bank teller. She managed to clean the account out during a deposit transaction. It was pretty clear if I had payed attention to the deposit slip, but as usual I just tossed it. After discussions with the bank and police the teller was charged and the bank insurance company refund my account (many months later.) Always pay attention and mange your money diligently.

[Mansell]

In California it used to be common knowledge in banking that if you embezzled up to 150,000 dollars you would just be fired as it was to expensive to prosecute.

[impulse]

9 hours ago, darrendsd said:

21 hours ago, impulse said:

 

Gotta love Thai defamation laws.  Hard to tell if your account may be one affected without knowing which bank.  Or decide whether to move your money.

I would have thought checking your account would be the simplest way to know if you have been affected? ????

 

Sure, after your money's gone missing.  Then you can close the barn door... 

 

And it's not as if Thai banks are known for making good on account losses by theft.  You may get your money back, but it may not be a seamless process.  What's your time and aggravation worth?

 

Edited February 3, 2021 by impulse

[impulse]

9 hours ago, Matreusse said:

21 hours ago, impulse said:

Gotta love Thai defamation laws.  Hard to tell if your account may be one affected without knowing which bank.  Or decide whether to move your money.

You can always read the link where the answer is photographically very clear!

 

The name of the bank is clear in the photo of the passbook, but this seems to be limited to one branch.  I suspect my K-Bank account is fine, being in a different branch.

 

[kingdong]

19 hours ago, Jingthing said:

I can see there is more to this story than meets the eye.

Of course it's horrible that many people have lost their money.

On the other hand, as is usual with con man scams in general, they prey on the greed of their victims.

You've have to be a very naive expat or local to actually believe that 3.5 MONTHLY percent return on a bank deposit in Thailand isn't extremely suspect. Danger Will Robinson!

Obviously any perps should have to face the consequences under the law, but I'm wondering, in a situation like this where people weren't putting their money in normal bank financial vehicles, is there really much chance that the bank in question will be legally obligated to pay the money back? 

 

To quote a cliche,when a deal sounds too good to be true it normally is.

[FarFlungFalang]

11 hours ago, OneMoreFarang said:

From that article:

 

"The branch apparently had two senior managers, one was Mr. Gob. The other bank manager, a female, told investors yesterday that she had no idea about the situation and hadn’t asked any questions about the hundreds of investors queueing up to visit Mr. Gob at the start of each month."

 

Amazing Thailand!

Was the other manager's name Mrs Smacked.If it was surely they would be Gob Smacked!

[Mike k]

On 02/02/2021 at 10:45 PM, impulse said:

 

Gotta love Thai defamation laws.  Hard to tell if your account may be one affected without knowing which bank.  Or decide whether to move your money.

 

One site said kasakorn (not sure of spelling) and it was 1 individual that scammed them 

[Don Chance]

When ever you give a Thai money just assume you will never see it or them again.

[polpott]

5 hours ago, Bill Good said:

From what I have read and been informed is that the employee from the bank scamming the people was using obsolete stationery and bank/pass books, making entries of the deposits/withdrawals in this stationery then hitting the bank books and deposit slips with the bank's rubber stamp making it look all official. I assume the employee would of had their desk drawer with funds for withdrawals. The customers were instructed to only deal with the offender.  It was not until one of the people being scammed went to another branch to make a withdrawal that the scam began to unfold. Scammer should of bolted out of Thailand when they conned bout 100 million Baht.  Personally I don't think the amount scammed will be anywhere near 50 million Baht.

I don't think the Bank will make restitution

One of my neighbours fell for the scheme as did another person on my estate. A Thai woman with an aged farang husband who is no longer capable of running his own affairs. The deal was a 3.5% monthly return on her investment which was 2 million baht, A monthly return of 70k baht tax free. Very tempting however she came round to my house trying to sell it to me but was clearly a case of "too good to be true" so I politely declined. She's now in a position of having lost every penny of her husbands savings and has no way of explaining it to him. The bank is currently holding out on admitting liability.

 

Its said that the other person on my estate was also in for 2 million baht so the reported total figure of 100 million baht might not be as fanciful as it sounds.

[Jingthing]

So the 64,000 dollar question (an Americanism) now is whether the officially "unnamed" bank (which we all know by now) will take responsibility for making this right for all the victims . Of course if they're legally obligated to, they would presumably be forced to. But assuming there is some legal wiggle room allowing them the option of not reimbursing (as I suspect), then what? Obviously it would be good for public relations to reimburse regardless, but that's some pretty expensive public relations. 

Edited February 3, 2021 by Jingthing

[Razek]

On 2/2/2021 at 4:45 PM, impulse said:

 

Gotta love Thai defamation laws.  Hard to tell if your account may be one affected without knowing which bank.  Or decide whether to move your money.

 

Kasikorn bank

[impulse]

1 hour ago, Razek said:

Kasikorn bank

 

Which branch?  Seems to be limited to one or two bad actors...

 

[Dexxter]

On 2/3/2021 at 3:54 AM, tgw said:

 

so... what's your second factor authentication on your phone?

 

A bank supplied RSA SecurID key fob.

[scubascuba3]

28 minutes ago, impulse said:

 

Which branch?  Seems to be limited to one or two bad actors...

 

Kasikorn Klang, unlikely just to be 1 person, if this was in the west a number of people would be arrested already. 

 

That's my branch, I don't use for savings so not concerned, a good branch except this rogue employee and others who got greedy

[jacko45k]

15 hours ago, Fex Bluse said:

I rather think all the points I mentioned are relevant.

Nope.... I don't see how..

Quote

 I know "she only work cashier"... sure

Has anything to do with this fraud perpetrated by a Thai male bank manager... just you having a go at some of the Pattaya Expats. Do you really know any? I know quite a lot and they seem pretty clued up, financially enough to live retired in Thailand, rather than some sad life on a pension back in the west.

Edited February 3, 2021 by jacko45k

[jacko45k]

13 hours ago, xylophone said:

Banks would be covered by "liability insurance" which covers them for such things as this, well at least it does in the real world!

Well this is Thailand isn't it..... rather a fantasy island type of place. 

[RJRS1301]

3 hours ago, Jingthing said:

So the 64,000 dollar question (an Americanism) now is whether the officially "unnamed" bank (which we all know by now) will take responsibility for making this right for all the victims . Of course if they're legally obligated to, they would presumably be forced to. But assuming there is some legal wiggle room allowing them the option of not reimbursing (as I suspect), then what? Obviously it would be good for public relations to reimburse regardless, but that's some pretty expensive public relations. 

Not too expensive if there is a run on other branchs as people move to other banks in droves.

 

[hellohello123]

I'm sure the bank has some kind of insurance,

But given that they've already aaid/suggested that they're not getting their money back and the overall dodgyness,  what's stopping the banks from making an insurance claim and keeping the money?

[scubascuba3]

1 hour ago, jacko45k said:

Well this is Thailand isn't it..... rather a fantasy island type of place. 

You are right there or nightmare Island for those that have lost their money and Kasikorn just shrugging their shoulders

[Ron jeremy]

19 hours ago, Oliver Holzerfilled said:

Westerners with a history of making sound financial decisions typically don't end up in Pattaya so this isn't surprising.

That was the quote of the year!????????????‍♂️????????‍♂️????????‍♂️????????‍♂️

[Fex Bluse]

3 hours ago, jacko45k said:

Nope.... I don't see how..

Has anything to do with this fraud perpetrated by a Thai male bank manager... just you having a go at some of the Pattaya Expats. Do you really know any? I know quite a lot and they seem pretty clued up, financially enough to live retired in Thailand, rather than some sad life on a pension back in the west.

I see now. You don't understand what I wrote.

 

I am talking about the fact that Farangs often date whores who have access to their accounts which is VERY relevant. If you can't understand or refuse to acknowledge that, I give up.

Edited February 4, 2021 by Fex Bluse

[BobinBKK]

22 hours ago, Pilotman said:

Indeed I am. over many many years, all over the World. Read and  learn. 

 

On 02/02/2021 at 10:42 PM, CharlieH said:

Probably a few (a lot) of resident expats will be checking their balances/banking affairs shortly in and around Pattaya.

 

This is not the first time this has been publicised about bank staff behaving in this manner.

 

Very unsettling for many.

What I don't understand is why so many people wouldn't do their homework before investing, especially living in a country that isn't what I consider "reputable". 3.5% interest per month (42% annually) to me is a dead giveaway that it smells of ????????

[polpott]

3 hours ago, jacko45k said:

Nope.... I don't see how..

Has anything to do with this fraud perpetrated by a Thai male bank manager... just you having a go at some of the Pattaya Expats. Do you really know any? I know quite a lot and they seem pretty clued up, financially enough to live retired in Thailand, rather than some sad life on a pension back in the west.

I know a lot and concur that they're a pretty savvy lot, they wouldn't survive long in pattaya if they weren't. The one person I know who fell for this scam has advanced dementia and had long ago signed control of his finances to his wife. She signed up to the scheme thinking that he would receive a 70k baht annuity per month for life, no malice there.

[Matreusse]

16 hours ago, impulse said:

 

The name of the bank is clear in the photo of the passbook, but this seems to be limited to one branch.  I suspect my K-Bank account is fine, being in a different branch.

 

I think you're right but many posters will automatically use this one-off as an opportunity to condemn all Thai banks in general and every Kasikorn branch in particular.

[jacko45k]

51 minutes ago, Matreusse said:

I think you're right but many posters will automatically use this one-off as an opportunity to condemn all Thai banks in general and every Kasikorn branch in particular.

Well, let us hope this naughty assistant manager doesn't simply get transferred to another branch.

[scubascuba3]

Here's a thought..... those guys who claim to have lost a couple million, if they were in 7 years ago when it started, and they deposited 100,000, that becomes 2m baht in a few years, nothing strange about that...... they should only get their original money back, 100k in the example

[jacko45k]

2 minutes ago, scubascuba3 said:

Here's a thought..... those guys who claim to have lost a couple million, if they were in 7 years ago when it started, and they deposited 100,000, that becomes 2m baht in a few years, nothing strange about that...... they should only get their original money back, 100k in the example

Well yes, although people usually get a pro-rata share out of what is left if  anything is recovered. Pro-rata being what was put in.... now don't ask me how I know that.

[Matreusse]

42 minutes ago, jacko45k said:

Well, let us hope this naughty assistant manager doesn't simply get transferred to another branch.

Well, as the bank has pressed theft charges against him, it's unlikely that he'll ever be working in any of their branches again.

[jacko45k]

1 minute ago, Matreusse said:

Well, as the bank has pressed theft charges against him, it's unlikely that he'll ever be working in any of their branches again.

Oh a trivial matter..... people get away with murder here on a regular basis.