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

[scubascuba3]

11 minutes ago, jacko45k said:

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.

my point is, some maybe crying about losing 2m baht, but in reality they only put in 100k

[jacko45k]

3 minutes ago, scubascuba3 said:

my point is, some maybe crying about losing 2m baht, but in reality they only put in 100k

Yes, I understood that, claiming losses of money they never had.

How long was this going on to turn 100k into theoretical millions.....?

[scubascuba3]

21 minutes ago, jacko45k said:

Yes, I understood that, claiming losses of money they never had.

How long was this going on to turn 100k into theoretical millions.....?

I read somewhere 7 years

[ChipButty]

1 hour ago, jacko45k said:

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

No, he get promoted to the finance department in the government

[Mike k]

15 hours ago, Don Chance said:

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

And if you do see them don't expect them to give you your money back 

[dabhand]

1 hour ago, jacko45k said:

Yes, I understood that, claiming losses of money they never had.

How long was this going on to turn 100k into theoretical millions.....?

If nothing withdrawn and compounded at 3.5% per month the balances at each year end would be:

Year 1 - 151k

Year 2 - 228k

Year 3 - 345k

Year 4 - 521k

Year 5 - 787k

Year 6 - 1,190k

 

Not too shabby........

 

[zoza]

i have had two iffy incidents with the banking system in Thailand  over about 17 years ,

one was with the branch ( Pattaya Klang ) a year ago when i was instructed to visit 

this branch as it is also the center for KK international and i heard that they could assist 

with my search for the correct Code for my fund transfers that would be acceptable  to

Immigration...i went and was pointed up the stairs where two Thai ladies sat and i asked if it was possible to get FFT on my transfers...one lady just asked outright ''what will you pay'' i replied ''that depends what are you offering'' (i did not know if she was joking) so i just asked can you show me and she showed on her screen funds in and out from my account.

she again seemed more interested in what i would pay, so i said bye and walked out, when she mentioned money again, and to be honest i do not think she knew what i was asking 

for ?

the other time i used my Credit card (uk as i had heard it was safer) but only used it in Bank

and their Atm's  and i got a message my card had been cloned? cash withdrawn several times for little amounts in Vietnam, i did phone my uk bank and the money was returned to my account within 7 days...same bank on both times.

[RJRS1301]

4 hours 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.

I too would be concerned as this reflects a greater lack of control and audit on behalf of the organisation, lack of accountability that the scam was allowed to go on for so long. Are you sure that it is one off?

It highlights a lack of oversight, lack of controls and I feel it rightly ahine a torch down a dark hole.

 

[kinyara]

It was mentioned earlier he was using outdated Passbooks and bank slips to support the scam, I think that in itself is a failing of the bank's internal control procedures regarding official document control and disposal. That should open them up to liability in my view. 

[SupermarineS6B]

   Sounds as though Somchai will walk..... pockets full........  Legalized theft with total unaccountability from the bank........ Not exactly confidence building if you're thinking of keeping large amounts of money in Thailand.....

 

Police refused to name the Pattaya based bank branche where a manager named “Gob” stole 130 million from expats and their wives, citing defamation laws. (It was Kasikornbank Soi Bua Khao Pattaya branch) The staff was ordered by Kasikorn HQ that customers would not be reimbursed.

[dabhand]

57 minutes ago, SupermarineS6B said:

   Sounds as though Somchai will walk..... pockets full........  Legalized theft with total unaccountability from the bank........ Not exactly confidence building if you're thinking of keeping large amounts of money in Thailand.....

 

Police refused to name the Pattaya based bank branche where a manager named “Gob” stole 130 million from expats and their wives, citing defamation laws. (It was Kasikornbank Soi Bua Khao Pattaya branch) The staff was ordered by Kasikorn HQ that customers would not be reimbursed.

He has been named........

 

https://thethaiger.com/news/pattaya/pattaya-banker-detained-on-theft-charges-allegedly-defrauded-local-expats-in-investment-scam

[Moncul]

On 2/3/2021 at 7:34 AM, scubascuba3 said:

Banks do like covering this stuff up, bad for reputation and all that, in UK we have a FCA regulator, what does Thailand have? it won't be just 1 person involved. Maybe it's like Immigration where they are all embroiled 

 

I think BoT are supposed to regulate, but there is an Ombudsman if that's worth s**t.

https://www.ombudsman.go.th/10/eng/howtocomplaint.asp

[Moncul]

4 hours ago, kinyara said:

It was mentioned earlier he was using outdated Passbooks and bank slips to support the scam, I think that in itself is a failing of the bank's internal control procedures regarding official document control and disposal. That should open them up to liability in my view. 

Operative word being "should".

But they might bemoan that their profits last year dropped to a miserly Bt29.5Bn...

 

https://www.bangkokpost.com/business/2054915/listed-banks-post-net-profit-decline-of-23-for-2020

[jacko45k]

13 hours ago, ChipButty said:

No, he get promoted to the finance department in the government

If he also managed to sell many of their insurance policies, he just might. 

[LomSak27]

17 hours 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.

 

And why shouldn't they? There are other examples BTW.

 

 

[Andycoops]

Very worrying for those depositing 400000 or 800000k in their accounts to cover visa extensions.

I shall continue with the monthly income method while it's still allowed.

[kinyara]

2 hours ago, Andycoops said:

Very worrying for those depositing 400000 or 800000k in their accounts to cover visa extensions.

I shall continue with the monthly income method while it's still allowed.

 

Any bank fraud case from within is a concern but looking at the facts presented I see zero relevance in this case and how I bank and control my 800k. A passbook account only accessible with me physically present at the counter, ( not being paid out of a rogue managers back office). No ATM card issued. 

 

You can always pick something up, so I guess when a new passbook is issued a trip to another branch for the first withdrawal is in order. 

[WayWokeWhiteGuy]

3 hours ago, Andycoops said:

Very worrying for those depositing 400000 or 800000k in their accounts to cover visa extensions.

I shall continue with the monthly income method while it's still allowed.

It is not worrying for for me. I’ve been using Kasikorn Bank for over twenty years without any issues. Actually, it was Thai Farmers Bank when I opened my first accounts. 
 

I also use Krungsri & BKK Bank, and don’t worry about those either. 
 

That said, I check my balances online weekly, and make sure my books get updated monthly. 
 

My biggest bank worry ever was when my bank in the US (Washington Mutual) failed and I stood to lose half my savings...

 

 

[WayWokeWhiteGuy]

2 minutes ago, kinyara said:

 

Any bank fraud case from within is a concern but looking at the facts presented I see zero relevance in this case and how I bank and control my 800k. A passbook account only accessible with me physically present at the counter, ( not being paid out of a rogue managers back office). No ATM card issued. 

 

You can always pick something up, so I guess when a new passbook is issued a trip to another branch for the first withdrawal is in order. 

Yes, but I can carry 800K in the the pockets of my cargo-shorts. These were RICH guys that got taken, they were standing in line with SACKS of money!

[david555]

1 hour ago, WayWokeWhiteGuy said:

Yes, but I can carry 800K in the the pockets of my cargo-shorts. These were RICH guys that got taken, they were standing in line with SACKS of money!

So the question could also become asked later  .... from where those SACKS of money came .....

[LomSak27]

1 hour ago, WayWokeWhiteGuy said:

It is not worrying for for me. I’ve been using Kasikorn Bank for over twenty years without any issues. Actually, it was Thai Farmers Bank when I opened my first accounts. 

 

First time I got scammed, was 36 years ago. They made out two receipts and filled in the second flipping the numbers. Luckily I kept my receipt and VISA, reversed charges. I doubt VISA got any of their money back though. That was back in kinder gentler times, halcyon days, little corruption, a veritable  paradise as the TV faithful would say. BTW, senility is creeping in but, I do recall the color of that bank was green, and they were the only Thai bank who did VISA cash advances. Gee you wonder who that was.

 

Oh Sorry.

 

My attorney has just advised me that story recounted above, was most likely, all a 'misunderstanding'. But that misunderstanding happened and I have always been careful in dealing with banks in general and banks in Thailand, specifically.

[Matreusse]

6 hours ago, LomSak27 said:

23 hours 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.

 

And why shouldn't they? There are other examples BTW.

Why?  Because it would be irrational, even if there have been one or two other isolated incidents over the years involving other banks, BTW.

[Matreusse]

19 hours ago, RJRS1301 said:

I too would be concerned as this reflects a greater lack of control and audit on behalf of the organisation, lack of accountability that the scam was allowed to go on for so long. Are you sure that it is one off?

It highlights a lack of oversight, lack of controls and I feel it rightly ahine a torch down a dark hole.

 

How could the bank control unofficial, obsolete documents and passbooks that the asst. manager was issuing illegally and independently to customers that were, obviously not being entered into the banks records?   

 

As I have not heard of any other examples of what this manager was doing, I'm sure that it is a one-off so far, yes.    If you have examples of this not being the first of its kind at this bank I'm sure you will detail them.

[LomSak27]

Just now, Matreusse said:

Why?  Because it would be irrational, even if there have been one or two other isolated incidents over the years involving other banks, BTW.

 You know I agree but .... TIT .....  so trust is not in the equation. I check and check again. 

[dabhand]

11 minutes ago, Matreusse said:

How could the bank control unofficial, obsolete documents and passbooks that the asst. manager was issuing illegally and independently to customers that were, obviously not being entered into the banks records?   

 

As I have not heard of any other examples of what this manager was doing, I'm sure that it is a one-off so far, yes.    If you have examples of this not being the first of its kind at this bank I'm sure you will detail them.

Seems he had his finger in another pie, that of money transfers from abroad, based on this report. Although it has not been mentioned in the other news articles. If correct, this is rather troubling to say the least.

 

https://truecrimethailand.com/10s-of-millions-of-baht-embezzled-from-farang-bank-accounts-in-pattaya/?fbclid=IwAR0eTMpGIIfeTq4-wgwJS5D618sBBUTYiDFUuXShNepubRXgHkQ2OxhhrnY

[jacko45k]

7 minutes ago, dabhand said:

Seems he had his finger in another pie, that of money transfers from abroad, based on this report. Although it has not been mentioned in the other news articles. If correct, this is rather troubling to say the least.

 

https://truecrimethailand.com/10s-of-millions-of-baht-embezzled-from-farang-bank-accounts-in-pattaya/?fbclid=IwAR0eTMpGIIfeTq4-wgwJS5D618sBBUTYiDFUuXShNepubRXgHkQ2OxhhrnY

When the farang asked the bank about the money, it turned out that the bank book and the record of transfer were counterfeit or outdated books.

So these bankbooks never went into an update machine?

[scubascuba3]

37 minutes ago, dabhand said:

Seems he had his finger in another pie, that of money transfers from abroad, based on this report. Although it has not been mentioned in the other news articles. If correct, this is rather troubling to say the least.

 

https://truecrimethailand.com/10s-of-millions-of-baht-embezzled-from-farang-bank-accounts-in-pattaya/?fbclid=IwAR0eTMpGIIfeTq4-wgwJS5D618sBBUTYiDFUuXShNepubRXgHkQ2OxhhrnY

He can pay to get out of jail if he hasn't already, he may be spending the money already in Barbados 

[scubascuba3]

30 minutes ago, jacko45k said:

When the farang asked the bank about the money, it turned out that the bank book and the record of transfer were counterfeit or outdated books.

So these bankbooks never went into an update machine?

I reckon they did but using his computer somehow showing fake transactions 

[Chivas]

I recall getting somewhat abused when I said around about 2 years ago that this was always a risk with all Thai banks and especially when I found out some are actually franchises

[RJRS1301]

1 hour ago, Matreusse said:

How could the bank control unofficial, obsolete documents and passbooks that the asst. manager was issuing illegally and independently to customers that were, obviously not being entered into the banks records?   

 

As I have not heard of any other examples of what this manager was doing, I'm sure that it is a one-off so far, yes.    If you have examples of this not being the first of its kind at this bank I'm sure you will detail them.

They should have gathered in all the obsolete  passbooks and documents (governments and other organisation do it all the time) for destruction to begin with.

Document management is an esstential part of good governance and risk management. Central document control is also part of good management.

You can bet there is now a scramble to do this, and heads should roll that this occurred.

I am glad you are SURE this is a "one off" , I am not so sure at all, more could come to light.

The scam is reflective of poor management.