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

[tonray]

6 hours ago, Jonathan Fairfield said:

Others said they had deposited their retirement money, which they had transferred from their home countries, into bank accounts set up by the suspect who also facilitated withdrawals, deposits and updating their bank books over several years.

What ????? Why would you ever ??? 

[scubascuba3]

3 minutes ago, tonray said:

What ????? Why would you ever ??? 

The 3% a month is just stupidity, but we all trust bank employees aren't going to make withdrawals, we know they could

[tonray]

Just now, scubascuba3 said:

The 3% a month is just stupidity, but we all trust bank employees aren't going to make withdrawals, we know they could

No...it sounds like they allowed this person to 'manage' the accounts for them...updating bank book, 'facillitating' withdrawals and deposits....a bunch of guys too lazy and greedy to get up off their bar stools

[Don Chance]

What joke, why would anyone bother trying to retire in Thailand?

 

You are going to get ripped off, arrested, discriminated against, attacked, punched in the face, canceled visa, cheated out of your rent deposit, pushed off your condo balcony, catch HIV from your GF after she changes the deed to your house and in the end the bank will steal your money and say tough luck farang!

[Destiny1990]

So is the bank going to compensate all the investors?

[JayClay]

37 minutes ago, Don Chance said:

What joke, why would anyone bother trying to retire in Thailand?

 

You are going to get ripped off, arrested, discriminated against, attacked, punched in the face, canceled visa, cheated out of your rent deposit, pushed off your condo balcony, catch HIV from your GF after she changes the deed to your house and in the end the bank will steal your money and say tough luck farang!

 

People who fall for a scam as blatant as this will fall for it wherever they are. And, yes, these scams happen all over the world...

[nausea]

Ah, I get it, the bank guy was arrested two weeks ago, presumably cos of complaints of siphoning, with little publicity; yesterday, it all blew up, when hundreds visited the bank to get their monthly 3.5% interest and found out the guy had been arrested. So this is probably more about the scam (one Chinese alone lost 130 million baht, apparently) than the siphoning. I, personally, would expect the bank to compensate those whose accounts were siphoned; after all, it's reasonable to expect your bank manager, as a representative of the bank, to have some professional integrity when acting within the scope of his duties, and properly running your account must be part of that. For those that were scammed, I'm not so sure. Can we really say he was acting within the scope of his duties when recommending these investments at an outrageous interest rate? Wasn't he acting more in a personal capacity? Shouldn't a bit of the old "caveat emptor" apply here?

[pacovl46]

Just how stupid can one be? It’s not like they’re not gonna notice at some point that the actual balance doesn’t match the one on the bank books! 

[elgenon]

Are farangs allowed to work in Thai banks? I could use an extra 50 mil. *

 

 

*jest

[chicowoodduck]

I am often asked why I keep all my money in an off shore account and not here in Thailand?  I rest my case......end of story.....????????????????????????????????

[GeorgeCross]

7 hours ago, tgw said:

 

also weak control by the account owners.

everyone should check their balance in the system, there are many ways to do that, ATM, Internet Banking, Phone App (although I don't recommend using a phone app), and SMS service.

 

how does noticing your money is gone, after its gone, stop you losing your money?

 

 

[kokesaat]

I'd be interested to know if the scamees had official bank books showing their 'savings' or was it paperwork done on the side.  In the 24 years of living in Thailand, it seems most all the reports of banks ripping off customers money involves someone giving their ATM pin number to a relative/family member or some other dodgy investment involving non-traditional banking.  I don't like getting a fraction of a percent interest on my retirement but it's the cost of living in Thailand and I live with it.  

[ChipButty]

The bank would do well to announce that they will make good any losses, otherwise there will be a bigger <deleted> queue tomorrow of people wanting to empty their accounts.

[J Town]

8 hours ago, 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 publicized about bank staff behaving in this manner.

 

Very unsettling for many.

I check my ฿800k every morning. I heard of a debit card being copied and the account drained to the max amount daily. Credible source, now a credible story.

[jacko45k]

6 hours ago, Jingthing said:

is there really much chance that the bank in question will be legally obligated to pay the money back? 

Since it stemmed from one of their employees, a manager at that, I would very much hope so. 

[PatOngo]

1 hour ago, Don Chance said:

What joke, why would anyone bother trying to retire in Thailand?

 

You are going to get ripped off, arrested, discriminated against, attacked, punched in the face, canceled visa, cheated out of your rent deposit, pushed off your condo balcony, catch HIV from your GF after she changes the deed to your house and in the end the bank will steal your money and say tough luck farang!

...........and then there's the negative side................! ????

[madmen]

The BANK has to refund since it's an internal issue 

[PatOngo]

1 hour ago, Destiny1990 said:

So is the bank going to compensate all the investors?

Ah, I think only the bank can answer that!

[HampiK]

 

1 minute ago, jacko45k said:

Since it stemmed from one of their employees, a manager at that, I would very much hope so. 

I don't think so, because the money never gone to the books of the banks. The manager (from my understanding) took the money from customers. And as the customers were willing to give the money in cash (bags of money) I would guess there will be no evidence of the money.

 

My guess is, the bank not feel responsible at all. How the bank could check on this? I would check on the second manager how it's possible that she not was seeing anything!!!

[PatOngo]

20 minutes ago, GeorgeCross said:

 

how does noticing your money is gone, after its gone, stop you losing your money?

 

 

.....you.....just .....shut the gate! ????

[jacko45k]

8 minutes ago, HampiK said:

My guess is, the bank not feel responsible at all. How the bank could check on this? I would check on the second manager how it's possible that she not was seeing anything!!!

Yes interesting... although I presume the deception occurred within the premises of the bank.....the clients didn't meet him in Katesiree House.

Edited February 3, 2021 by jacko45k

[ChipButty]

According to the report, Mr. Chaisit was responsible for money transfers from abroad on behalf of the farang clients and ensuring that they were deposited into their accounts. The farang would receive a bank book with the account balance that is transferred from abroad, but it turned out the money in that account didn’t exist. 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.

[champers]

Will any posters on here own up to being victims of this scam? I would like to hear their side of the story.

Edited February 3, 2021 by champers

[ChipButty]

My wife doesn't trust the Thai banks, so if she doesn't then I don't.

[Wildliferescue]

Why is ThaiVisa not telling us it is the Kasikorn Bank? 

[ChipButty]

I think this goes on more than you will ever know I had a small amount 7000 baht taken out of my account some years ago within a day I noticed it, after I questioned them about it, it was put back right away. 

The staff could sit there taking a 1000 baht a time how many people would know?

 

[ChipButty]

3 minutes ago, Wildliferescue said:

Why is ThaiVisa not telling us it is the Kasikorn Bank? 

You want them to do all the work for you?

[redwood1]

Hell even Bernie Madoff guaranteed  less than 3.5% a month....

 

Madoff claimed an average annual return of better than 11% but with very little volatility, according to a person familiar with the matter. The firm purported to be returning a steady 1% or so a month and to have never suffered an annual loss, this person said. There were other red flags.Dec 13, 2008

[anchadian]

6 minutes ago, Wildliferescue said:

Why is ThaiVisa not telling us it is the Kasikorn Bank? 

There's a lot TV don't report.  

 

All the relevant news is out there but not on TV.

[PatOngo]

3 minutes ago, redwood1 said:

Hell even Bernie Madoff guaranteed  less than 3.5% a month....

But he scammed much bigger players than this!