Expats swindled out of 100 million baht by Pattaya bank staffer meet prosecutor

[Oldie]

6 minutes ago, spidermike007 said:

In most civilized nations, who adhere to the rule of law, the bank would either take responsibility, or be forced by the authorities to take responsibility. Period. It is chump change for a big bank. $3 million is lunch money for a big Thai bank. 

I am not so sure 

 

https://csvictims.com/news/credit-suisse-refuses-to-return-funds-stolen-in-1-billion-fraud/

[thailand49]

" Evidence that he did not do it " but he used old books?  <deleted> is that supposed to mean!

 

First, if the prosecutor can't figure this one out he should resign and find another job. Sure this is Thailand but once the prosecutor is involved the police shouldn't even be in the room unless the police has not idea how to investigate the case which might be the real problem.

 

Even here 2 cases one is criminal and if the evidence showed he scammed bank clients out of money he is charged and prosecuted. Second, is Civil if he was still being employed by the bank use the facility and the bank property (books) access to information then the bank is responsible to make good and if the loses are such the clients individual or group shouldn't have a problem obtaining some good Civil attorney to sue the bank!  This is easy bank if the evidence is there settle the case or settle latter with a hefty legal bill.

 

File a Lawsuit get the bank name on public record and watch clients leave when they do the attorney should wait for a call. Even here banks carry insurance cheaper to settle!  Forget these idiots in the photos!

 

 

[Dave0206]

2 hours ago, scubascuba3 said:

Compensation by Kasikorn should only be the money deposited, not the 42% annual Ponzi increases, I wonder if those effected are including that amount as this has been going on for years apparently

Very true if I go into the bank and normal investment is giving between 0.5 to 1% my how lucky I am that I have been chosen to receive lottery win amounts of interest madoff investors would be jealous.

As you correctly say if I had 1 million received for arguments sake 200,000 interest prior to losing the lot I am down 800.000 .

I can not understand how the branch manager did not see anything suspicious whole string of people only wanting to deal with assistant manager.

[moe666]

The scammed do have culpability as well falling for the old high interest rate scam. There is always the scammed and the scammer, scammed because of greed. How do people allow someone have their old bank book. When my book is full they hand it back to me. The bank needs to pay up a scam by one of there employees acting on the banks authority. 

[Presnock]

Yeah, remember in the US they have had several kinds of fraud i.e. stealing a penny or so off each acct monthly for years totaled quite a large sum eventually.  Another large subsidiary bank of one of biggest US banks had 30,000 fake accts that were used to syphon off monies - don't know how it all worked but after they were caught , the CEO had to "retire" with a 58 million USD clause in his contract for early forced retirement.  There have been others but always in the US the banks are liable and the same with the credit cards if used fraudulently, even if one is totally unaware and the most the banks ever charge is 50 USD.  No matter where one banks, always keep an eye on your acct.  Anything get rich quick scheme is most likely fake.  I myself use the monthly 65000 baht deposit from overseas method for extension of stay and since the embassy stopped issuing letters of guarantee, it has become that much cheaper to renew my extension and saves me a trip to the consulate every year.  

[Tahoe]

Shouldn't all banks be federally insured? I know that is the case in North America and Europe, but T.I.T. I hope these victims get compensated and the bank manager has a long holiday at the 'BKK Hilton'.

[Matreusse]

1 hour ago, Andrew65 said:

Surely the amount of money is printed in the bank book? If the employee pocketed the cash, he did so whilst being employed by the bank.

The funds weren't logged in official bank passbooks, they were obsolete books/documents that he should have destroyed, that was his scam.  The deposits weren't made at the bank either.  If proper books had been used and the deposits logged officially, it wouldn't be his scam, it would just be his theft of bank funds.

[Matreusse]

1 hour ago, Stevemercer said:

the money was stolen by a bank employee with the compliance of other employees in the branch (who looked the other way).

Where was that reported?

[guzzi850m2]

One thing that I don't understand, the bank manager that received the 100 mill he must still have them somewhere?

 

If so, then it should be pretty easy to get hold of that money and hand it back to the owners?

[RichardColeman]

Maybe I'm the only one that regularly checks their bank account !

[zaZa9]

So this puts pay to all the TV "experts" who have constantly asserted the Thai banking system is the same as  other countries banking systems .... they've all gone quiet I see.

[Dave0206]

It seems to me that on the face of it apart from a few early investors there were no winners the accused got in over his head perhaps gambler.?
A normal scam artist would have taken as much as possible then bolted but he stayed in his job day in day out obviously like any pyramid scheme it gets to a breaking point where it is impossible to get enough “new investors “

to pay original investors the totally unrealistic interest promised.

 

[Chongalulu]

48 minutes ago, Harry Fingerling said:

????????????Good luck with that mate, more chance of it being delivered to your door on Shergar ridden by Elvis. 

Funny that,I’ve just heard a knock at the door ,accompanied by some whinnying and neighing and a melodious‘Suspicious minds' ???? 

[Matreusse]

17 minutes ago, zaZa9 said:

So this puts pay to all the TV "experts" who have constantly asserted the Thai banking system is the same as  other countries banking systems .... they've all gone quiet I see.

So you've got an example of where this scam has happened elsewhere and the bank has immediately agreed to compensate customers even though the deposits were being given to the Asst Manager in dubious circumstances not involving the bank?

[Chongalulu]

14 minutes ago, zaZa9 said:

So this puts pay to all the TV "experts" who have constantly asserted the Thai banking system is the same as  other countries banking systems .... they've all gone quiet I see.

It’s quite clear that in any Western  bank ,there would be no dispute and the bank would repay all the customers immediately. They would not distinguish between the employee and the bank. He is in a role representing the bank and thus IS the bank by law. 
If the Thai bank does not operate in this way then there must be some serious issues of compliance with resultant damage to the whole Thai banking and legal system 

[newnative]

   Absolutely the bank is completely responsible and liable for what goes on at its branch office and it should be working to refund all monies lost once the amounts are established.  

[Ventenio]

I will admit it!!!!!   I lost 10,000 baht.   

 

Luckily I have 10,000 bitcoins.......  I was going to sell my bitcoins at $1 but then I had to get lawyers for this 10,000 baht......finally I could look at the price of Bitcoin today.....I'm very busy.  

 

so, yes, I got scammed!!!!!   let the hatred commence....oh, i got soooo scammed!!!!  

[Mark mark]

This smells a bit fishy from both sides if you ask me ? ...  Like did he steal the money by jut taking it with out permition ??? ...  Like forging their permition ? and just Bluntly stealing it ? ....  Or did the customers give him access to their money ? in return for the Promise of High Returns ?  ... ???

 

Like my Old Grandmother, always told me ? .... Scammers always offer you something,  and often something for nothing, .... but something that is often illegal, ...  but they tell you that you will profit from it. .... That is how they get you in. ? 

 

...  I lost 75K in Singapore to a Rogue trader, who should not have been even let near my account, ... But I got it back. ... and well that story better end right here I think. ... But I do suspect that in this case, the Assistant Manager was probably offering them something, that was Probably just a stupid thing for them to have agreed with ? ....  or even just basically Illegal. ??? ... Possibly. ???

 

(... But I also lost a LOT more in Cambodia, ... because I trusted / and gave some one un official or docuented control of my Money there, ...  which well, .... (To Old to me a young starter ! ... So what the <Deleted> went wrong with you then M !!!) ... Which I did NOT get back !!! ... !!! ...  And That !!! was a very VERY Big Mistake !!! I can tell you, !!! )

 

Like DO NOT EVER DO THAT, give control of your money to some one, Unofficially !!! ... always keep things above board (As well as you can) ... And always independently keep control of ALL of your own money. ... And never believe the "Offers of a Life time", as they usually only reduce it, ...  financially any way.)  .... 

 

(Like it was quite Legal, like Car Rentals ! ... But the wrong Person (Re getting my money back) ... and no guarantee ... and then the CV 19 Virus hit and basically bank rupteded most business People in the whole f S. E. Asia .... !!!  ... So good night Irene, to my part half shares in 6 big nice and gutzzy, ...  and fairly indestructible, ...  Toyota 4x4 Lexises.)  

Edited February 17, 2021 by Mark mark
A Clean business in Cambodia, But very bad organization - WATCH OUT ! People.

[fulhamster]

5 hours ago, phantomfiddler said:

Surely there is absolutely no chance that these people will not be remunerated immediately by the bank ! Also very sad that they do not name the bank in the original post ????

It has a green logo

[upu2]

I could make a good guess as to what bank it was having provided information showing scammers using their bank and no action was taken by the bank.

[connda]

11 hours ago, madmen said:

Madness. The bank lost the money the bank needs to replace it 

The guy was an employee and an agent for the bank.  The bank is responsible.

[shackleton]

Seems to be a lot of people second guessing what the outcome could be 

Should wait until the proper action has been instigated on the Bank

Then see what their  action is 

Hopefully people will be given their money back or at least the initial investment 

[scorecard]

6 hours ago, cracker1 said:

Are there no Monthly or Quarterly audits carried out at KTB ?

Or continuous AI driven auto analysis to pick up 'anomalies'?

[Mark mark]

39 minutes ago, nchuckle said:

It’s quite clear that in any Western  bank ,there would be no dispute and the bank would repay all the customers immediately. They would not distinguish between the employee and the bank. He is in a role representing the bank and thus IS the bank by law. 
If the Thai bank does not operate in this way then there must be some serious issues of compliance with resultant damage to the whole Thai banking and legal system 

In a western country they probably would not have even dealt with these People !!!!! ... Have you ever tried to get a Housing loan in the west now, ? ... with out having a job, ? ... Having made money on the stock market will not help you any more, ... it is considered useless as security, as they say that you can not prove it is yours !!! ... And you now can not open bank accounts or any sort of Business in many countries now, .... (Like Singapore for sure, ... and probably Australia just to start off with ?) ... Or do just about any thing !!!  ... ...  Because of all of the new Money Laundering protection rules !!! ... 

 

Try doing a money transfer in the west now, or using your international Credit cars for "Donations" ... Like for the Church ! ? ... They will not accept this as a good reason to be doing this Australia now, ! .... d/t the Huge Money laundering sandal for the biggest banks in the US, early last year, ... I think ?  .... and that then took in our Biggest bank the CBA, also, !!! ... So only "For Family Support" works now I think ? ....

 

...  So well, cherish Thailand where you still can open an account !!! ... BUT ..Just watch them !!!  ... But do not loose control of your accounts, ... or trust deals of a life time, quite obviously, or High Returns, ....  or other quite obviously Dodge stuff) ...

 

I still trust my Bank in Thailand. (BBL)... 

[Mark mark]

.... Yes, I never liked the bank with the Green Logo either ... after one brash young upstart, puffed him self up and said that I could only get an account with a low interest rate, as "I was a Foreigner" !!!  ... So I went around the corner to the Bank with the Blue Logo .... with a guy there that I knew at that time, .... who said ... "Yes we know that you live here, ... You can have one with the normal amount of interest" ...  And I have never been back to that One with the Green Logo.... 

Edited February 17, 2021 by Mark mark
corrections - Spelling

[monty1412]

11 hours ago, soi3eddie said:

 

Assuming that the "alleged" perpetrator was an employee of the bank and the scams took place on bank premises during opening hours then the bank is 100% liable for the employee's actions. The bank must compensate the customers immediately and in full. Will this happen? Unlikely here I'm afraid. 

 

Really?  Its that simple is it ... given the employee was selling non accredited products from the Kasikorn bank i.e the Kasikorn bank had not approved  or endorsed the product is the bank responsible .. let me pose it a  few different ways .... staff member of the bank in a fit of rage  hits  another staff member and knocks out his teeth .. is Kasikorn bank responsible for this because he was employee  and it happened on their premises... maybe another one  staff member selling Amway type items .. an electric food processor for example... person comes into bank buys one and gets electrocuted ... is the bank liable for that just because it was an employee who made the sale on company premises ... I think you need to rethink your statement of 100% liable

 

[spidermike007]

The wierd thing about this scam is why weren't these folks regularly checking their balances? It is all online now. Who wouldn't be suspicious of deposited funds not showing up somewhere? 

 

I understand the power of greed as a motivating force. But, some common sense precautions are just a basic survival skill, are they not? 

Edited February 17, 2021 by spidermike007

[Pique Dard]

11 hours ago, webfact said:

assistant branch manager at a well known commercial bank

give us the "well known commercial bank's name", please!

[bimmerbob]

7 hours ago, cracker1 said:

Are there no Monthly or Quarterly audits carried out at KTB ?

 

The assistant manager was probably leading the internal audits.........

[monty1412]

42 minutes ago, scorecard said:

Or continuous AI driven auto analysis to pick up 'anomalies'?

and somehow  you think this guy was putting the funds through Kasikorn system  ? Its already been stated these were non authorised or endorsed K bank  schemes and as such would not have had input codes to place in the system and as such never picked up by audits  AI driven or not.. think about what you are writing guys