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

[csmith]

I suspect there are many weird and wonderful loses that happen inside Banks Globally .... big and small .... and they settle them in secret as the Banks do not want to tarnish reputations in any way or have customers lose confidence.

 

I would have hoped that in this case .... with a Bank employee during working hours on Bank premises .... that the Bank would take full responsibility and reimburse the victims.

 

What a vote of confidence that would be for the Bank.

 

I wonder if Banks insure themselves against in-house fraud?

[monty1412]

1 hour 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 

ohh please spare me.. stick to chuckling .. IS the bank by law... lmao

[monty1412]

1 minute ago, csmith said:

I suspect there are many weird and wonderful loses that happen inside Banks Globally .... big and small .... and they settle them in secret as the Banks do not want to tarnish reputations in any way or have customers lose confidence.

 

I would have hoped that in this case .... with a Bank employee during working hours on Bank premises .... that the Bank would take full responsibility and reimburse the victims.

 

What a vote of confidence that would be for the Bank.

 

I wonder if Banks insure themselves against in-house fraud?

finally a sensible comment....

[ChrisKC]

We don't know the time scale here exactly but it seems like it was going on for some time. Is there no checking system that can detect something a little sooner before all that money is disappearing?

 

And nothing suspicious with the perpetrator over a period? Any other "partners in crime" involved?

[Oldie]

1 hour 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 

 

I don't know what you are talking about. Here a story about Credit Suisse, the 2nd biggest Bank in Switzerland. Billions disappeared (not Baht). The employee killed himself in the meantime. Perhaps he would have been killed by some of his extremely wealthy and powerful clients anyway... 

 

https://csvictims.com/news/

[scubascuba3]

10 minutes ago, monty1412 said:

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 

So all the amount deposited by all the customers was cash? no transfers ever? 

[ThaiFelix]

12 hours ago, webfact said:

The bank is looking at initial ways to compensate clients who are in urgent need of money.

Easy you just write cheques for the 30 balances, give it back to its owners and worry about the details later.  Take some responsibilty!!

[aldriglikvid]

Done on inside the bank premises, by a manager, in eyesight of all the staff, for years and years (of course K letterheads were used etc.) and still K are able to get out of this more or less untarnished. I'm extremely impressed. The anti-defamation is, in practice, a protection scheme for big corporations. 

This would've caused uproar and possible a bank-run in most countries. 

Order above all.

Extremely impressed. 
 

[monty1412]

34 minutes ago, scubascuba3 said:

So all the amount deposited by all the customers was cash? no transfers ever? 

well let me give you some  clues... the product was non approved non affiliated with the bank so wouldn't have been in the system with any ID codes or UI's so how would you transfer to a scheme where there are no codes.. did you really need to ask ?

[Mark mark]

Right back in the 70's I got a call from the manager of my local branch,of the Bank here in Australia with the Red Logo, ... The biggest or second biggest bank in Australia ? Right. ... And the manager said that he had a great offer for me !!! ... (I had been in to the bank, and asked about investments I think) .... And he sked me could he come around and talk to me.

 

...  So well I was in my 20's .. and I said yes, as I was looking for opportunities then, .... and the guy came around, .... rang the door bell, .... and then tried to get me to sell Amway !!!! Would you believe it !!! ... ...  The manager !  of one of the Bank with the red Logo, and about the biggest bank in Gods own, squeaky Clean Right (?) Australia, ... and one of it's managers phones me from the bank, and then comes around to my home, and tries to sell me Amway, ...  and get me to be a bottom part of his Pyramid !!! ....

 

...  So do not get to harsh on the Thai banks fellows !!! ... Really ? They are just all the same Realy any way ... It is just human beings !!! .... You just have to use your own brains right ! ? ... ?

 

Like in this story, this Assistant Manager should NOT have been doing this in the bank !!! ... But well ? Who is responsible for the losses ??? ... If you buy something like Amway or try other fast money schemes, from ANY ONE !!! ... Who is Really to blame ? ... ...  You of course, for just being stupid ??? ... 

Edited February 17, 2021 by Mark mark
spelling

[SupermarineS6B]

I said it when immigration brought in the 800,000 bht rule for retirees, you must be mad to trust a Thai bank with that kind of money...... Unless it was bank robbers money......    The bonus is that under the current finanacial climate you can wave that goodbye for a very long time if ever at all....... Welcome to Thailand where the bank can rob you and you don't have a leg to stand on...... Nevermind, just go home and get some more...... or maybe you could be tempted into buying a five million bht condo and we'll give you a free bar fine in Cowboy....... Sound good ?   

Edited February 17, 2021 by SupermarineS6B

[noone223]

Would this have been the same reaction from the bank, if the scammed foreigners were Japanese, Korean or Chinese?

[SupermarineS6B]

2 minutes ago, noone223 said:

Would this have been the same reaction from the bank, if the scammed foreigners were Japanese, Korean or Chinese?

I'll tell what they'd do, they'd kill your family and stick them all in a blender and feed them to you, then cut your limbs off one by one and do the same......  Mind you, for that kind of money there's plenty of farangs available that would if properly financially motivated do the same to the Deputy manager and his family....... Probably the only means of seeing that money again......  

[NanLaew]

4 hours ago, OJAS said:

 

Indeed. The "800k/400k brigade" who regularly come out in force on this forum fulsomely singing the praises of this particular method of proving finances for retirement extensions to the highest heavens as if it was the best thing since sliced bread seem conveniently to overlook the fact that "adverse little incidents" of this sort can and do occur from time to time thanks to lax banking security procedures. True that the "combo" method could, in theory, be used to compensate for resultant shortfalls in bank balances in the case of retirement extensions, but, in practice, this would require Embassy income confirmations to be obtained - which confirmations are, of course, no longer available for American, Australian and British retirees.

 

Also worth bearing in mind that, even if the bank were to recompense those affected by fraud in full in this case, there could well still be a period when retirees' account balances had temporarily dipped below the minimum 800k or 400k as the case may be. It is, I think, doubtful whether the Jomtien Immigration Office would willingly accept fraud as being the reason why minimum financial requirements had not been fully complied with at annual extension of stay application time - thus presumably leaving affected retirees with no choice other than to seek "agency assistance" at additional cost when their extensions next needed to be renewed.

 

 

 

If a punter is gambling his "800k/400k" temporary residence enabler, then maybe it's time for him to throw in the towel and go home?

 

For everyone else, there are agents... unless the one you chose was participating in this get rich quick scheme of course. Then see above.

[Mark mark]

Well this one IS a tricky One ? ... And I do think that maybe it is time for me to just shut up on it... (Sorry for calling them stupid, if it WAS just straight out Fraud and robbery !!! )

 

... Like if the assistant Manager used the banks system to access their accounts, with out having their log in and password, ... and just stole the money, then he stole the money, ! and the bank SHOULD be held Responsible and give it back ... but well ? ... As the Good gentlemen above point out ? What International banks actually DO do?  is probably quite up for debate ... like the basic rule "Make money at any expense" Is a pretty wide spread tactic I think, ...  and avoiding taking responsibility for any thing just about, also is I think.  

 

BUT if the Assistant Manager had their login details and password ? as they had given it to him, to do other potentially "Good Deals" for them ! ? ... But he then took the money ... Then he still stole it, but well, it is possibly not the banks fault, as the Customers gave out their password, and I think ? ... Well I am sure that the fine print of internet banking would say, that if you give your password away, or even just use an easy to guess one !!! ..Then, YOU are responsible for any losses.

 

....  So in that case, they can Charge or sue the Assistant manager ... but probably not the bank. ?

 

...  I guess that they will get nothing back which ever way, ... as the money would all just be gone any way. ... ...  But good luck to them for trying !!! and 30 of them ! ? They do have some numbers also !!!...  So it would be interesting to see just what Does actually happen.

[hottrader77]

15 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. 

no chance of getting money off the bank this is thailand and they protect their own , they are lucky the police did anything usually they would say its the farlangs fault , its a good job there was more than one swindled as police would not investigate if only one . the money will never be recovered it will be a happy retirement for the assistant bank manager and head of police kapiche

 

[scubascuba3]

7 hours ago, monty1412 said:

well let me give you some  clues... the product was non approved non affiliated with the bank so wouldn't have been in the system with any ID codes or UI's so how would you transfer to a scheme where there are no codes.. did you really need to ask ?

There are ways round it of course, transferring to the Assistant managers bank accounts he set up. Did you think of that? if those impacted were depositing cash every time then they really are the thick of the thick, so unlikely

[mberbae]

Good luck in assuming that the Bank will make good on

reimbursing the out of luck customers. They usually

claim it is the corrupt employee who needs to make

restitution. Then they wash their hands of it and walk away.

[soalbundy]

21 hours ago, madmen said:

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

I agree and with compensation for the stress caused, i imagine the difficulty lies in calculating the true amount of the bank balance at the first moment of theft and then how much was consequently stolen month for month added to that is how much was invested in one of his schemes, I doubt he kept records of his cheating.

It would be interesting to know his thought process, as an assistant bank manager he obviously wasn't stupid but surely he must have known that this would be discovered, did he have plans to disappear later and what is the IO going to do when they find that 800,000 Baht hasn't been kept up throughout the year.

[keithkarmann]

17 hours ago, Greenhill said:

Sorry, I can't see the connection!   Please elaborate.

Cheaper to use an agent for your extension and pay them what they charge instead of loosing 800,000 baht in the bank.

[jacko45k]

13 hours ago, spidermike007 said:

If I were a victim of this scammer, I would resort to more creative measures to ensure the return of my money. There are a nearly infinite number of avenues one could pursue. Depending on a Thai prosecutor, is likely not going to result in satisfaction, though I hope I am wrong. 

I am not sure about that.... the way defamation laws are here one would have to be careful. One might end up on a one way ticket if too much bad press is made, and that is not considering the darker side of retribution in Thailand. 

[NoshowJones]

17 hours ago, ukrules said:

 

The bank should be liable for every single Baht misappropriated by its own staff.

 

If it's not then there's a serious problem with the law.

 

What law?

[mikebell]

This story is years old.  It happened to me 14 years ago; different Thai bank - money taken at ATMs - only me and the bank knew my PIN. Total indifference from the manager.

[Chongalulu]

12 hours ago, monty1412 said:

ohh please spare me.. stick to chuckling .. IS the bank by law... lmao

Is there a coherent version of your comment? 

[Chongalulu]

13 hours ago, Mark mark said:

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)... 

Equating accessibility to a loan or meeting the requirements to open an account with a bank not meeting it’s obligations of fraud from an employee is a false equivalence- no matter how many exclamation marks you use !!!..... ???? 

[Chongalulu]

12 hours ago, Oldie said:

 

I don't know what you are talking about. Here a story about Credit Suisse, the 2nd biggest Bank in Switzerland. Billions disappeared (not Baht). The employee killed himself in the meantime. Perhaps he would have been killed by some of his extremely wealthy and powerful clients anyway... 

 

https://csvictims.com/news/

And what your link says is that the regulatory authorities are not letting the bank get away with it and this relates to the wealth management (IFA) arm  rather than any fraudulent activity relating to cash deposits.

[spidermike007]

1 hour ago, jacko45k said:

I am not sure about that.... the way defamation laws are here one would have to be careful. One might end up on a one way ticket if too much bad press is made, and that is not considering the darker side of retribution in Thailand. 

Encouraging innocent victims to cower out of fear, is exactly why these laws exist. Standing tall in the face of oppression and cowardice is the last thing they expect. Those who employ these morally bankrupt laws deserve all the bad press, all the online scathing, and all the bad fortune that comes their way. 

[Iron Tongue]

How was this a scam?  The rightful account holders had their money STOLEN by a bank representative.

 

 

[jacko45k]

14 minutes ago, Iron Tongue said:

How was this a scam?  The rightful account holders had their money STOLEN by a bank representative.

 

 

Were they not enticed by false claims of high interest rates? 

[johnarth]

the bank was named on the tv news, I a bit worried because I have most of my money in same bank, I not know why not allowed to name the bank? perhaps Thaivisa did not check that out