Japanese expats say they lost 30 million baht in retirement visa investment scam

[webfact]

Picture; Sanook

A group of Japanese expats living in Chiang Mai say they are victims of an investment scam, with losses totalling 30 million baht.

The men say they were invited to invest in a visa agency by a Thai woman and her Japanese boyfriend. 

The money invested would be used to loan to other Japanese expats who did not meet the 800,000 THB financial requirement needed for a so-called retirement visa.

The investors were told they would receive a 10% return on their investment and were initially repaid as promised. However, the money quickly stopped being paid.

The woman who approached the men also told them she operated a travel business which after being given a concession to organise the popular Yi Peng festival needed further investment.

That money was not seen again either.

The investors then visited the office where the woman and her Japanese boyfriend had been working only to find it shuttered, with the couple nowhere to be found.

Sanook reported that some of the men are now unable to afford the 800,000 THB needed for their ‘retirement visas’ and now face having to leave Thailand.

Another man said he could no longer afford to pay for his cancer treatment.

The losses per victim range from hundreds of thousands of baht up to 9.4 million.

Chang Phueak Police are investigating and have issued arrest warrants for the wanted couple.  

 

-- © Copyright Thai Visa News 2021-03-18

 

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[tomazbodner]

Now she can open another agency to help these guys out with a loan...

[Ramdas]

Oh dear I feel sorry for the Japanese victims to this scam, clearly you’re far better off and safer in  a civilised well functioning country as Japan, I don’t get it,  why wasting your time and money in Thailand’s land of scams and corruption ????????‍♂️

Edited March 18, 2021 by Ramdas

[dabhand]

34 minutes ago, Ramdas said:

Oh dear I feel sorry for the Japanese victims to this scam, clearly you’re far better off and safer in  a civilised well functioning country as Japan, I don’t get it,  why wasting your time and money in Thailand’s land of scams and corruption ????????‍♂️

Yup, such things never happen in Japan. Such an honest and well functioning society.

https://www.nippon.com/en/japan-data/h00695/

Edited March 18, 2021 by dabhand

[Crusader]

Sad...feel a bit sorry for those who lost out to the scammers. But, yet again, some people are just too eager to try a make a quick profit...without really asking themselves if it is too good to be true.

[RichardColeman]

Most agents to my knowledge put the money in and take it out the same day, I fail to see why these people didn't get suspicious they did not get their 10% and money back the same day. And as for losing 9 million ? I'm not sure if that's greed of lack of brain matter

[khunpa]

Just shows that having lots of money to “invest”, is not equal to having common sense.

They were even investing in something that was illegal.

Idiots!

 

Edited March 18, 2021 by khunpa

[KarenBravo]

1 hour ago, Ramdas said:

Oh dear I feel sorry for the Japanese victims to this scam, clearly you’re far better off and safer in  a civilised well functioning country as Japan, I don’t get it,  why wasting your time and money in Thailand’s land of scams and corruption ????????‍♂️

Because Japan is outrageously expensive and has a healthcare system like the USA. Insurance driven.

[ThailandRyan]

2 hours ago, webfact said:

The money invested would be used to loan to other Japanese expats who did not meet the 800,000 THB financial requirement needed for a so-called retirement visa.

Just waiting for this loophole too be closed off.  If you do not have the necessary funds to stay here then you should really think about getting the funds necessary or unfortunately find another way to stay, or maybe look at your investments and find a way to obtain the funds.

[arick]

1 hour ago, Ramdas said:

Oh dear I feel sorry for the Japanese victims to this scam, clearly you’re far better off and safer in  a civilised well functioning country as Japan, I don’t get it,  why wasting your time and money in Thailand’s land of scams and corruption ????????‍♂️

Yes all the cracks are opening now 

 

[natway09]

As the saying goes

"If it looks too good to be true, it probably is "

Bit gullible, me thinks

[easydoor]

No compassion at all. Investing money in something what is complete illegal??? How stupid can you be? 10% return must make you think if you have a brain.

[Uzul]

They used Ponzi ???

[apetryxx]

1 hour ago, KarenBravo said:

Because Japan is outrageously expensive and has a healthcare system like the USA. Insurance driven.

So what’s wrong with that?

[Ireland32]

1 hour ago, ThailandRyan said:

Just waiting for this loophole too be closed off.  If you do not have the necessary funds to stay here then you should really think about getting the funds necessary or unfortunately find another way to stay, or maybe look at your investments and find a way to obtain the funds.

You will be waiting a long time , keeps you busy worrying about it 

[Tambs2020]

2 hours ago, dabhand said:

Yup, such things never happen in Japan. Such an honest and well functioning society.

https://www.nippon.com/en/japan-data/h00695/

But it’s not about that now is it!

 

it’s about them being scammed in Thailand right?

 

keep on track mate!

[Uzul]

Are they using Ponzi schem ?

[dabhand]

4 minutes ago, Tambs2020 said:

But it’s not about that now is it!

 

it’s about them being scammed in Thailand right?

 

keep on track mate!

The poster was stating that Japan was a well functioning country. I was merely pointing out a possible flaw in his comment.

Do keep up......????

[ThailandRyan]

6 minutes ago, Ireland32 said:

You will be waiting a long time , keeps you busy worrying about it 

Not for me to worry, just the ones who need that loophole and use an agent to accomplish what they need for their extension of stay.  I myself am set and will never have to use an agent or need to for finance issues, knock on wood.  Only monthly costs I have are the ones for food, utilities, insurance and of course fuel for the vehicles.  Living the dream.  I know a few that live on the edge of a sword financially unfortunately, and are wishing the baht would sink a few, so their exchange rates goes back to where it was and give them breathing room, but then they also have a FD account and hold the funds needed.

[KarenBravo]

41 minutes ago, apetryxx said:

So what’s wrong with that?

Isn't it obvious?

Japanese men retire here due to the much lower cost of living and lower cost of health care.

These guys are retired and are on a fixed income.

Do you understand now?

[DogNo1]

I feel sorry for these guys.  Helping out other Japanese who do not have sufficient funds was certainly a psychological draw as was the Japanese man of the couple.  Perhaps there was a sort of Megan and Harry aspect to the partnership.  The Thai woman may have educated a gullible Japanese man about how to make money in Thailand.

 I was scammed in an investment scam once.  It really hurt for a while: both the humiliation and the loss of money.  My money is now handled by a retirement income investment advisor in NYC and I regularly review my statements and positions.  After fees, I make a little more than 4% per year.  In Thailand, you just don't have any legal protection. Bernie Madoff's victims were able to recover a little bit of their capital due to US laws concerning fiduciary responsibility.  Although even in the US, I have many friends who were bilked out of everything by their financial advisors! Caveat Emptor!

[ravip]

1 hour ago, natway09 said:

As the saying goes

"If it looks too good to be true, it probably is "

Bit gullible, me thinks

100% Correct. People get caught to the Nigerian windfalls too!

Where ever humans are, there are scammers around. One must gamble ONLY with what one can afford to lose.

Edited March 18, 2021 by ravip

[Oldie]

2 hours ago, RichardColeman said:

Most agents to my knowledge put the money in and take it out the same day, I fail to see why these people didn't get suspicious they did not get their 10% and money back the same day. And as for losing 9 million ? I'm not sure if that's greed of lack of brain matter

This does not work anymore. The immigration checks how long you had the 800 and 400 thousand on your account. 

[digger70]

3 hours ago, RichardColeman said:

 And as for losing 9 million ? I'm not sure if that's greed of lack of brain matter 

Both.

[tonray]

1 hour ago, Uzul said:

They used Ponzi ???

No, they were Japanese, not Italian. Ha ha ha

[sammieuk1]

They will now be served deportation orders for funding illegal activities. a cut for the police when they find the miscreants  and all is sunny in paradise ????  

[thailand49]

" Initially Repaid "   am I reading that right?  If so, what's the problem?????

[shackleton]

Welcome to Thailand

They are not the first and won't be the last to be scammed out of their money 

Greed knows no boundaries 

[elliss]

5 hours ago, Ramdas said:

Oh dear I feel sorry for the Japanese victims to this scam, clearly you’re far better off and safer in  a civilised well functioning country as Japan, I don’t get it,  why wasting your time and money in Thailand’s land of scams and corruption ????????‍♂️

 

    Quite simple really .

     Sex is far more cheaper in the Thai Kingdom .

     Known as Lady Bar,  cleaner / cashier , etc .

    Japanese , prostitutes are far more expensive ...

     Life goes on . Wants and needs ...

[the green light]

5 hours ago, tomazbodner said:

Now she can open another agency to help these guys out with a loan...

it is a money laudering.

take for peter to pay paul.

as long as money coming in they can pay the interesr.

at one point, take it all and run