DSI seeks help from foreign buyers over alleged condo fraud in Thailand

[webfact]

File photo for reference only

 

The chief of the Department of Special Investigation has urged foreigners who have been deceived in alleged condominium investment scams to get in touch.

 

Many foreigners in some of Thailand's leading places for expat living have been allegedly ripped off by New Nordic Development Company Limited, reported the Thai media.

 

DSI chief Lt-Col Korawat Panpraphakorn said that a working party had been set up after it was shown that parts of a 3.4 billion baht project known as Phetchaburi Park had encroached on Pa Yang Hak - Khao Pum protected forestry land in Ban Lat district of Phetchaburi.

 

The development is on 555 rai of land.

 

Korawat wants other foreigners in Pattaya, Koh Samui, Chumphon and Phuket to get in touch with their grievances after investing in Nordic's projects elsewhere in Thailand. 

 

He said many foreigners had been deceived.

 

Then can do so via a QR code or via the link: https://forms.gle/cJm3etUGM7LUBMMW9.

 

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[RotBenz8888]

Penny stocks or condos in Thailand, which is safer? 

[scubascuba3]

talking of scams, i see a digger by Pattaya waterfront development this morning, maybe demolition is about to start

[Will B Good]

6 minutes ago, RotBenz8888 said:

Penny stocks or condos in Thailand, which is safer? 

Penny stocks every time.

[Will B Good]

You have to feel for these poor souls, some could have lost a good proportion of their life's savings....but what were you thinking?

 

As someone said 555 rai was a clue.

[Mr Meeseeks]

Looking at their website it is quite obvious it is a scam. 

[lapamita]

2 hours ago, Will B Good said:

You have to feel for these poor souls, some could have lost a good proportion of their life's savings

 

 

 they sale condos with buy back garantee and 10% net rental yield ( what a wonderful world) if the garantee woud be by bangkokbank i would invest direct , but garantee was by a sub company withh 1 mb thb  capital, a wortheless garantee from begining.

 

how in hell , a complete overpriced condo can bring 10% yield after expenses .  investors sry specualnts are greedy

 

rental yield after all costs before corona was already 3 to 4%  if you to it private at very low expenses, their propertys  could even not bring 2% compare to sales price and expenses for commercial rental

 

for ex they sold condos at 3,99 mb thb  and at same day they anounced rental for monthly 15000 incl maid and...

 

how in hell somebody could belive 10% net and buy back garantee

 

one time press google for help .. before they was in europe spain and damaging there

 

but they before other countrys already and left damages there

[arick]

3 hours ago, Will B Good said:

You have to feel for these poor souls, some could have lost a good proportion of their life's savings....but what were you thinking?

 

As someone said 555 rai was a clue.

I know one who has lost over 1 million leuros and only half was in the New Nordic. This is not going to be the last one. It just happens not to have a pending court case yet. And a farang CEO Why in the hell I don't know. More to come watch this space. 

[crazykopite]

Would be interested to know if the chief has ever jumped out of an aircraft as he has para wings embroidered  above the DSI badge on his uniform it’s like every Monday government workers dressed in uniform full of medal ribbons and gold braiding it creases me up 

[Almer]

53 minutes ago, crazykopite said:

Would be interested to know if the chief has ever jumped out of an aircraft as he has para wings embroidered  above the DSI badge on his uniform it’s like every Monday government workers dressed in uniform full of medal ribbons and gold braiding it creases me up 

In fairness if he is top dollar you would expect him to have a bit of bling.

[Destiny1990]

Most of these Nordic very overpriced units that were offering 10% rental returns came with a poor leasehold structure.

[Millcx]

4 hours ago, RotBenz8888 said:

Penny stocks or condos in Thailand, which is safer? 

Geez Gimmie a harder one 5555 

[overherebc]

1 hour ago, crazykopite said:

Would be interested to know if the chief has ever jumped out of an aircraft as he has para wings embroidered  above the DSI badge on his uniform it’s like every Monday government workers dressed in uniform full of medal ribbons and gold braiding it creases me up 

If you enlarge it it looks more like a cop directing traffic.

[geisha]

They were renting at very low prices. I visited one in Pratumnak Pattaya, the condo was nicely done, new, 12000B a month for 12 months, 18000B for 6 months if I remember right. There was everything in the kitchen which was smart, and the pool was good. A few local shops. I didn’t take it as there is no public transport nearby, and the walk uphill to Theprassit is steep. ( don’t drive in Thailand ) 

[hotchilli]

5 hours ago, webfact said:

He said many foreigners had been deceived.

Yep, you got that right.

[Jimbo53]

1 hour ago, Almer said:

In fairness if he is top dollar you would expect him to have a bit of bling.

And a Ferrari or two ????????

[Darksidedude]

i would never ever buy off the plan in Thailand, place i brought was built in 1994 pretty safe there i reckon

[Darksidedude]

2 hours ago, Destiny1990 said:

Most of these Nordic very overpriced units that were offering 10% rental returns came with a poor leasehold structure.

and orrible looking 

[Acharn]

3 hours ago, crazykopite said:

Would be interested to know if the chief has ever jumped out of an aircraft as he has para wings embroidered  above the DSI badge on his uniform it’s like every Monday government workers dressed in uniform full of medal ribbons and gold braiding it creases me up 

Back about 40 years ago I read a humor book by a Thai bureaucrat, one of a series with "Smile" in the titles, describing his experiences as he rose through the ranks. It was hilarious. The one I was reading was the point where he got promoted to Nai Amphoe. He had to go through a training school that lasted six weeks or so. Very military oriented, and included parachute training. They qualified with a tower jump.  The chief is a policeman, though, so his training may have included one or more airplane jumps, but probably 20 or more years ago. I remember there was a coup where Police General Phao Sarasin tried to oust Field Marshal Phibunsongkhran. The police in those days had frigates, armed aircraft, and tanks. After he won the Field Marshal made sure they didn't.

 

At the graduation party from the Nai Amphoe school, one of his friends described how much he was looking forward to getting home and boinking his wife. "I've slept with a Kharachagan's wife, and I've slept with a Balad's wife, but I've never slept with a Nai Amphoe's wife."

[Damrongsak]

"...parts ...had encroached ..." on the reserve.  I read that 499 of the 555 rai were forestry land. 

[tracker1]

Wonder if this fella investigated the encroachment of developments on land at Doi Suthep in Chiang Mai ?

 

[tracker1]

6 hours ago, crazykopite said:

Would be interested to know if the chief has ever jumped out of an aircraft as he has para wings embroidered  above the DSI badge on his uniform it’s like every Monday government workers dressed in uniform full of medal ribbons and gold braiding it creases me up 

From conversing with many police very few have jumped out of an aircraft to acquire their wings and as for the ribbons there are many to choose from in the uniform and police shops for anyone to purchase seems noone seems to ever questions ones bling

[Harveyboy]

3 hours ago, Darksidedude said:

i would never ever buy off the plan in Thailand, place i brought was built in 1994 pretty safe there i reckon

i bought off plan with Matrix a condo in pattaya 4 months late because of weather must admit that it was terrible that year got it signed sealed..some of the  workmanship was C..P re fitted a few things job done .off plan good deal worked for me 

[CH1961]

4 hours ago, Darksidedude said:

and orrible looking 

You do not like bright orange? 

[Hayduke]

13 hours ago, webfact said:

The chief of the Department of Special Investigation has urged foreigners who have been deceived in alleged condominium investment scams to get in touch.

 

He wants to make sure the New Nordic Development Company has been paying him his rightful share of the scam profits.

 

 

 

[cncltd1973]

10 hours ago, crazykopite said:

Would be interested to know if the chief has ever jumped out of an aircraft as he has para wings embroidered  above the DSI badge on his uniform it’s like every Monday government workers dressed in uniform full of medal ribbons and gold braiding it creases me up 

I got my wings waay before he did when I took a 747 to Los Angeles on summer break from elementary school. I should wear it more often????

[canthai55]

You can get para wings in LOS from a tower jump

[Sydebolle]

The Department of Special Investigation might be talking to the Ministry of Interior on this subject. 

If real estate purchase would be as simple as in most other (Western) countries, then such scams could not even take place. Create a one-page law on how real estate can be held, publish this in English and Thai and maybe stop - for once - a two-tier system by "Thai Only" vs "non-Thais NO". 

Only once I can legally own what I buy I would be considering it; until then you may keep your stuff and keep on cheating the dirty farang ....... 

[Darksidedude]

11 hours ago, CH1961 said:

You do not like bright orange? 

ha no its hideous 

[Mr Meeseeks]

22 hours ago, webfact said:

He said many foreigners had been deceived.

Plenty more where they came from.

 

Most of these ???? don't want perform to due diligence, don't give a fig about the empirical evidence and simply don't understand the first thing about the place so are easy marks.

 

A fool and their money etc.