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

[aussienam]

22 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.

Unfortunately, not everyone is savvy to the scam methods used by unscrupulous, hard selling Thai and foreigner Real Estate salespeople.

 

And it does not help when the main  media outlets have heavily advertised as well as promoted companies like New Nordic Group and others over the years.  

 

The media group 'Thaiger' actually mentioned on their daily YouTube segment about a 'particular' company that was promoted by other media outlets with the knowledge they were scammers.  No shame.  

 

Unlike other developed countries that are heavily regulated and could face penalties, it seems here that as long as they are being paid, they will advertise and promote anything for you.  Run by crooks all of them.  

[Mr Meeseeks]

2 minutes ago, aussienam said:

Unfortunately, not everyone is savvy to the scam methods used by unscrupulous, hard selling Thai and foreigner Real Estate salespeople.

 

And it does not help when the main  media outlets have heavily advertised as well as promoted companies like New Nordic Group and others over the years.  

 

The media group 'Thaiger' actually mentioned on their daily YouTube segment about a 'particular' company that was promoted by other media outlets with the knowledge they were scammers.  No shame.  

 

Unlike other developed countries that are heavily regulated and could face penalties, it seems here that as long as they are being paid, they will advertise and promote anything for you.  Run by crooks all of them.  

Hence you should not be considering 'investing' here until you have done proper due diligence, understand the country and culture to a significant degree and reconciled with yourself that empirical evidence shows that there is a high element of risk. 

 

Met so many mugs in my 31 years here that I have lost count. Property scams, investment scams, financial advisors, etc, etc, etc. 

 

All of these investors or buyers seemed to think they knew it all after mere days or weeks here and that we were all stupid, preferring to take the advice of the real estate agent or seeking Thai council from bar-girls or prostitutes. lol. 

 

As I said a fool and their money and there are plenty fools end up losing it all in Thailand. 

 

[SomchaiCNX]

20 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 

Yes it is a police wing. Most of them do it during their officer course the are trained in Hua In. You can find a fatal accident clip on google of one of their cadets. 

[No1Farang]

In Samui the New Nordic Group started a development in two phases totalling about 270 units. I was reliably told by one of the managers that they had sold all but 3 units.  The first phase is structurally complete but not all windows aircons etc have been fitted. The second phase is only just above ground level.  All work stopped in Nov 2019 which was before covid had been invented. I understand the company is bankrupt and they have just abandoned the development thus leaving an ugly reminder to their incompetence.  I'm not sure which is worst. The nearly complete blocks painted orange or the concrete pillars just above ground level. For those who put life savings in for a retirement home I feel sorry for. But those that bought as an investment were fools. They should have read the small print first. Things that are too good to be true usually aren't true. 

Edited September 3, 2021 by No1Farang
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[Wake Up]

They had nice offices in the Trendy Building for many years. Office appearance was professional and had some “long term been in business long term track record claims” they promoted. I never bought any condo but I can see how they talked some people into buying. Not everyone that makes a mistake is a fool. The scammers disguise themselves as legitimate and are good at scamming. 

[Mr Meeseeks]

1 hour ago, No1Farang said:

In Samui the New Nordic Group started a development in two phases totalling about 270 units. I was reliably told by one of the managers that they had sold all but 3 units.  The first phase is structurally complete but not all windows aircons etc have been fitted. The second phase is only just above ground level.  All work stopped in Nov 2019 which was before covid had been invented. I understand the company is bankrupt and they have just abandoned the development thus leaving an ugly reminder to their incompetence.  I'm not sure which is worst. The nearly complete blocks painted orange or the concrete pillars just above ground level. For those who put life savings in for a retirement home I feel sorry for. But those that bought as an investment were fools. They should have read the small print first. Things that are too good to be true usually aren't true. 

The finished units look like Toul Sleng or S-21, the Khmer Rouge torture prison in Phnom Penh. 

[Pattaya Spotter]

Another foreigner run real estate investment scam in Thailand...I'm calling "fake news." ????????????????????????

[StevieAus]

On 9/2/2021 at 2:08 PM, 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 go into any government department on a Monday you will see everyone wearing a uniform usually a light brown beige color with gold insignia.

Obviously something they do here.

[Liverpool Lou]

7 hours ago, Sydebolle said:

Only once I can legally own what I buy I would be considering it;

There's nothing to prevent you from legally owning a condo in Thailand right now.

[brucec64]

8 hours ago, Sydebolle said:

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 ....... 

There is a 1 page law regarding the sales contract requirements for buying a condo - Thailand Condo Contract Regulation | Other Miscellaneous Content (samuiforsale.com)

 

It's amazing how many sales contracts, especially from foreign developers, don't even come close to following the regulations...

[tomyami]

Used to love seening the electric buggie with 3 or 4 smiling short skirted new nordic honeys and a farang been brought to seen his new 10% garanteed investment.

I was renting there for a lot less than they where tell the new owners.

The owner of the new nordic was a big employer and paid his staff well he was protected by city hall fact, so will the lialibility extent there dont think bet they miss the brown envelops.

I new a guy who had 2 units he was getting 2x back than i was paying in monthly rent he was happy for two year now he has lost all investment.

It was well advertised 50 projects on cars but soi dogs new it was a scam some who got in early might have lost less as with all ponsey schemes

[Liverpool Lou]

The "Nordic" scams have been well-covered by Andrew Drummond, the owner has legged it to Dubai apparently.

[Sydebolle]

1 hour ago, Liverpool Lou said:

There's nothing to prevent you from legally owning a condo in Thailand right now.

Yes, but 51% are Thais; in many cases the sinking fund "disappears" and if you have a condominium on the 32nd floor and the elevator goes South ...... No money in the sinking fund and that was the beginning of the end. Managed to sell the condo at a loss despite prime location. 

Thais have not understood a thing; nobody can wrap-up real estate (be it condos or land), load it on an aircraft and disappear into thin air ......... 

[ramrod711]

23 hours ago, tracker1 said:

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

 

Nothing to see here, look over there!

[Jiggo]

On 9/2/2021 at 2:08 PM, 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 

The Thai Military Parachutist patch has a 3 headed elephant over the wings, his could be civil....The little ones you see on most Thai's are not for parachuting but a wire assisted jump...