Pattaya: 100+ foreigners want their money back from Thai bank - "you stole our future" says one

[ikke1959]

36 minutes ago, jacko45k said:

You need to learn the background as you are way off here.

If people have common sense they would know that 3,5 % interest in a month is not realistic in these time.. that is also background... and how it was possible is not for me to find out , but I know that you must be realistic 

[jacko45k]

3 minutes ago, ikke1959 said:

If people have common sense they would know that 3,5 % interest in a month is not realistic in these time.. that is also background... and how it was possible is not for me to find out , but I know that you must be realistic 

Here....

https://thethaiger.com/news/pattaya/hundreds-of-investors-caught-in-massive-kasikorn-bank-branch-fraud-in-pattaya

[edwinchester]

6 hours ago, RandolphGB said:

Why have they written their placards in broken English?

Placard writing is an occupation reserved for Thais.

[Caldera]

6 hours ago, webfact said:

They claim that an assistant manager at a branch of Kasikorn bank took their money and promised high returns on investments that didn't materialize.

I don't think they'll be able to hold the bank liable for this employee's wrongdoing. These "high returns on investments" clearly weren't for bank products, but for something the employee offered on the side (and possibly fraudulently, if these claims are true).

 

"You stole our future" reminds me of Greta. How dare they! Seriously though, they made a poor decision and fell prey to an offer that was too good to be true. Unfortunate, but as a customer of the same bank who uses their regular low-yield accounts, I wouldn't want the bank to compensate them for their loss.

[KhunLA]

Due diligence, lack of, and why some folks shouldn't invest in things they don't understand.  

Oh well ... 

[scubascuba3]

51 minutes ago, jacko45k said:

Rather optimistic to expect the bank to cover the fraudsters claimed interest rates (or even more)..... be lucky if they get their original deposits back.  

I'd say deposits plus usual bank rate, for the last year + about 0.5-1.5%

[OneMoreFarang]

Obviously it's sad and hopefully this will be resolved.

 

It seems some people here think Thais only cheat foreigners. Wrong! Thais also cheat Thais. And foreigners also cheat foreigners. 

And then there are obviously many people of any nationality who believe any investment story - even if it is unrealistic. And if it sounds to be too good to be true... 

[ed strong]

5 hours ago, bulmercke said:

Can't see how the bank was unaware of what was going on if the depositors were issued bank books with their current balances showing. Surely that meant their funds were in the bank's system. Maybe their accounts were joint accounts with the accused. Assuming they were allowed to keep their bank books in the first place.

He just took the money, the book balances were just numbers on paper.

[ed strong]

5 hours ago, Don Chance said:

Banks in India and Nepal give 10% or more. So not that unrealistic.

 

Seems to be a lot of stories like this. How can they expect farang to deposit 800k for retirement visa?

No one gives you 10% on your savings and if they offer it, its no doubt a scam

[ikke1959]

53 minutes ago, jacko45k said:

Here....

https://thethaiger.com/news/pattaya/hundreds-of-investors-caught-in-massive-kasikorn-bank-branch-fraud-in-pattaya

I have read it, but still I have a lot of questions....as mentioned

[Mavideol]

7 hours ago, RandolphGB said:

Why have they written their placards in broken English?

to me, just a wild guess,  they look like eastern european people, Russians 555

[ed strong]

3 hours ago, robblok said:

I agree, but if you as a bank employee are selling these things and pocketing the money falsifying bank statements and such. Then you and probably the bank can be held responsible (not sure exactly how the law works in Thailand) But in other countries it works in a way that if the people could have thought this was done by the bank and not you as a private person (by you wearing bank uniform being in the bank when making transactions and using banks paper)  then the bank is liable.

We are not talking about investments gone bad but a Ponzi scheme. 

 

And yes I agree people should be smarter, but the fact that this happened in a bank mitigates that a bit.

Its not a ponzi scheme, no one got paid out.

 

Its just theft.

[Mavideol]

7 hours ago, Eff1n2ret said:

I don't think it's that complicated. As best I recall the original story, these unfortunate people were persuaded to deposit their funds by a bank employee working in his bank and issuing them with passbooks which were not recorded on the bank's database, and he pocketed the funds himself.

any data to suport that or just a wild or very wild guess

[Yellowtail]

Has anyone seen a photo of one one the phony pass-books that were issued and updated by the bank? 

[xylophone]

1 hour ago, Caldera said:

I don't think they'll be able to hold the bank liable for this employee's wrongdoing. These "high returns on investments" clearly weren't for bank products, but for something the employee offered on the side (and possibly fraudulently, if these claims are true).

I was a senior executive in a bank in NZ for 13 years and if this happened at the bank for which I worked, then the customers would have been paid out, without any hesitation whatsoever.

 

The transactions took place within the banking chamber, orchestrated by a bank employee, using the banks premises and equipment, and as someone else has mentioned, the bank's logo was on paperwork given to the customer.

 

There should be no way that the bank can get out of paying the customers what they are owed, but having said that, TIT, so who knows.

 

[kg1947]

Reminds me of Ronald Reagan saying : TRUST but VERIFY .....

just because you get a " copy " of your so called " secret bankbook " with " special Interest added " does not mean the K-Bank system will printout the same amount if you " UPDATE in their machine " / Passbook Update printer. .... 

Edited December 27, 2021 by kg1947

[fredscats]

4 hours ago, robblok said:

I think the 7.5% is yearly, could be a government/law  thing. That in cases that you are owed money the rate is 7.5%. 

Is

[Yellowtail]

6 minutes ago, xylophone said:

I was a senior executive in a bank in NZ for 13 years and if this happened at the bank for which I worked, then the customers would have been paid out, without any hesitation whatsoever.

Without hesitation? Surely you jest, there would have to be some sort of  investigation if for no other reason than to confirm the perp was not working with the cooperation of the victims. 

 

6 minutes ago, xylophone said:

The transactions took place within the banking chamber, orchestrated by a bank employee, using the banks premises and equipment, and as someone else has mentioned, the bank's logo was on paperwork given to the customer.

I don't think we know with any level of certainty that bank equipment nor official bank documents (other than perhaps letterhead) were used. Do you know differently? If they have passbooks updated on bank equipment, it's a good be the bank will have to pay. 

 

6 minutes ago, xylophone said:

There should be no way that the bank can get out of paying the customers what they are owed, but having said that, TIT, so who knows.

Indeed

[fulhamster]

7 hours ago, worgeordie said:

I think it went straight in the thieving bastards pocket , nothing really

to do with the Bank (they will say) he just worked there.

regards Worgeordie

Yes, I also remember the branch manager accepting that it happened, but denying it was anything to do with the bank

[digger70]

So what's the problem Did that person used their money without permission ? 

Or  did they give that person permission to Use their Money?

Either way it won't be hard to prove who's Wrong or Stupid .

[Nickelbeer]

Exactly why I keep no money in a Thai bank.

[ratcatcher]

9 hours ago, RandolphGB said:

Why have they written their placards in broken English?

Maybe because English is not their first language?

[Liverpool Lou]

2 hours ago, jacko45k said:

4 hours ago, Liverpool Lou said:

The bank and police have promised a result by 5th January, as clearly reported, so, a long, hard nine days to go.

Or to be exact, 5 working days. Isn't happening!

7, to be precise, if you want to exclude the weekend but include the 5th!

[Liverpool Lou]

3 hours ago, jacko45k said:

4 hours ago, Liverpool Lou said:

It's the latter.

I had not heard that.... was he doing business in Starbucks or a food court?

Early reports sad that he had met some customers off-premises.

[Liverpool Lou]

3 hours ago, Mr Meeseeks said:

4 hours ago, Liverpool Lou said:

"Seems to be a lot of stories like this".

Nonsense.  It's be interesting to see you quote specifics of there "seeming to be a lot of stories like this".    I've never seen anything similar reported before or since, can you detail just one similar case?

 

" How can they expect farang to deposit 800k for retirement visa?"

Very easily.  This was a one-off, it is not typical of Thailand's banks.

Expand  

Really? A quick search returned the following:

 

https://www.samuitimes.com/bank-ripped-off-100000-baht-claims-woman/

 

https://thethaiger.com/hot-news/crime/banks-confirm-refunds-to-recent-cyber-fraud-victims

 

https://www.thaipbsworld.com/130m-stolen-from-over-10000-thai-bank-accounts-in-just-four-days/

None of those three bore any similarity to the case in this thread which is what I asked the poster about.   In all of those linked cases the customers suffered no losses at all as the bank reimbursed every account involved.  Probably best to read your link suggestions before posting!

[Liverpool Lou]

9 hours ago, dyertribe said:

Just because they are Caucasian, it doesn't mean that English is their first language ...

There was at least one Briton caught up in this so the chances are that English is his native language.  That could be debatable, of course, if he is from the south east of the country!

Edited December 27, 2021 by Liverpool Lou

[StayinThailand2much]

9 hours ago, webfact said:

They all want their money back and interest of 7.5% going back to when they lost it.

Good luck to get their money back. But 7.5% interest is never going to happen.

[Liverpool Lou]

4 hours ago, Dave0206 said:

Why would they think money plus 7.5%?

Lawyer!

[StayinThailand2much]

15 minutes ago, Liverpool Lou said:

Early reports sad that he had met some customers off-premises.

If so, it's clearly fraud, except if he was authorised by the bank or another institution to do so, that is selling the particular product off-premises.

[Liverpool Lou]

4 hours ago, hotchilli said:

My guess is the bank is trying to say the employee was not acting on behalf of the bank.. 

A Thai caveat if ever there was one.

The bank has not said anything final yet, they and the police have stated that there will be an answer by 5th January so no caveats, Thai or otherwise.

Edited December 27, 2021 by Liverpool Lou