Chiang Mai bank embezzlement scandal: 70 million baht stolen from cooperative

[snoop1130]

 

Five former Chiang Mai bank employees, including a former manager, have been accused of forging signatures to embezzle 70 million baht from the San Pa Tong Agricultural Cooperative. The cooperative has had to use reserve funds to pay dividends to its members following the alleged fraud.

 

Chaiwiset Deesuwan, Chairman of the San Pa Tong Agricultural Cooperative Board, and Suchitra Mano, Cooperative Manager, reported the progress of the case at a recent board meeting. Preliminary investigations revealed that no farm cooperative employees were involved in the alleged fraud. Police have issued arrest warrants for a woman known as “A” (a pseudonym), who falsely claimed to be a bank manager, and four other former bank employees connected to the crime.

 

It is reported that the accused individuals persuaded the cooperative board to deposit a large sum of money in a particular bank branch in Chiang Mai, offering high-interest rates as an incentive. The cooperative officials deposited 20 million baht initially and eventually added a total of 70 million baht to the account. However, funds began to disappear in February 2021, with only 9,000 baht remaining in the account by September 30, 2022.

 

By Nattapong Westwood

Top photo caption: Photo via Unsplash

 

Full Story: https://thethaiger.com/news/national/chiang-mai-bank-embezzlement-scandal-70-million-baht-stolen-from-cooperative

 

-- © Copyright Thaiger 2023-06-09

 

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[hotchilli]

13 hours ago, snoop1130 said:

It is reported that the accused individuals persuaded the cooperative board to deposit a large sum of money in a particular bank branch in Chiang Mai, offering high-interest rates as an incentive. The cooperative officials deposited 20 million baht initially and eventually added a total of 70 million baht to the account. However, funds began to disappear in February 2021, with only 9,000 baht remaining in the account by September 30, 2022.

Is there any institution or official person in Thailand that's not corrupt?

[Bangkok Barry]

Trust in people or institutions is essential, but so many of those in Thailand cannot be trusted. Police, politicians, bank staff, even lawyers. It undermines the whole of society. No wonder so many in the land of smiles are so angry and ready to explode at any time over even the smallest of things, when it all becomes too much to bear.