Thailand probes wealthy foreigners for money laundering scheme

[gravity101]

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Edited May 13 by gravity101
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[klauskunkel]

18 hours ago, webfact said:

The Central Investigation Bureau (CIB) in Thailand is currently investigating wealthy foreign nationals holding elite visas in the country on suspicion of being involved in illicit financial activities.

 

The arrest of Chen and Anan followed an extensive probe that began after the apprehension of five call centre gang members last year. These individuals were found to have operated a fraudulent website on the CIB Facebook page to defraud people and extort money from them.

No wonder the CIB is miffed...

[1happykamper]

If I had the kind of money it takes to get that elite visa then why on earth would I choose Thailand as my home? Makes no sense.. Much better places for the rich... 

 

... Unless I was here to commit crimes. Then it would be a good choice. 

[hotchilli]

18 hours ago, webfact said:

The Central Investigation Bureau (CIB) in Thailand is currently investigating wealthy foreign nationals holding elite visas in the country on suspicion of being involved in illicit financial activities.

Should start with the unusually wealthy Thai officials and ministers.

[AreYouGerman]

"Chen managed digital wallets with transactions amounting to approximately 70 billion baht."

 

That doesn't sound like a fraud but more like circumventing Chinese ban on certain things. Oh yeah, okay, 'money laundering'.

 

Nevertheless, the police officers picture looks like a 'wanted' picture. I guess the owners of the 70 billion baht won't be happy.

[Sig]

That'll get the applications for the elite visa soaring to new records!
Just think, you can be assured that everyone will know you're pure because you've been investigated. What a wonderful feeling!
Just don't give them any reason to want to throw some random charges at you! Like criticize ANYTHING about Thailand, in Thailand, relating to Thailand, or even around Thailand - like Asia for that matter. As has been noted, a prosecutor could indict a ham sandwich, if he wanted to....

[TheFishman1]

They really need to check all the wealthy type people here from politicians to the policeman to the governors of the different provinces. They’re all corrupt but yet it seems like they always wanna go after the foreigners TT.TIT

[Kerryd]

4 minutes ago, AreYouGerman said:

"Chen managed digital wallets with transactions amounting to approximately 70 billion baht."

 

That doesn't sound like a fraud but more like circumventing Chinese ban on certain things. Oh yeah, okay, 'money laundering'.

I guess you skipped over the 2nd line of the original post where it said:

Quote

allegedly laundered large sums of money for call centre scam groups.

Unless you think that call center scam groups are "legitimate businesses" ?

[wensiensheng]

Singapore has an ongoing case involving several billion SGD worth of assets seized from around a dozen people of Chinese origin, holding passports from several countries. All accused of money laundering illegal proceeds from online gambling.

 

If squeaky clean Singapore can find that much in its system, imagine how much there really is in opaque Thailand 

[AreYouGerman]

2 minutes ago, Kerryd said:

I guess you skipped over the 2nd line of the original post where it said:

Unless you think that call center scam groups are "legitimate businesses" ?

 

What 'call center scam group' with 70 billion THB are we talking about? Where are the mass arrests and the shutting down of those call centers? Any sources for those claims? Isn't it a substantial amount to have more then, well, Chen?

 

Naja, nevermind. It's always the same with those articles.

 

 

[Karlik Pu]

Good for CIB !!!

it’s high time also to  identify and prevent infestation of so called

“ puti-russian “elite money laundering scumbags” that has swept the major resorts of Thailand:)

[AreYouGerman]

3 minutes ago, wensiensheng said:

Singapore has an ongoing case involving several billion SGD worth of assets seized from around a dozen people of Chinese origin, holding passports from several countries. All accused of money laundering illegal proceeds from online gambling.

 

If squeaky clean Singapore can find that much in its system, imagine how much there really is in opaque Thailand 

 

So it's just online gambling and they call it scam because it's banned in China. Okay. I agree! Let's go to Macao, instead.

[Kerryd]

Surprised that the Chinese would even bother doing scam business in Thailand when they could do it in Cambodia far easier - and cheaper - and probably have full police protection as well. (The Sen's are very, very friendly with China. Just like a former PM who was also very friendly with the Sens - and China - and just happened to be the one that brought the whole Elite Card business into being.)

And gee - what is one of the BEST ways ever to launder money ? 

If you said "casinos" you'd be spot on. Especially when those casinos are set up on land that keeps most police from investigating anything.

Now it's even better as criminals can launder cash through casinos and get their "winnings" in Bitcoin that they can send pretty much anywhere without it being traced.

While not "laundering" heres a clue. Not long after Trump opened his casino in Atlantic City, he was losing money (somehow - probably by skimming too much off the top for himself).
He got to the point if he missed the next mortgage payment, the bank would foreclose on the casino.
His father sent one of his trusted accountants to the casino with $3 million in cash. The accountant bought $3 mil in chips - and then gave them back without ever making a single bet. The casino got $3 mil and could then turn around and sell the chips again. Pure profit.

(It was illegal as it violated some financial laws but the Feds wouldn't learn of it until many years later it seems.)

But it illustrates how easy it is to simply drop a ton of cash in a casino and walk out with (whatever percentage) of "clean" money that can't be traced. (Or have it in Bitcoin and sent anywhere in the world within minutes.)

Hmmm, I wonder who is behind the push to open money-laundering centers - er, I mean "casinos" - in Thailand ?

[Bangkok Barry]

18 hours ago, freeworld said:

The fact that even tourists and non real resident can open bank accounts in Thailand should be dealt with.

 

Why? I don't think many that want to open bank accounts do so to launder money. I used to travel a lot as a journalist and be paid in different countries, and it was useful to have an account in New York and another in Melbourne as well as my native UK, in order that I could be paid into those accounts and draw on them when in that country. Not everyone is a money launderer. What should be dealt with is people handling millions, or in this case billions of baht. Which, it seems, they are doing as this case demonstrates.

[Tidal wave]

See how fast the RTP can move now. 

[newbee2022]

ONLY FOREIGNERS ????

😂😂😂😂😂😂😂😂😂😂

[Polaky]

This chen was doing alright for himself,  beats robbing banks.

[Presnock]

18 hours ago, OneMoreFarang said:

Who was it again who had that idea with the privilege card? Hint: he is a Thai criminal.

And was anybody surprised that rich criminals used money to buy their stay in Thailand? What a surprise. Or maybe not?

well from this forum and comments by some visa holders, paying someone else to cover a qualification for one who isn't a rich criminal to begin with but it is still a crime in my opinion but I guess the ends support the means for some people.  Just saying.  Hope all have a happy day as some farangs are going to get even closer scrutiny.  

[Presnock]

17 hours ago, Korat Kiwi said:

 

I wouldn't call all people that use agents for immigration purposes criminals (Either soft or hard as you put it). 

 

That's a very wide brush stroke you used. 

I have never used an agent for any of my immigration experiences and it might be because I am a "Cheap Charlie" or that I just see that is a waste of money.  It used to be for the yearly renewal, one had to get up at O-dark-thrity to get in a queue in order to be able to get a inside queue for that day.  Some people even said that they got there at midnight and the queue ticket givers outside didn't begin until 8:30 when they opened.   I usually got there by 4:00 AM and almost all the time got a ticket for that day - but many times it was only in the PM IO visit times.  This was in the CM immigration period and nowadays it is much more easier getting in and getting processed and even possible at times to get an appointed time though I haven't been that lucky.  So instead of the promised 20 minutes to process time, it has taken me up to an hour and a half to get everything done that was needed so based on what it used t be, now it is great but I still hear folks complaining about the process there!  I do have friends that use an agent just because they are intimidated by the IO and prefer to forego that or they feel that since they can afford an agent, it does make it easier at times.  Now the BOI to me was the easiest processing period, and that to me was because the officers there were so patient and helpful.  Once I understood fully what they actually needed, it was easy. If one qualifies, in my opinion the best for the cost and actually cheaper and better benefits than the elite too.

[Bday Prang]

17 hours ago, Jenkins9039 said:

one of my old neighbours can hardly walk but his passport goes over the border once a year for example.

 Do you not think a disabled person should receive any assistance in this respect?   A guy I know  has just suffered a stroke, do you think he should be summarily deported if he can't attend immigration at extension time ?  

[Presnock]

15 hours ago, John Drake said:

 

I might be mistaken, but I thought I read on AN that people with the LTR have an exemption from the overseas income tax. I don't know if Thai Privilege does or not. Either way, that's where the big money is, not with the little guys putting up 800,000 for a retirement extension. PTP is desperate for money. They'll find a way to come after LTR as well. These "probes" into money laundering are the thin end of the wedge.

Yes, the Thai elite card doesn't exempt tax on remitted income.

[Bday Prang]

1 hour ago, Bangkok Barry said:

 

Why? I don't think many that want to open bank accounts do so to launder money. I used to travel a lot as a journalist and be paid in different countries, and it was useful to have an account in New York and another in Melbourne as well as my native UK, in order that I could be paid into those accounts and draw on them when in that country. Not everyone is a money launderer. What should be dealt with is people handling millions, or in this case billions of baht. Which, it seems, they are doing as this case demonstrates.

Exactly, nothing wrong with a bit of profiling

[AustinRacing]

18 hours ago, Korat Kiwi said:

We all know this is yet another money making scam... 

 

Hello rich people, come to Thailand under our Privilege Scheme.  Stay a while.  Build up your assets. 

 

Then we will come and investigate and take everything.  Thank you for coming. 

 

Next year we will launch a new Elite Privilege Scheme.  Same same but different. 

 

I am not surprised. 

 

If you don’t get up to no good then nothing to worry about. 

[Jenkins9039]

16 minutes ago, Bday Prang said:

 Do you not think a disabled person should receive any assistance in this respect?   A guy I know  has just suffered a stroke, do you think he should be summarily deported if he can't attend immigration at extension time ?  

That's not what i wrote.

 

I wrote that his passport leaves the country, he doesn't, that is visa fraud.

[Srikcir]

16 hours ago, John Drake said:

I read on AN that people with the LTR have an exemption from the overseas income tax.

As per Royal Proclamation regarding Thai income tax on foreign currency transfers into Thailand by foreign residents. Hardly a point of corruption. 

[Bday Prang]

46 minutes ago, Jenkins9039 said:

That's not what i wrote.

 

I wrote that his passport leaves the country, he doesn't, that is visa fraud.

Absolutely shocking , I'm sure, but  its between him and the authorities. Nothing at all to do with you whatsoever

[Jackbenimble]

20 hours ago, freeworld said:

And if the applicant is given the all clear and then comes to Thailand and commits crime? Would that help?

 

Banks should be regulated to do more rigorous KYC checks on who they do business with and the nature and legality of the business trading and any suspicious activity should be reported.

 

The fact that even tourists and non real resident can open bank accounts in Thailand should be dealt with.

 

Check the offshore leaks database, one will find many addresses linked to Thailand.

https://offshoreleaks.icij.org/

you call yourself Freeworld and then suggest placing restrictions on who should and shouldn't be able to open a bank account? Lol.

[Cabradelmar]

Everyone knows the Elite approval process is a joke and easy access for criminals. Takes 3 weeks to get approved.

[John Drake]

Remember what Willie Sutton said about robbing banks and how it goes just as well for Thai Elite and LTR.

[ignore it]

Although at risk of offending any ASEAN NOW curmudgeons who have the Elite Visa. (Granted slim chance of that)

 

I've always felt that the Elite Visa buyers were.

 

Too rich to care about cost

Intellectually challenged and monied

Criminals, rich and smart.