Thai condo scam costs 200 victims 3 billion baht

[webfact]

Photo courtesy of Wassayos Ngamkham via Bangkok Post

 

by Puntid Tantivangphaisal

Seventy people approached Thailand’s Department of Special Investigation (DSI) with allegations of being scammed into purchasing condominium units, leading to a collective financial loss of 3 billion baht. This group is part of a larger contingent of about 200 people who claim to have fallen victim to a fraudulent debt relief scheme.

 

Pavena Hongsakula, leading the charge, filed the complaint on behalf of the victims. She is known for her work with the Pavena Foundation for Children and Women, which the victims contacted for assistance over the weekend. They allege deception by a company that promised to clear their credit card debts in exchange for signing contracts to buy condos.

 

One of the victims, identified only as Meen, recounted her experience with the company based in Khlong 2, Lam Luk Ka district, Pathum Thani province. She was approached with an offer to settle her 900,000 baht credit card debt. Meen was puzzled by how the company knew about her financial situation but accepted the offer when they paid off her debt.

 

Meen reported to the Khu Khot Police Station, explaining that the debt was settled by the company, which then required her to join a condominium purchasing scheme. Initially, she believed she had committed to buying one unit. However, she later discovered that the company had used her documents to secure loans from multiple banks, leaving her with 16 million baht in liabilities for four units.

The company arranged that Meen would pay for one unit while it would cover the costs of the remaining three. The contract also included a clause for the company to repurchase all units within two years. This agreement was not honoured, and Meen is now responsible for the substantial debt and facing legal action from the banks.

 

Other victims have reported similar predicaments, with some facing debts as high as 40 million baht from being coerced into purchasing several units.

 

The affected individuals have formed a LINE group with over 200 members to share their experiences and support each other. Pavena noted the severe distress among the victims, especially after the company’s abrupt closure.

 

“Everyone was very distressed because the company had already closed.”

 

Pavena is appealing to the DSI to assist in negotiating with banks for debt restructuring on behalf of the victims. She also called for a thorough investigation into the company and other businesses employing similar fraudulent tactics, often advertised on social media, reported Bangkok Post.

 

Source: The Thaiger 

-- 2024-12-12

 

 

[OneMoreFarang]

17 minutes ago, webfact said:

deception by a company that promised to clear their credit card debts in exchange for signing contracts to buy condos.

 

Just this offer should be enough to know that this must be a scam.

Like: You don't have the money to pay your credit card, sign here to buy a condo. What could possibly go wrong? 

[gargamon]

Rent, don't buy.

[Pesche]

Samuel L. Jackson would say: "That's a M....F.... clue, man!

[JoePai]

Unfortunately so many Thais are financially illiterate

[Deserted]

very sad

[hotchilli]

16 hours ago, webfact said:

They allege deception by a company that promised to clear their credit card debts in exchange for signing contracts to buy condos.

Dumb as dumb can be

[Dave0206]

900.000 credit card cleared and 4 banks give loan approval for approx 10 million each they must have some high ranking bank officials in there pocket .surely it won't be too difficult to track the bank enablers who rubber stamp the application? 

As for the condo builders that might prove more difficult 

[RichardColeman]

19 hours ago, webfact said:

with some facing debts as high as 40 million baht from being coerced into purchasing several units.

How the hell does anyone get coerced into paying out £1 million quid. These people must have their brains in their backsides. Coerced is not fraud in obtaining money - its you agreeing to pay it ! Nuts

[Ombra]

How can a person be coerced into spending 40 million baht?

[arick]

Good luck to them they won't see a penny back and the DSI hopeless de

[steven100]

21 hours ago, JoePai said:

Unfortunately so many Thais are financially illiterate

believe me ,   they're only illiterate when it suits,   when they see farang,  they see money.  

[steven100]

I love it when Thais scam other Thais ....   they're such an honest bunch.  

 

 

 

[Purdey]

Free money. Who can resist. 

I don't suppose the contracts they signed have a legal basis to sue?

[Johno57]

55 minutes ago, steven100 said:

I love it when Thais scam other Thais ....   they're such an honest bunch.  

 

 

 

I know a thai who brought a car that still had money to pay on it...so he sold the car to his brother to lose the debt...

[Polaky]

Going to be some distressed sales coming up.

[Briggsy]

For those who have been here a long time, Pavena Hongsakul is truly immortal.

[Toby1947]

Who gives a toss, thick as pig sh+t. 

[mikeymike100]

On 12/12/2024 at 12:26 PM, gargamon said:

Rent, don't buy.

Renting a condo, is dead money!

[gargamon]

53 minutes ago, mikeymike100 said:

Renting a condo, is dead money!

Buying is dead money for the people referenced in the OP.

[BKKBike09]

On 12/12/2024 at 11:55 AM, webfact said:

Photo courtesy of Wassayos Ngamkham via Bangkok Post

 

It's nearly 2025 and they're all still wearing masks. Apart from Paveena. Is it to (literally) mask their identity, or is it because they lack critical thinking skills.

 

[Hawaiian]

15 minutes ago, BKKBike09 said:

 

It's nearly 2025 and they're all still wearing masks. Apart from Paveena. Is it to (literally) mask their identity, or is it because they lack critical thinking skills.

 

I still wear a mask in public and never had COVID. I go shopping regularly and travel to international destinations.

And do not lack critical thinking skills

[watchcat]

On 12/12/2024 at 5:26 AM, gargamon said:

Rent, don't buy.

 

You can buy a house if you have a GF or wife but a condo... never especially in Bangkok.

[KannikaP]

2 hours ago, mikeymike100 said:

Renting a condo, is dead money!

As is paying interest on a loan.

[oxo1947]

On 12/12/2024 at 11:55 AM, webfact said:

She was approached with an offer to settle her 900,000 baht credit card debt.

 

she was allowed to run up a credit Card debt of nearly a million ------Amazing Thailand...........

[mikeymike100]

1 hour ago, gargamon said:

Buying is dead money for the people referenced in the OP.

I quite agree with you that in this case and in this article, the OP, but I was referencing in general id people buy thru an accredited company/agent and using a decent lawyer and of course using common sense!

[asean]

On 12/12/2024 at 1:55 PM, JoePai said:

Unfortunately so many Thais are financially illiterate

Most our firms financial scam victims are white foreigners 🙂