50 Swedish Homebuyers Cheated For Millions In Thailand

[george]

50 Swedish Homebuyers Cheated For Millions In Thailand

BANGKOK: -- Up to 50 Swedish families and disabled have been cheated in a property scandal in Thailand. The investors were dreaming about owning a peace of paradise in Bang Phra, but according to the Swedish tabloid Expressen they lost millions of Swedish Kronor in deals with Thai Care, a company dominated by the Swedish citizen Mr. Curt Timhede.

The sale of three rooms apartments and villas started in 2006. Costumers liked what they saw on exhibitions and the Thai Care website. Swimming pool, rehabilitation center, tailor, security, everything was designed to suitable for families with children, people with handicaps, and elderly people.

The buyers felt secure with the Swedish speaking sales staff. And happily they made the needed payments up front, to get closer to their dreams.

According to Expressen, the money started flowing the very same year, when every signature from a buyer was followed up with a down payment from 100.000 kronor up to 1.000.000 million. The selling continued, and therefore the money kept flowing in 2007.

Expressen mentions a total of 30 million Swedish kronor.

The first apartment was promised ready in the middle of the 2006/ 2007 season. But one month after the other went by, and nothing happened. At that time, the buyers had no ideas about the financial disaster.

Curt Timhede, had, according to Expressen, previosly gone bankrupt three times in Sweden, therefore has a huge debt to the Swedish State (Kronofogeden). And he never told his costumers, that the money was gone down the drain, out of the project. Living in a village further down the cost, in the village of Bang Sare, he just kept silent.

To the Swedish tabloid he insists, that it’s not only the costumers who have been lured. He is innocent. Its other people, who destroyed the project.

Mr. Timhede claims, that he has been cheated by his Thai partners. Partners he had to involve, because it’s illegal for foreigners to own land in the Kingdom. The Swedish business man says that the problems are rooted in the cooperation with a mysteries Thai woman, whom he had known for several years.

Mr. Timhede, his to sons who are Swedish citizens like him self, and the Thai woman registred a company. And, again, according to the Swede, and the Thai woman’s husband faked Mr. Timhede´s signature. All of a sudden, the Thais were in total control.

If there still was even the slightest hope among the buyers to at least get some of there money back, it’s now gone for ever.

The official papers at the land department in Thailand, says very clearly that the ownership of the land is taken over by the bank, who did lend out the money at the beginning of the project.

-- ScandAsia.com 2008-04-26

[astral]

There is one born every day, 50 in this case.......

I guess Thavisa needs to reach out to the Swedish people in Thailand.

[stumonster]

I wonder how much more of this there is

Nordic boom set to hit Thai resort towns

Massive Nordic boom set to hit resort towns

Swedes and Finns lead the Scandinavian investor pack

BANGKOK: -- Scandinavian investors are expected to invest up to Bt16.2 billion in residential developments in Thailand this year and the next. This money will flow into tourist destinations such as Rayong, Hua Hin, Koh Samui and Phuket, according to research by Colliers International (Thailand).

The company's managing director, Patima Jeerapaet, said Swedish investors figure most prominently in the list, followed by Finns.

The main residential projects developed by Scandinavian investors include villas, resorts and condominiums at tourist hotspots.

http://www.thaivisa.com/forum/index.php?showtopic=184977

[sriracha john]

I guess you can't have one...

Nordic boom set to hit Thai resort towns

Swedes and Finns lead the Scandinavian investor pack

BANGKOK: -- Scandinavian investors are expected to invest up to 16.2 Billion Baht in residential developments in Thailand this year and the next.

http://www.thaivisa.com/forum/index.php?showtopic=184977

without the other...

50 Swedish Homebuyers Cheated For Millions In Thailand

BANGKOK: -- Up to 50 Swedish families and disabled have been cheated in a property scandal in Thailand. The investors were dreaming about owning a peace of paradise in Bang Phra

still, it's sad to see so many Swedes in the very proximate area of Bang Phra get ripped off...

I was wondering about the huge influx recently of Swedes in Bang Phra and Bang Saen... and was leery that some of these so-called Scandinavian Villages were scamming them.

Edited April 27, 2008 by sriracha john

[wrecker]

There is one born every day, 50 in this case.......

I guess Thavisa needs to reach out to the Swedish people in Thailand.

Absolutely. And there are places in Thailand where you see advertisements for great houses and and a sales office for fifteen years. After a lot of suckers made their down payment, the company goes belly up. After three months a new sign appears with new houses and the circus starts again. But than again, education is expensive and f people learn their lessons, it is money well spend.

[sriracha john]

This is the Thai Care website (in Swedish) that shows some of these "dream plans"....

http://www.thaicare.se/

Is the company headquarter's city in Sweden pronounced like what I'm thinking..... HÖÖR, Sweden

[Thai at Heart]

Oh dear.

I wonder if this will put a brake on the "Massive investment by Scandanavians, mentioned in another thread."

[chrislarsson]

Oh dear.

I wonder if this will put a brake on the "Massive investment by Scandanavians, mentioned in another thread."

I think it takes more than one crooked Swede to stop that. Thousands of Scandinavians have been cheated when buying properties in southern Europe and that hasn't stopped them from keep on buying there.

Anyway, ppl should be more careful about buying houses in Thailand and buy condominums instead which is much safer.

[Master Chief]

Oh dear.

I wonder if this will put a brake on the "Massive investment by Scandanavians, mentioned in another thread."

I think it takes more than one crooked Swede to stop that. Thousands of Scandinavians have been cheated when buying properties in southern Europe and that hasn't stopped them from keep on buying there.

Anyway, ppl should be more careful about buying houses in Thailand and buy condominums instead which is much safer.

Why should a condominum be safer to buy? And by the way, most scandinavians like the small house with an garden paradise.

Shame that the ThaiCare project failed as it was a very good concept.

[sriracha john]

Anyway, ppl should be more careful about buying houses in Thailand and buy condominums instead which is much safer.

I got the impression from their website that they WERE condos for sale...

[hans1977]

I've had a look around about that guy... I think he appears to be very odd, indeed, and yet there must be, if not thousands, so at least hundreds of people like him (or worse) out there.

/Hans

50 Swedish Homebuyers Cheated For Millions In Thailand

BANGKOK: -- Up to 50 Swedish families and disabled have been cheated in a property scandal in Thailand. The investors were dreaming about owning a peace of paradise in Bang Phra, but according to the Swedish tabloid Expressen they lost millions of Swedish Kronor in deals with Thai Care, a company dominated by the Swedish citizen Mr. Curt Timhede.

The sale of three rooms apartments and villas started in 2006. Costumers liked what they saw on exhibitions and the Thai Care website. Swimming pool, rehabilitation center, tailor, security, everything was designed to suitable for families with children, people with handicaps, and elderly people.

The buyers felt secure with the Swedish speaking sales staff. And happily they made the needed payments up front, to get closer to their dreams.

According to Expressen, the money started flowing the very same year, when every signature from a buyer was followed up with a down payment from 100.000 kronor up to 1.000.000 million. The selling continued, and therefore the money kept flowing in 2007.

Expressen mentions a total of 30 million Swedish kronor.

The first apartment was promised ready in the middle of the 2006/ 2007 season. But one month after the other went by, and nothing happened. At that time, the buyers had no ideas about the financial disaster.

Curt Timhede, had, according to Expressen, previosly gone bankrupt three times in Sweden, therefore has a huge debt to the Swedish State (Kronofogeden). And he never told his costumers, that the money was gone down the drain, out of the project. Living in a village further down the cost, in the village of Bang Sare, he just kept silent.

To the Swedish tabloid he insists, that it's not only the costumers who have been lured. He is innocent. Its other people, who destroyed the project.

Mr. Timhede claims, that he has been cheated by his Thai partners. Partners he had to involve, because it's illegal for foreigners to own land in the Kingdom. The Swedish business man says that the problems are rooted in the cooperation with a mysteries Thai woman, whom he had known for several years.

Mr. Timhede, his to sons who are Swedish citizens like him self, and the Thai woman registred a company. And, again, according to the Swede, and the Thai woman's husband faked Mr. Timhede´s signature. All of a sudden, the Thais were in total control.

If there still was even the slightest hope among the buyers to at least get some of there money back, it's now gone for ever.

The official papers at the land department in Thailand, says very clearly that the ownership of the land is taken over by the bank, who did lend out the money at the beginning of the project.

-- ScandAsia.com 2008-04-26

[Scott]

I don't really understand why people would want to buy a home in a country where owning the land is illegal. I won't even buy a condo here--there's been too many horror stories over the years about these as well. I might, if I am every so rich I don't care if I lose the money, I might buy in an existing condo building.

Somebody has to own the land and unless your home is on wheels, the day may come when you get told to leave. And don't forget the person who 'owns' the land, may not really own the land. Just too many scams and too poor enforcement of law.

Sorry for their loss.

[zorro1]

. I won't even buy a condo here--there's been too many horror stories over the years about these as well. I might, if I am every so rich I don't care if I lose the money, I might buy in an existing condo building.

Sure that's what people do by the thousands. Buy an existing Condo and then lose the money where, how, What are you talking about? Your the one spreading baseless horror stories

[optimjim]

I feel very sorry for the 50 Swedes who lost their money on the "apartments and villas" purchase and it does not seem foolish to trust a compatriot running an (apparently) well-established and legitimate enterprise. Who can tell when a business is going to go BANG or involve criminality by directors , witness Enron and Shell, even beloved Guiness, a few years ago. But I wonder if a check was made with the Swedish

Embassy on the bona fides of Mr. X ? (and would they have helped, anyway ?).

My wife and I bought a 2-room house in Pattaya - nice little place - through a company called Ratanakorn. They were honest at least. But we have been trying every way to sell it for 2 years, even at a loss . The Pattaya housing market is blatantly overbuilt, however, so real crap, with a capital C. I fear that extreme caution - to the point of paranoia - is needed before buying a property in Thailand (or Southern Spain !!!)

So don't be to hard on those guys. Excrement happens. Yes, Siracha John, some of the properties were obviously condos i.e. apartments. Well spotted.

[nuffsaid]

Gotta change the subject but its in the ball park. Have a friend who thinks he got taken for a fool by www.royalsiamtrust.com

Would love to see the input from the ThaiVisa crowd and guys who know the Thais, the system and the rumours (grapevine)

50 cheated sounds bad, but 500 or 5000 sounds worse... I have looked into it and I can never see this land banking, own land in Thailand or so called units as legit yet alone the investment returned. Also looks like most of their investors are Japanese, who have bit bad ones all over the world. The poor Japanese usually pay top dollar in Thailand... Anway, I can see this next news flash: 5000 Japanese buy into land banking scam. (and the expat directors running it, get off clean and said the Thais screwed them...)

Cheers for any input and maybe I can shed some good news to my mate.

-Tim

[ilyushin]

Gotta change the subject but its in the ball park. Have a friend who thinks he got taken for a fool by www.royalsiamtrust.com

Would love to see the input from the ThaiVisa crowd and guys who know the Thais, the system and the rumours (grapevine)

50 cheated sounds bad, but 500 or 5000 sounds worse... I have looked into it and I can never see this land banking, own land in Thailand or so called units as legit yet alone the investment returned. Also looks like most of their investors are Japanese, who have bit bad ones all over the world. The poor Japanese usually pay top dollar in Thailand... Anway, I can see this next news flash: 5000 Japanese buy into land banking scam. (and the expat directors running it, get off clean and said the Thais screwed them...)

Cheers for any input and maybe I can shed some good news to my mate.

-Tim

Wow! Those numbers are high.

This is when organized hits are made.

[jonniebkk]

The advice to be most wary of expatriates from your own country when they propose business deals is well placed as this example shows. It's too bad these people had to learn the hard way about investing in properties half way around the world. With the frauduent property sales so much closer to home in Spain over the past couple years, you would think people would finally wise-up but alas...it seems that is never the case.

IMO, one culpret is the dreadful dreary weather of northern Europe...makes many residents of those parts long for and dream of a little piece of a tropical paradise so much more than people from more temperate climes making them more vulnerable to scams like this.

As to someone complaining about the state of the Pattaya property market, and specifically Ratanakorn developments. I don't which particular moobaan is being discussed, as there are many "Ratanakorn" developments around town. However, in mine, which is an established one - having been around about 4 years, when I moved in about 2 years ago, there were 4 houses for resale. During that time, they have all been sold. A 5th house next to mine was listed for sale just recently for about 3-4 months and has now been sold.

Obviously, there is a market for good houses priced appropriately.

[thaigene2]

. I won't even buy a condo here--there's been too many horror stories over the years about these as well. I might, if I am every so rich I don't care if I lose the money, I might buy in an existing condo building.

Sure that's what people do by the thousands. Buy an existing Condo and then lose the money where, how, What are you talking about? Your the one spreading baseless horror stories

Don't be so quick with the sword there Zorro..

Unmasked, the reality is exactly how Scott is reporting. You're the one suggesting he said other people are losing money - he's not. He's simply saying - and I agree - that after several years of thinking (in my own case very nearly buying) that reflection is require - and that it is a M I S T A K E to buy property here unless you have lots of dosh and don't care whether you still have the right to live here or even 'own ' the property 2, 3 or 5 years down the road - that's all. Words for the wise in my books - but I've already come to the same grim conclusion sadly..

[zorro1]

. I won't even buy a condo here--there's been too many horror stories over the years about these as well. I might, if I am every so rich I don't care if I lose the money, I might buy in an existing condo building.

Sure that's what people do by the thousands. Buy an existing Condo and then lose the money where, how, What are you talking about? Your the one spreading baseless horror stories

Don't be so quick with the sword there Zorro..

Unmasked, the reality is exactly how Scott is reporting. You're the one suggesting he said other people are losing money - he's not. He's simply saying - and I agree - that after several years of thinking (in my own case very nearly buying) that reflection is require - and that it is a M I S T A K E to buy property here unless you have lots of dosh and don't care whether you still have the right to live here or even 'own ' the property 2, 3 or 5 years down the road - that's all. Words for the wise in my books - but I've already come to the same grim conclusion sadly..

Your both hypothesising. Think of it as " if your auntie grew balls she would become your uncle" its possible but highly unlikely. So please give me an example where someone you know has bought an existing free hold condo and lost all there money without being conned and please no bar girl stories. I'm very interested and eagerly await your example

[ChampagneSuper]

thaigene2 wrote:

that after several years of thinking (in my own case very nearly buying) that reflection is require

Blimey thaigene, every time i look on here there's you, and you're kind, bleating on about property.

Ok, so you weren't in a position to buy your own property, others are not your position and feel comfortable buying and have made good money.

Try not to be so bitter, get out and enjoy your life, you're in Thailand for gawds sake.

Bottom line is those of us who have invested, have made money and are content with our situation. There were some hassles along the way with our developer but they got sorted out without any spilt milk.

I'm outa here its depressing me, I'll leave you to drown in your own bile,

cheers mate,

CS

Edited April 27, 2008 by ChampagneSuper

[zorro1]

thaigene2 wrote:

that after several years of thinking (in my own case very nearly buying) that reflection is require

Blimey thaigene, every time i look on here there's you, and you're kind, bleating on about property.

Ok, so you weren't in a position to buy your own property, others are not your position and feel comfortable buying and have made good money.

Try not to be so bitter, get out and enjoy your life, you're in Thailand for gawds sake.

Bottom line is those of us who have invested, have made money and are content with our situation. There were some hassles along the way with our developer but they got sorted out without any spilt milk.

I'm outa here its depressing me, I'll leave you to drown in your own bile,

cheers mate,

CS

Im with you, those two guys are depressing, Im out of here

Edited April 27, 2008 by zorro1

[Johpa]

50 Swedish Homebuyers Cheated For Millions In Thailand

BANGKOK: -- Up to 50 Swedish families and disabled have been cheated in a property scandal in Thailand.

Uff da, just goes to show that you can put many square heads into a round Thai black hole.

[geriatrickid]

It's sort of harsh to call these people suckers. When you are elderly and/or have disabilities, you are vulnerable. These people were trying to plan so that they were not a burden to anyone and could be self sufficient. We wouldn't call people that were robbed suckers would we? Imagine if your mum or dad was swindled and left destitute. The scum that prey on these people are inhuman.

I curse the Thais that facilitated this and curse the authorities for doing sweet FA. As I doubt that I will ever marry, I reckon in 30 years time I'll be in the same boat, worried about who will care for me. It's why folks like me are looking at other places, not because we will be swindled but because of the fear that it is a distinct possibility and that there is no recourse. When you don't have an option of redress, it is bad for investments. Swedes are not stupid and they do pay attention. Swindles happen everywhere, but at least in many other places you can look to the local police and government for help. I'm sure the usual Thai authorities' shrug of the shoulders and grin will go a long way in providing reassurance to prospective investors - Not.

[Ijustwannateach]

I guess this will slow down the previously reported "Nordic invasion" of coastal property.....

[ThNiner]

thaigene2 wrote:

that after several years of thinking (in my own case very nearly buying) that reflection is require

Blimey thaigene, every time i look on here there's you, and you're kind, bleating on about property.

Ok, so you weren't in a position to buy your own property, others are not your position and feel comfortable buying and have made good money.

Try not to be so bitter, get out and enjoy your life, you're in Thailand for gawds sake.

Bottom line is those of us who have invested, have made money and are content with our situation. There were some hassles along the way with our developer but they got sorted out without any spilt milk.

I'm outa here its depressing me, I'll leave you to drown in your own bile,

cheers mate,

CS

Im with you, those two guys are depressing, Im out of here

And I'm with both of you. The amount of pure bitterness and hatred on here really often dumbfounds me. I really do wonder why they are in Thailand. And if they are not, why do have to keep bashing Thailand on an internet even after they've already left the country? What made them so incredily bitter and hateful? Was it really Thailand or they themselves? Hmmm.

Anyway, I'm out of here too!

Edited April 27, 2008 by ThNiner

[tingtong]

I find it interesting this fake signing by thais.

I am almost sure the project "went wrong" on something else, but I cant help to recall that this fake signature thing happened at my company also once...there to close down the company, without me being there.

oh, and that was one of this accounting/law office, who did...

and expected me to pay for them

well, till the mention of the police, it is.

[yumidesign]

Sorry, anyone who buys anything in Thailand especially land or property that is not finished or completed 100% needs to have their heads read and deserve what they get which in 99% of cases will be nothing

[KireB]

Sorry, anyone who buys anything in Thailand especially land or property that is not finished or completed 100% needs to have their heads read and deserve what they get which in 99% of cases will be nothing

These people, disabled and all, have probably saved for their entire lives to get a nice retirement and you, and some other posters, claim that they deserve what they get. It's not just these buyers who need their heads checked. Really, why are some people so bitter?

[jonniebkk]

These people, disabled and all, have probably saved for their entire lives to get a nice retirement and you, and some other posters, claim that they deserve what they get. It's not just these buyers who need their heads checked. Really, why are some people so bitter?

I wouldn't worry too much about these "disabled" Swedes...from what I hear, you can stub your toe on the job over there and claim 90% disability and spend the rest of your days on a beach somewhere courtesy of your fellow Swedish taxpayers.

Edited April 28, 2008 by jonniebkk

[grantbkk]

Thai Visa is the BEST! A news clipping about anything always generates controversy. The have's, the have not's and the "How could anyone fall for that?" crowd who operate with great hindsight and pretentiousness. Who hasn't fell for a great sales pitch at one time in their life? Many of these victims were not the "get something for nothing" groups we talk so much about. They happened to be too trusting this time and human nature reigned supreme.

To the posters who think they are above it all, superior in all ways to the common man, please keep it to yourself. I too am guilty to whipping out a simplistic post, usually humorously (at least to me) on serious subjects where someone doesn't totally agree with me. But tell me what good it does to poke fun at these 50 people and tell them for all intents and purposes they are the stupidest people who ever walked this earth? Sitting in your thatched villas on the throne in that special room, you just have to remember, life for others may be very different from yours. We do not have the blessing of your intellect or powers of your hindsight that makes your life so wonderful.