Con artist couple arrested for THB66 million iPhone swindle in Bangkok

[webfact]

Con artist couple arrested for THB66 million iPhone swindle in Lat Phrao
By Coconuts Bangkok



Now, sure, we can dismiss their victims as gullible, but it may not be that simple.

BANGKOK: -- When Manas Chotikhan and Bussarin Yeenode told you they could supply you with iPhones and iPads on the super-cheap, they actually came through on their promise - for awhile.

Police arrested the married couple, both 31, outside their auto service center in Lat Phrao yesterday on suspicion of running a scam they say cheated more than 30 people out of THB66 million.

The couple allegedly promised their victims they could make a mint by reselling iPhone 5s, iPad minis and other products the couple could procure for them at prices well below market.

And when people transferred some cash to the couple, lo and behold, they made good on their word and supplied the products as agreed. [read more...]

Source: http://bangkok.coconuts.co/2014/02/18/lat-phrao-con-artist-couple-arrested-thb66-million-iphone-swindle


-- Coconuts Bangkok 2014-02-18

[Nickymaster]

One unidentified, 30-year-old woman said she purchased iPhone 5s from the couple for THB12,000 she then flipped for THB20,000 before pooling THB24 million with friends to invest

To good to be true one would think.

[JetsetBkk]

That's a pretty good scam. Reminds me of the film "The Sting".

"Som nam na" to the lot of 'em.

[Khon Thai Ben Khon Dee]

Thailand.

Such fertile ground for scams based on the victim's own greed.

[linne16]

no such thing as easy money these days

[canopus1969]

Greedy idiots

[hanno]

Thailand.

Such fertile ground for scams based on the victim's own greed.

Not limited to Thailand. Bernard Madoff or Lehmann Brothers ring any bells?

[Aceicol]

A mate of mine was in Prison with a bloke who did a similar trick with chocolate bars.

The scam was his company were launching a new brand of chocolate bar, you buy a box of chocolate bars, for X amount of pounds (say £20) then you have to give them to people and get testimonials/reviews etc of these bars. If you go back to the company with the reviews (which anyone could make up) they would give you £40 back. They started off small and it quickly snowballed where people were putting in £40k to pretty much double their profit.

This was when the bloke and his company disappeared. The bloke in question (who I didn't know) had previously won Welsh businessman of the year. He got 24 years for fraud so probably not the best career choice. :-)

[impulse]

What surprises me is that anyone would take such a risk for a product with a 40% gross margin.

Jeez, with a little imagination there are bazillions of legitimate items that can be made or bought for 12 and sold for 20 (add your own zeroes). But then, most of them do require some research and a fair bit of work.

If I were a betting man, I'd bet they'll find out the iProducts were either "warm" or counterfeit to boot.

[Bender]

a really smart scam and honestly i would fall for it.... indeed i learn every day!

[Barney R]

That damn Taksin is everywhere . 55555555555555

[EyesWideOpen]

This is a Ponzi scam, and was invented back in the depression. There has been

endless variations of it over the years. It is so brilliant it will probably used

for the next 1000 years....

[PattayaPhom]

Greedy pigs...there is a guy advertising in Pattaya iphone 5s for THB12,000, sent email and must send by W.U.Moneygram etc.....quick search throughs up all his sordid details

[HerbalEd]

THB 66-million?? I seriously doubt it.

[HerbalEd]

This is a Ponzi scam, and was invented back in the depression. There has been

endless variations of it over the years. It is so brilliant it will probably used

for the next 1000 years....

Yeah ... it was invented in the depression B.C.

[thrilled]

The way it works is they make good on their promise for A small amount of money.Then after they get your trust then Bam Out Go The Lights.Always remember if it's to good to be true,then it's probably not.People before they invest need to study the investment a lot more.

[rreddin]

THB 66-million?? I seriously doubt it.

Yup! 30 people defrauded out of 66,000,000 Baht - that is 2,200,000 Baht per person. The figures seem unrealistic.

[EyesWideOpen]

This is a Ponzi scam, and was invented back in the depression. There has been

endless variations of it over the years. It is so brilliant it will probably used

for the next 1000 years....

Yeah ... it was invented in the depression B.C.

Hahah my bad. Looks like it was in 1920 in America......

http://en.wikipedia.org/wiki/Charles_Ponzi

"In reality, Ponzi was paying early investors using the investments of later investors. This type of scheme is now known as a "Ponzi scheme". His scheme ran for over a year before it collapsed, costing his "investors" $20 million."

[endi11]

THB 66-million?? I seriously doubt it.

Yup! 30 people defrauded out of 66,000,000 Baht - that is 2,200,000 Baht per person. The figures seem unrealistic.

One lady paid 24 mil alone.So 66 mil - 24 mil is 42 mil.divided between 29 people is 1,400,000,I'm sure someone else paid more than 1,4 mil and some people paid less.Very realistic.

[englishoak]

Theres one born every minute

[Thai at Heart]

Those stupid rice farmers/city dwellers falling for promises of things being too good to be true.

Now who is stupid and who is the sophisticate?

[fasteddie]

This is a Ponzi scam, and was invented back in the depression. There has been

endless variations of it over the years. It is so brilliant it will probably used

for the next 1000 years....

Heck yeah! The capitalist banking system is the best example.

[slapout]

This is a Ponzi scam, and was invented back in the depression. There has been

endless variations of it over the years. It is so brilliant it will probably used

for the next 1000 years....

Heck yeah! The capitalist banking system is the best example.

If the steps are followed as described, it is called a scam and the masterminds actions are described as criminal. On the other hand, if you work a reverse varaition of the financing (taxpayer money from government coffers) for this sort of scam, then leave the participants (rice farmers in Thailands case) on the short end, it is referred to as social welfare, populist policy, vote buying, possible corruption etc.

Its too bad, people do not/ will not use the same yardstick to measure the legality of the actions of those in the private vs those in the public sector.

[Trickcyclist]

These are consumer product scams.

Products must work at the retail end for it to be viable and it never does. Why? It costs zillions to change and/or amend consumer habits and make the consumer buy something new..(See link)

http://www.inc.com/inc5000/list/industry/advertising-marketing

Check the revenue figures, multiply by ten and then you will see how much it costs to keep a product on the market or to launch a new one.

The scam will work for a time at the wholesale end and but everybody will end up with a garage full of unsalable garbage.

Ditto goes for muli-level marketing.(MLM)

Pyramid selling etc.

Whatever happened to the recent telephone MLM whereby people paid money to join and were paid for recruiting others? Down the line they were to be paid a tiny %percentage of the customers phone spend.Where is it now???

Incidentally, warn your kids. Direct sales scam. There are variations of this that attract young kids, university students etc. who are desperate for money. Companies advertise for marketing agents. The kids reply and are told that they must buy the product first at wholesale price and then the kids must sell at retail: headbanging telesales. Costs the companies nothing and the kids everything they have got.