webfact Posted October 28, 2014 Share Posted October 28, 2014 Thai Police Bust Chinese Ponzi SchemeBy Khaosod EnglishSong Muqiu, Gen Lianbao and Wang Wenfang were arrested on 26 Oct for allegedly operating a Ponzi scheme in China, Malaysia, and Thailand.BANGKOK — Thai police arrested three members of a Chinese gang that used a Ponzi scheme to scam up to 6,000 million baht from thousands of people in China, Malaysia, and Thailand.The gang allegedly convinced more than 100,000 people to invest in their company, named Yum Shu Mao, and paid them "returns" from the investments of new entrants, not actual profits.Thai officials became suspicious after the company set up a branch in Southern Thailand in June. After presenting evidence to a provincial court in Phuket, police were granted arrest warrants for three alleged operators of the scheme: Song Muqiu, Gen Lianbao and Wang Wenfang.The three suspects were arrested in Bangkok on Monday.Full story: http://www.khaosodenglish.com/detail.php?newsid=1414489526 -- Khaosod English 2014-10-28 Link to comment Share on other sites More sharing options...
gemini81 Posted October 28, 2014 Share Posted October 28, 2014 6,000 million....eh, right. Thinking in Thai terms, but prolly meant 6 billion? Link to comment Share on other sites More sharing options...
NextStationBangkok Posted October 28, 2014 Share Posted October 28, 2014 Nice Show! Sounds like they paid for wearing the sun glasses..... I hope they will return to China tomorrow for not having any evidence. Link to comment Share on other sites More sharing options...
webfact Posted October 28, 2014 Author Share Posted October 28, 2014 Chinese trio arrested over pyramid scheme that duped tens of thousands in China, MalaysiaBANGKOK: -- Three Chinese suspects have been arrested over a pyramid scheme that reportedly duped people in China and Malaysia out of Bt6 billion and Bt3 billion respectively.Police are looking for Thais who may have been caught in the scheme, which was launched in June. They also seized assets from the three worth Bt240 million in total.Bangkok police arrested Song Miqui, 37, and Wang Wenfang, 29, at a Pathumwan condominium on Monday and seized cash in various currencies worth nearly Bt1 million in total, five Phuket land sale contracts worth Bt22.3 million, two Phuket land title deeds, Wang's bank account with Bt1.5 million in it, plus the suspects' Thai ID cards.Source: http://www.nationmultimedia.com/breakingnews/Chinese-trio-arrested-over-pyramid-scheme-that-dup-30246421.html-- The Nation 2014-10-28 Link to comment Share on other sites More sharing options...
Popular Post Costas2008 Posted October 28, 2014 Popular Post Share Posted October 28, 2014 This is a well known scam that is going on for years. They ask you to invest your money with them and at the beginning they give you fantastic returns. The word goes around as to the unbelievable profits you can have so more people invest with them. Till one day they disappear leaving the people crying about their money. I keep saying......if it sounds too good to be true it's not true it's a scam. 3 Link to comment Share on other sites More sharing options...
Popular Post Bluespunk Posted October 28, 2014 Popular Post Share Posted October 28, 2014 "Bangkok police arrested Song Miqui, 37, and Wang Wenfang, 29, at a Pathumwan condominium on Monday and seized cash in various currencies worth nearly Bt1 million in total, five Phuket land sale contracts worth Bt22.3 million, two Phuket land title deeds, Wang's bank account with Bt1.5 million in it, plus the suspects' Thai ID cards." Thai ID cards? 5 Link to comment Share on other sites More sharing options...
Thai at Heart Posted October 28, 2014 Share Posted October 28, 2014 That is one enormous scam if the numbers are to be believed. Wow. 1 Link to comment Share on other sites More sharing options...
scorecard Posted October 28, 2014 Share Posted October 28, 2014 <script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script> "Bangkok police arrested Song Miqui, 37, and Wang Wenfang, 29, at a Pathumwan condominium on Monday and seized cash in various currencies worth nearly Bt1 million in total, five Phuket land sale contracts worth Bt22.3 million, two Phuket land title deeds, Wang's bank account with Bt1.5 million in it, plus the suspects' Thai ID cards."Thai ID cards? Does this mean it's still easy to get fake Thai documents (birth cert. etc.) then get Thai passport and Thai ID cards? Link to comment Share on other sites More sharing options...
scorecard Posted October 28, 2014 Share Posted October 28, 2014 <script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script> This is a well known scam that is going on for years. They ask you to invest your money with them and at the beginning they give you fantastic returns. The word goes around as to the unbelievable profits you can have so more people invest with them. Till one day they disappear leaving the people crying about their money. I keep saying......if it sounds too good to be true it's not true it's a scam. Is Bernie Madoff their role model? Or were the Chinese Bernie's role model? 1 Link to comment Share on other sites More sharing options...
noahvail Posted October 28, 2014 Share Posted October 28, 2014 One thing I don't get is if they were conning 100,000 people, how did they manage with just three? Are these just three of many, and not even the top guys? Just wonderin' ? ☕️ 2 Link to comment Share on other sites More sharing options...
MobileContent Posted October 28, 2014 Share Posted October 28, 2014 <script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script> "Bangkok police arrested Song Miqui, 37, and Wang Wenfang, 29, at a Pathumwan condominium on Monday and seized cash in various currencies worth nearly Bt1 million in total, five Phuket land sale contracts worth Bt22.3 million, two Phuket land title deeds, Wang's bank account with Bt1.5 million in it, plus the suspects' Thai ID cards." Thai ID cards? Does this mean it's still easy to get fake Thai documents (birth cert. etc.) then get Thai passport and Thai ID cards? If you have 20 million Baht+ in Thai land deeds you can buy anything you like in Thailand including ID, Birth certificate and of course a passport. Someone only have to log you at an Amphur into a local computer. Most properly a fake Thai mother that passed away already. Link to comment Share on other sites More sharing options...
Popular Post noitom Posted October 28, 2014 Popular Post Share Posted October 28, 2014 Impossible to run a scam of this magnitude without Thai Mr. Bigs in the picture. Operations, banking, cover ups...etc.. No Thai Mr. Bigs ever hauled off in handcuffs. 3 Link to comment Share on other sites More sharing options...
Commerce Posted October 28, 2014 Share Posted October 28, 2014 3 people running 100,000 people in a scam? Yeah, right. 1 Link to comment Share on other sites More sharing options...
Thai at Heart Posted October 28, 2014 Share Posted October 28, 2014 Impossible to run a scam of this magnitude without Thai Mr. Bigs in the picture. Operations, banking, cover ups...etc.. No Thai Mr. Bigs ever hauled off in handcuffs. Absolutely. Bank transfers alone of this size should have been flagged instantly. 1 Link to comment Share on other sites More sharing options...
modafinil Posted October 28, 2014 Share Posted October 28, 2014 6,000 million....eh, right. Thinking in Thai terms, but prolly meant 6 billion? Believe it or not, 1,000 million and 1 billion is the same number written in a different format. 2 Link to comment Share on other sites More sharing options...
Tomtomtom69 Posted October 28, 2014 Share Posted October 28, 2014 "Bangkok police arrested Song Miqui, 37, and Wang Wenfang, 29, at a Pathumwan condominium on Monday and seized cash in various currencies worth nearly Bt1 million in total, five Phuket land sale contracts worth Bt22.3 million, two Phuket land title deeds, Wang's bank account with Bt1.5 million in it, plus the suspects' Thai ID cards." Thai ID cards? This is disgusting...given all the effort that we need to go through to obtain Thai citizenship (if we want to and are eligible for it) these scumbags simply think they can use their similar physical appearance to Thais and money to obtain something they are not entitled to? I hope the punishment they receive is even greater given how they fraudulently obtained these ID cards. Of course given they are Chinese, they aren't allowed to own land either, that's only for REAL Thais. Link to comment Share on other sites More sharing options...
Sviss Geez Posted October 28, 2014 Share Posted October 28, 2014 (edited) 6,000 million....eh, right. Thinking in Thai terms, but prolly meant 6 billion? Same thing, prolly(?). Edited October 28, 2014 by Sviss Geez Link to comment Share on other sites More sharing options...
Popular Post Ragzilb Posted October 28, 2014 Popular Post Share Posted October 28, 2014 the whole world is a ponzi scheme 5 Link to comment Share on other sites More sharing options...
bendejo Posted October 28, 2014 Share Posted October 28, 2014 Running scams while promoting yourself as "the future richest man in the world," well, not very smart is it? Link to comment Share on other sites More sharing options...
NamKAheng Posted October 28, 2014 Share Posted October 28, 2014 (edited) They were arrested because of the disturbance to the local Thai Ponzi scheme! Lolll! Edited October 28, 2014 by NamKAheng Link to comment Share on other sites More sharing options...
jaltsc Posted October 28, 2014 Share Posted October 28, 2014 3 people running 100,000 people in a scam? Yeah, right. That must be the reason the Chinese tourists are constantly on their i Phones Link to comment Share on other sites More sharing options...
GuyL Posted October 29, 2014 Share Posted October 29, 2014 6,000 million....eh, right. Thinking in Thai terms, but prolly meant 6 billion? Believe it or not, 1,000 million and 1 billion is the same number written in a different format. I guess the sum was written in thousand of millions because of this... http://en.wikipedia.org/wiki/1,000,000,000Previously in British English (but not in American English), the word "billion" referred to a million millions (1,000,000,000,000). However, this is no longer the case, and the word has been used unambiguously to mean one thousand million (1,000,000,000) for some time. The alternative term "one thousand million" is rare and is used primarily to ease understanding among non-native speakers of English, as many other languages use words similar to "billion" (e.g. Spanish billón) to mean one trillion (1,000,000,000,000 or a million millions). Link to comment Share on other sites More sharing options...
JacChang Posted October 29, 2014 Share Posted October 29, 2014 <script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script> One thing I don't get is if they were conning 100,000 people, how did they manage with just three? Are these just three of many, and not even the top guys? Just wonderin' ? ☕️ They had an argument as to how much each person is entitled to the shares. Because of that, the other team reported these 3 to the police, and they were caught with evidence supplied for by the "one reporting". It's just not possible for Thai police to do catching, they need the help of British Investigators high intelligence. The ones here can only act when given information. Link to comment Share on other sites More sharing options...
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