DSI seizes 20 million baht worth of property from a Ponzi scheme operator



CHIANG MAI: -- Officials of the Department of Special Investigation seized over 20 million baht worth of assets suspected to belong to a core member of a Ponzi scheme racket during a raid in Chiang Mai’s Mae Taeng district on Thursday.

The seized assets include a two-storey house and another house which is under construction of a 4-rai plot of land in Tambon Khi Lek, Mae Taeng district. Several documents related to the Ponzi scheme investments and 20 spotted deers were also found on the property.

DSI said that the land plot and the houses belong to Mr Wannachai Boonchu, a core member of the racket, who was not at home during the raid by DSI officials. None of those in the house claimed they own the property.

Pol Maj Suriya Singhakamon, commander of special criminal case division 1 of the CSD, alleged that Wannachai and his foreign associates duped members of the public to invest in gold futures in their China-based company which promises 10 percent returns every month.

But after paying the investors the lucrative returns for a certain period, the company simply folded up and its executives went underground.

Over 1,000 people have invested over 500 million baht in the scheme with the company.

Source: http://englishnews.thaipbs.or.th/dsi-seizes-20-million-baht-worth-of-property-from-a-ponzi-scheme-operator


-- Thai PBS 2015-11-20

10 % returns, every month, the people that invested in the scam,

must have a lot more money than sense,greed has blinded them,

or they have never heard of the saying "If it sounds to good to be true,

it isn't" or words to that effect. with the number of Ponzi scams,boiler rooms,

ect, you would think people would be a lot more careful with their money.

regards Worgeordie

Anyone who still falls for this old scam deserves to lose their money.

20 spotted deers were also found on the property.

Did they seize the deers also?

How much are spotted deers going for on the open market these days?

Hope they're not going to end up stuffed on the wall of some bigwig's mansion, or headed to BKK for restaurant service...

I;m surprised "Ponzi" schemes are still going. The latest scams to flood the net are " earn $M's in profits" usually about a Singapore based so called millionaire. Just google Profits for Cash schemes.

You know what they say " a fool and his money are soon parted". Scamwatch is also another good site to get info.

In a country where superstitions are the norm there must be a multitude of marks to choose from.

I noticed one familiar remark made that is often posted in these police raids. Quote DSI said that the land plot and the houses belong to Mr Wannachai Boonchu, a core member of the racket, who was not at home during the raid by DSI officials. None of those in the house claimed they own the property. unquote. The familiar quote makes me think the bird had someone whisper in his ear and he flew the nest.

10 % returns, every month, the people that invested in the scam,

must have a lot more money than sense,greed has blinded them,

or they have never heard of the saying "If it sounds to good to be true,

it isn't" or words to that effect. with the number of Ponzi scams,boiler rooms,

ect, you would think people would be a lot more careful with their money.

regards Worgeordie

Not everything is too good to be true and some of them will give you more than this Ponzi scheme. Just do your homework such preference share stocks with a guaranteed dividend. I took out an insurance where the UK government pays 15% on my amount investested. I did it before it was abolished. It pays out in 2 years time. Do your HOMEWORK and don't rely on some dodgy advert.

I think you mean 15% annually, not 10%/month as in the ponzi scheme.