Greed Leads to Pattaya Hotel Owner and Staff Losing Nearly 3 Million Baht

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Greed Leads to Pattaya Hotel Owner and Staff Losing Nearly 3 Million Baht
Story by Albert Jack



PATTAYA: -- At 3pm on the afternoon of July 25 forty-four-year-old Ms Waraluck Soonthornchaiya and twenty work colleagues, from the Sabai Dee Hotel Group M. 9 Pattaya, Chonburi, made a statement to Pattaya Police, accusing fifty-one year old Ms. Kanchanok AKathisook of fraud. They claim she has run off with three-million of their hard earned Baht.

Ms Waraluck said they have known Ms Kanchanok for many years after she had opened a shop on the hotel property.

After some time Ms Kanchanok had invited hotel staff to join her Chitfund. In the beginning everyone received their money back with interest so they started to trust Ms. Kanchanok and invested more with her each time. Before long Ms Kanchanok offered shares in a new business venture and raised 600,000 baht from Ms Waraluck.

Ms. Kanchanok was setting up fifteen-day Chitfund, of 10,000 baht per person. She had twenty-four members and every fifteen days they would receive their money back with good interest.

However, recently Ms Kanchanok had been delaying payments claiming one of the members urgently needed a loan, which would earn even greater interest.

Full story: http://pattayaone.net/pattaya-news/228453/greed-leads-pattaya-hotel-owner-staff-losing-nearly-3-million-baht/


-- Pattaya One 2016-07-26

[colinneil]

How many times have we seenThai people getting caught with this same scam?

Trust me i am your friend yes that is what it is laughable.

[ezzra]

More like a cheat-fund than a chit fund, beside, it did happened many times before and it will happened

many times more, nothing to do with greed, has to do with misplaced trust and human nature.....

[Confuscious]

"Chit funds"?

Would you invest in "SHIT funds"?

[Pimay1]

“Greed is a fat demon with a small mouth and whatever you feed it is never enough.”
― Janwillem van de Wetering

[worgeordie]

No sympathy for them at all, if it seems to good to be true............

anything offering high interest at times like today,should

set the red lights start flashing.its just people have more

greed than common sense.

regards worgeordie

[shirtless]

Ripping people off is the national sport of Thailand i guess she won the first heat

[IMA_FARANG]

Back in 1977 when I first came to Thailand a group of Chinese Thai businessmen had what they called the "Thai Chinese Chamber of Commerce". (unofficial name, intended as a joke.)

Each month they would hold a dinner (Chinese food) and at the end of the dinner they would bid on making a small loan to one of the other businessmen in the group for that month. The one who got the loan promised the best interest for the month.

Of course, the one who got the loan for a month also had to pay for the next month's dinner and drinks.

Each member was allowed to invite a guest to a dinner, and I was lucky enough to attend as a guest sometimes.

This association worked well for at least until well into the 1980's.

Of course here was two differences:

• First of all they were all businessmen who knew each other, some relatives by marriage.
• And secondly they were Thai Chinese, not Thai, and as my Thai Chinese friend said to me, "Two Thai businessmen may cheat each other, But a Thai Chinese will not cheat another Thai Chinese businessman".
• As far as I know these Thai Chinese businessmen never did cheat each other, the monthly loans were always repaid on time.
• And we all, even guests, had a good meal and good drinks monthly.

[zakk9]

This kind of scam exists all over the world. The fact that Thais also fall for it doesn't make them more greedy or stupid than others. It's a variety of the well proven Ponzi scheme.

[american12bthai]

“Greed is a fat demon with a small mouth and whatever you feed it is never enough.”

― Janwillem van de Wetering

but its so fun to feed the money demon.

greedy people are 100% predictable.

who doesnt like those odds?

[SOTIRIOS]

...stop painting Thai women as victims.....

...as for religion.....'Blind Greed'..... sounds about right.......

[gandalf12]

I dont see anyone saying ti so I will "this happens the world over" there I said it.

[Thaddeus]

"Chit funds"?

Would you invest in "SHIT funds"?

But, if you live in a sewage farm?

[topt]

I dont see anyone saying ti so I will "this happens the world over" there I said it.

Maybe you should read post #9 again.........

[onemorechang]

Get rich quick scam, how very Thai.

Hope they get there money back

[luckyman]

another day, another pyramid scheme

[KittenKong]

Many Thais are perfect prey for Ponzi schemes. Always after something for nothing.

[The manic]

It's a common scheme all over the world. One such scheme broke Albania. Such Golden circles and Pyramid Schemes are cruel and exploit the vunerable. I feel very sorry for the people who lost out and hope the scoundrel is caught and serves hard time.

[Whyamiandwhatamidoinghere]

Suckered them in then let the greed consume them until the pot is fat then do a Hussein Bolt...

[nakhonandy]

No such thing as a free lunch.

That how con artists work, build up the trust and then leave with everything.

[Rimmer]

Two off topic posts have been removed