Invest just 32 days get 40% profit - it sounded too good to be true, and it was

[webfact]

Invest just 32 days get 40% profit - it sounded too good to be true, and it was


Image: Thairath

PATHUM THANI: -- Police have announced the arrest of two Thai women charged with defrauding the public of 20 million baht.

Sunantha Sornchai, 40, and her partner Thatmalee Kabua, 38, had set up an "investment opportunity" on Facebook and Line and had garnered a membership of some 400 gullible punters, reported Thairath. But after 100 complained they were not getting what was promised an arrest warrant was issued.

The pair were apprehended at a housing estate on the Pathum Thani - Lat Lum Kaew Road yesterday.

People online were enticed into the scheme "to get a better life" with the suggestion that "the quicker you invest the quicker you will make a profit". Initially they were told they could make 40% in a month but this claim rose to 76% in 46 days when they had got their victims on the hook.

But as in all schemes of this sort after a little early sweetener the contacts proved difficult to get hold of then disappeared completely.

Police said that some 40 million baht had been put into the bogus scheme and the pair had defrauded the public of about 20 million. The claimants had lost anything from 2,000 baht to 2 million baht each.

Police said there were many such schemes on Facebook and Line and advised the public not to be fooled into transferring money.

The two women were charged with several offences of defrauding the public.

Source: Thairath


-- 2016-07-26

[Chapelroad]

Lack of education, or lack of plain common sense ?

[Rayk]

Are some people really still this stupid to believe that you can get such insanely high returns on one's investment.

Apparently at least 400 of them are.

Anybody claiming returns above between 7% and 10% are nothing more than scammers.

Edited July 26, 2016 by Rayk

[trainman34014]

Mostly about GREED. Thai people are always looking to get rich quick and after visiting Temples and 'Lucky Trees' and murmuring requests for big money they suddenly come across an advert that promises to make their dreams of quick riches come true and think that 'The Gods' have sent them the answer to where these riches lay. Easy targets are greedy people for even more greedy people !

[worgeordie]

In Thailand there must be "more than one of them born everyday"

suckers that is,deluded by greed,seems there is a scam been

uncovered every week.

regards worgeordie

[NongKhaiKid]

People want to believe they can make money quickly so the ' too good to be true ' aspect never occurs to them.

[billd766]

Lack of education, or lack of plain common sense ?

Neither. It happens in most countries in the world at some time.

The Thai women are just amateurs at the game which is properly known as a "Ponzi" scam.

See here.

https://en.wikipedia.org/wiki/Ponzi_scheme

Punters don't need to lack education or common sense although that helps the operator. All they need to be, is gullible and greedy.

Edited July 26, 2016 by billd766

[dageurreotype]

Are some people really still this stupid to believe that you can get such insanely high returns on one's investment.

Apparently at least 400 of them are.

Anybody claiming returns above between 7% and 10% are nothing more than scammers.

Yes, they are. Same as those Westerners having been stung by Bangkok boiler room boys, so greed and stupidity not the sole preserve of the Thais.

[Bluespunk]

''The claimants had lost anything from 2,000 baht to 2 million baht each.'

Beats me how someone stupid enough to fall for this ever got 2 million baht in the first place...

[shirtless]

Greed is blind, Now i know why theres an spectacle shop on every street.

[TheLogikal1]

It has nothing to do with one's level of education: anyone remember how Bernie Madoff scammed more than 9,000 college grads, accountants, famous persons who have CPAs tracking their finances to everyday people who may not be college grads but aren't total fools to the tune of over 3 BILLION (US).

Remember the Enron scandal, where the legislatures of 5 (United) states got burned buying 'cheap' electricity? The geniuses behind Enron would get over $100K for speaking engagements. When that house of cards fell, it hit over 45 million people in their wallets, but the state legislatures were so embarrassed almost none of them would talk 'on the record'. Enron went from a multi-billion dollar corporation to bankrupt in less than 48 hrs.

Then there's the email scams that ordinarily bright people buy into every day, from 'A Nigerian prince has left you his entire fortune!' to 'The IRS has found a problem with your tax return & you owe ($XXX) payable within 24 hrs or you'll be arrested, your bank accounts seized...etc. ad nauseum.'

Then there's the always popular 'Your nephew is in jail in (fill in the foreign country of choice) and needs X amount of dollars to avoid prison...' You'd think these people would pick up a phone & call their brother, sister, whatever & confirm the story before transferring their hard-earned money.

Oh, yeah, and lest we forget the highly successful pitch to 'Avoid the coming financial collapse! (Always just around the corner) Convert all your savings, borrow more if you can, and buy GOLD from my [favorite] company!!!" (Those who invested $5,000 in 2013 -2015 saw their 'investment' decline from nearly $1800/oz to just $1065 in Jan 2016. It closed today (after falling ~$50) to $1319.50. If that isn't a terrific scam, preying on people's fears, using well-known [but utterly unscrupulous] figures[Glen Beck comes to mind] to rant & rave until folks cave in & get out their wallets, I don't know what is.

These two may be cheats of the worst kind, but they're not the worst grifter's of all.

[Bluespunk]

It has nothing to do with one's level of education: anyone remember how Bernie Madoff scammed more than 9,000 college grads, accountants, famous persons who have CPAs tracking their finances to everyday people who may not be college grads but aren't total fools to the tune of over 3 BILLION (US).

Remember the Enron scandal, where the legislatures of 5 (United) states got burned buying 'cheap' electricity? The geniuses behind Enron would get over $100K for speaking engagements. When that house of cards fell, it hit over 45 million people in their wallets, but the state legislatures were so embarrassed almost none of them would talk 'on the record'. Enron went from a multi-billion dollar corporation to bankrupt in less than 48 hrs.

Then there's the email scams that ordinarily bright people buy into every day, from 'A Nigerian prince has left you his entire fortune!' to 'The IRS has found a problem with your tax return & you owe ($XXX) payable within 24 hrs or you'll be arrested, your bank accounts seized...etc. ad nauseum.'

Then there's the always popular 'Your nephew is in jail in (fill in the foreign country of choice) and needs X amount of dollars to avoid prison...' You'd think these people would pick up a phone & call their brother, sister, whatever & confirm the story before transferring their hard-earned money.

Oh, yeah, and lest we forget the highly successful pitch to 'Avoid the coming financial collapse! (Always just around the corner) Convert all your savings, borrow more if you can, and buy GOLD from my [favorite] company!!!" (Those who invested $5,000 in 2013 -2015 saw their 'investment' decline from nearly $1800/oz to just $1065 in Jan 2016. It closed today (after falling ~$50) to $1319.50. If that isn't a terrific scam, preying on people's fears, using well-known [but utterly unscrupulous] figures[Glen Beck comes to mind] to rant & rave until folks cave in & get out their wallets, I don't know what is.

These two may be cheats of the worst kind, but they're not the worst grifter's of all.

They're scum.

And those who invested in their scheme, I'm sorry but at best they were gullible and at worst greedy and stupid.

Edited July 26, 2016 by Bluespunk

[KNJ]

You only had to look at the accounts (public record ) to realise Enron was playing on shaky ground

[Agent Sumo]

In Thailand there must be "more than one of them born everyday"

suckers that is,deluded by greed,seems there is a scam been

uncovered every week.

regards worgeordie

Yeah because people don't fall for scams in the West, do they?

[amrishtony]

Just pure greed

[MadMuhummad]

You only had to look at the accounts (public record ) to realise Enron was playing on shaky ground

Hindsight is always 20/20

[Happy Grumpy]

''The claimants had lost anything from 2,000 baht to 2 million baht each.'

Beats me how someone stupid enough to fall for this ever got 2 million baht in the first place...

Loan sharks.

Make 76%, only have to pay back 50%.

26% of 2m baht for sitting back and doing nothing! Fantastic!

[tifino]

...and this Thread is why, like any other of here on TV,

I will Report immediately to Admin when one of these Too-Good_to-Be-True things pop up on here

...and quickly...

...otherwise one's wife might see it and answer it

[SOTIRIOS]

...like I said....stop painting Thai women as victims.....

[thairay]

perhaps some of the girls got a few million baht to lose from an older foreign winner

[PattayaBoy]

In my country they did similar thing on bigger scale. They opened nice offices all over country called it Amber Gold where u could invest in safe gold on high profits.

People greed = 170mil $ Rip off.

Ponzi sheme. Not long ago.

Almost perfect scam.

Amber Gold Poland

[Penefattore]

Anybody claiming returns above between 7% and 10% are nothing more than scammers.

will tell that to my shark money lender who's charging me 20% monthly

[spidermike007]

It has nothing to do with one's level of education: anyone remember how Bernie Madoff scammed more than 9,000 college grads, accountants, famous persons who have CPAs tracking their finances to everyday people who may not be college grads but aren't total fools to the tune of over 3 BILLION (US).

Remember the Enron scandal, where the legislatures of 5 (United) states got burned buying 'cheap' electricity? The geniuses behind Enron would get over $100K for speaking engagements. When that house of cards fell, it hit over 45 million people in their wallets, but the state legislatures were so embarrassed almost none of them would talk 'on the record'. Enron went from a multi-billion dollar corporation to bankrupt in less than 48 hrs.

Then there's the email scams that ordinarily bright people buy into every day, from 'A Nigerian prince has left you his entire fortune!' to 'The IRS has found a problem with your tax return & you owe ($XXX) payable within 24 hrs or you'll be arrested, your bank accounts seized...etc. ad nauseum.'

Then there's the always popular 'Your nephew is in jail in (fill in the foreign country of choice) and needs X amount of dollars to avoid prison...' You'd think these people would pick up a phone & call their brother, sister, whatever & confirm the story before transferring their hard-earned money.

Oh, yeah, and lest we forget the highly successful pitch to 'Avoid the coming financial collapse! (Always just around the corner) Convert all your savings, borrow more if you can, and buy GOLD from my [favorite] company!!!" (Those who invested $5,000 in 2013 -2015 saw their 'investment' decline from nearly $1800/oz to just $1065 in Jan 2016. It closed today (after falling ~$50) to $1319.50. If that isn't a terrific scam, preying on people's fears, using well-known [but utterly unscrupulous] figures[Glen Beck comes to mind] to rant & rave until folks cave in & get out their wallets, I don't know what is.

These two may be cheats of the worst kind, but they're not the worst grifter's of all.

Yes, but at least Madoff had a track record, and a reputation, at the time. What did these women have? What direction could they have pointed an investor in, with an inquiring mind? What track history did they show? Probably nothing more than a promise and a golden, sweet mouth.

For anyone to invest money these days, with someone that does not have experience, and a great reputation, and real references, is just insanity. Even then it is risky. Anytime someone promises ridiculous returns on an investment, it is almost always phony.

One wonders, with all of that cash, if they will ever have to appear before a judge.

Edited July 26, 2016 by spidermike007

[English 1]

Seems some Thais are as good ( or bad )was the Nigerian Scumbags.

Yes, it's the old adage "If it looks too good to be true it probably is!"

I believe there is a Yorkshire expression " You get Ought for Nought ".

[MobileContent]

Easy to double your money in three hours.

I put 100,000 Baht on Juventus against Tottenham

[WishWashMan]

Are some people really still this stupid to believe that you can get such insanely high returns on one's investment.

Apparently at least 400 of them are.

Anybody claiming returns above between 7% and 10% are nothing more than scammers.

7-10% in 32 days is just as ourageous!

Edited July 26, 2016 by WishWashMan

[phil2407]

So if 40 million invested and they've been done for 20 million fraud - where's the other 20 million??

[Mekongo]

Well, in Lao PDR bank account interest is between 9 - 11 % on a fixed kip account. You can get about 6.5 % on a baht or usd account. Send me ur money.

[gemguy]

More scams and trickery than you can shake a stick at.

But if you really want to know about the long list of scams

https://www.fbi.gov/scams-and-safety/common-fraud-schemes

https://www.search.com/web/fbi-fraud-and-scam-list

http://www.actionfraud.police.uk/a-z_of_fraud

[JMWPACIFIC]

Are some people really still this stupid to believe that you can get such insanely high returns on one's investment.

Apparently at least 400 of them are.

Anybody claiming returns above between 7% and 10% are nothing more than scammers.

These days anything above even 5% is a scam &/or be ready to read the fine print.