University lecturers victims of alleged Bt1.4bn scam, say police

By Kampanart La-ong

The Nation

 

Assoc Prof Sawat Saengbangpla

 

SEVERAL lecturers at Chulalongkorn University (CU) were victims in an alleged scam by a former chairman of the CU Savings Cooperative, police have said.

 

“There are more than 160 victims with estimated damages of over Bt1.4 billion,” Crime Suppression Division commander Pol Maj General Suthin Sappuang said yesterday.

 

“One of the victims has lost as much as Bt70 million.” 

 

Assoc Prof Sawat Saengbangpla, who previously chaired the CU Savings Cooperative, has claimed he established a lottery cooperative and invited several CU lecturers to invest. 

 

But Sawat is now on the run. 

 

“We will try to get him,” Suthin said, adding that police were also in the process of gathering further evidence to determine whether Sawat had any accomplices. 

 

Meanwhile, Justice Ministry permanent secretary Charnchao Chaiyanukij yesterday ordered the Department of Special Investigation to analyse pyramid schemes over the past decade and come up with measures to educate the public about such frauds. 

 

“We have to raise people’s immunity against such scams,” he said. 

 

Charnchao also urged people to study investment options well before putting money into any schemes.

 

Source: http://www.nationmultimedia.com/news/national/30313231

 

-- © Copyright The Nation 2017-4-24

“We will try to get him,” they don't sound too hopeful, seems supposedly been smart,

does not make you immune from being scammed,

regards worgeordie

"...and invited several CU lecturers to invest". Well, there's no fool like a wise man: physicians too often fall ill, and jurists too often get stung, and lotsa clerics go to hell...

You cannot con an honest person!

God damn....highly educated persons being duped.....in none less than a simple scam...I can't believe it :)

That is a lot of money.  Teachers get paid very well

I really dont have any sympathy for these people, their greed and stupidity have no limits.

I have had many people try to rip me off over the years. Maybe I let an occasional genuine opportunity pass me by, but I have never been ripped off, as I have the brains to work out what is plausible and what is not. Apparently in Thailand even University professors can't work that out. Which at the same time speaks volumes about the intelligence of the general population. If is almost too good to be true, walk away!

33 minutes ago, Hereinthailand said:

I really dont have any sympathy for these people, their greed and stupidity have no limits.

 

Do you have sympathy with anyone? I'll guess not!

 

Says a lot about the Lectures in this neck of the woods if they get caught this easy. but if you missed this one, don't worry there be another along on FB very soon in the home of stupidity and corruption

When I first read the headline I thought it was an article about the President of the United States of America.

Many nany scams here TIT

On 4/24/2017 at 7:27 PM, clockman said:

You cannot con an honest person!

Of course you can. I assume your point is that the reason people are conned is because they are greedy.

 

While that is often the reason, it's by no means always the reason. Some people are just too trusting. Remember where the word "con" comes from. 

On 4/24/2017 at 7:00 PM, worgeordie said:

“We will try to get him,” they don't sound too hopeful, seems supposedly been smart,

does not make you immune from being scammed,

regards worgeordie

The guy is likely sipping mimosas in the Maldives with Phra Dhammachayo by now. Good luck to all. 

On 4/24/2017 at 9:32 PM, darksidedog said:

I have had many people try to rip me off over the years. Maybe I let an occasional genuine opportunity pass me by, but I have never been ripped off, as I have the brains to work out what is plausible and what is not. Apparently in Thailand even University professors can't work that out. Which at the same time speaks volumes about the intelligence of the general population. If is almost too good to be true, walk away!

Greed knows no bounds. 

They are members of a society of high order critical thinking? No way! When there is a fast baht to be made, critical thinking dies! 

Take note, the scammers running these scams are not your average joes on the street corner.

 

They are doctors, chairman, individuals in respectable professions from reputable instituitions 

 

Its easy to say, its too good to be true. But when people in high places or close relations to one another, abuse the trust and their positions to scam one another, how does one see thru the deceit? 

 

If anyone approaches you asking to invest money in anything to do with the Thai government lottery, just say NO.

 

If anyone approaches you claiming they'll earn you 1% per month (12+% per year) on an investment, just say NO.

 

That's a start toward seeing thru the deceit and avoiding being scammed.

 

5 minutes ago, TallGuyJohninBKK said:

If anyone approaches you asking to invest money in anything to do with the Thai government lottery, just say NO.

 

If anyone approaches you claiming they'll earn you 1% per month (12+% per year) on an investment, just say NO.

 

That's a start toward seeing thru the deceit and avoiding being scammed.

 

I definitely agree with u, n that is why i have never been scammed even when really close friends ask to me attend some seminar or some meetings usually set up by these ponzi scams.

 

My point is the scammers nowadays r not just anyone, but in this case an ex chairman of chulalongkorn university.

 

He has abused his position of power n trust to scam many. While you and I will not even believe our own parents with regards to investments (lol), it will difficult for some others to discern the fraud.

 

Just pointing out how come people can still be scammed in spite of so many examples and warnings from everyday news and info.

On 24/04/2017 at 4:32 PM, darksidedog said:

I have had many people try to rip me off over the years. Maybe I let an occasional genuine opportunity pass me by, but I have never been ripped off, as I have the brains to work out what is plausible and what is not. Apparently in Thailand even University professors can't work that out. Which at the same time speaks volumes about the intelligence of the general population. If is almost too good to be true, walk away!

True but this guy was a bit smarter than your average ponzi fraudster::he offered an interest rate that was (just) in the credible zone at 12%pa. 

It comes as little surprise that university people fell for it ; in Australia many of those stung in the African email scams ( so and so died in a plane crash , I have his 50 million USD, need help getting the money out etc, send me your account details for 5million US), were quite wealthy business people.....yes, hard to believe it but people seem blinded by the prospect of a windfall. They must lead sheltered lives.

 

5 hours ago, Prbkk said:

True but this guy was a bit smarter than your average ponzi fraudster::he offered an interest rate that was (just) in the credible zone at 12%pa. 

It comes as little surprise that university people fell for it ; in Australia many of those stung in the African email scams ( so and so died in a plane crash , I have his 50 million USD, need help getting the money out etc, send me your account details for 5million US), were quite wealthy business people.....yes, hard to believe it but people seem blinded by the prospect of a windfall. They must lead sheltered lives.

 

Not just blinded by a windfall, but gullible victims of their own greed.