Man in alleged scam of university lecturers had Bt5,000 in bank accounts, says source

[webfact]

Man in alleged scam of university lecturers had Bt5,000 in bank accounts, says source
By Kampanart La-ong
The Nation 

 

Assoc Prof Sawat Saengbangpla

 

BANGKOK: -- The man behind an alleged scam to cheat several lecturers and former lecturers of the Chulalongkorn University (CU) out of at least Bt1.4billion had just Bt5,000 in his bank accounts, an informed source disclosed on Monday.

 

The source said it was very likely that Assoc Prof Sawat Saengbangpla, who previously chaired the CU Savings Cooperative and allegedly lured more than 100 victims into investing in a scam, had put his assets in the name of others.

 

According to the source, Sawat does not live with his legally-married wife and their child.

 

Several lecturers were victims in an alleged scam by Sawat, 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,” he added.

 

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/30313245

 

-- © Copyright The Nation 2017-04-25

[PatOngo]

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

 

Please don't forget to take a look at the submarine scam, the NGV bus scam, the education reform scam, the.........ah.........forget it. Cop it sweet!

[ezzra]

1 hour ago, webfact said:

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

What compel a man to get up one day and give 70 millions to

a person without the necessary guarantees in place?

and how many more Ponzi schemes people will fall for before they

learn that what sound too good to be true, its probably is....

[worgeordie]

"Sawat is now on the run". first thing he will have done is shaved his tache off,

only 5 K in the bank, because he has the money with him?

regards worgeordie

[TallGuyJohninBKK]

So did this actually involve money deposited in the CU Savings Cooperative that was stolen, or did this guy just use his past involvement with the cooperative to scam money out of teachers at the school and apparently others?

 

The article is pretty fuzzy on just who were the victims here: only teachers and staff at the school, or as the article claims at one point, there were 'several" lecturers among allegedly more than 160 not otherwise described victims in total.

 

PS - Does this mean that the guy won't be showing up to teach his classes at CU this term???

Edited April 25, 2017 by TallGuyJohninBKK

[darksidedog]

Stupid, greedy people who should have had the intelligence to see the scam. We will see how smart Sawat is, based on how far he has run, and if he manages to avoid arrest.

With only 5k in the bank, I suspect these dumb professors will not be seeing their money again. For those who have any left, I am sure there are plenty more ways for them to get ripped off again. TIT.

[mtls2005]

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

 

Hmm. Interesting,

 

 

“We will try to get him,” 

 

Of course.

 

 

I doubt these embezzlers/swindlers are unaware that they need to re-distribute at least 50% of their ill-gotten booty to the "powers-that-be" who provide on-going protection and subsequent freedom from arrest/prosecution.

 

DSI Chief Tarit supposedly garnered 345 million baht, but only kept ~ 90 million.

 

 

And the bulk of the KCCU embezzled funds - not connected to Wat Dhmmakaya, and returned - remain (80 - 90%) un-accounted for.