‘Duped’ forex investors file police complaints
By The Nation

 

 

BANGKOK: -- About 100 people led by Samart Jenchaijitwanich, president of the Stop Money Game Federation, filed police complaints against two private firms on Tuesday, claiming they’d been duped into making foreign-exchange investments on the promise of high returns.

 

The group filed formal complaints against Innovision Holding Co and The System: Plug & Play Co with the Department of Special Investigation at the Government Complex in Bangkok’s Lak Si district. 

 

The federation has claimed that 40,000 people across the country lost a total of Bt2 billion in the alleged scam, buying forex investment packages ranging in price from Bt4,500-Bt108,000. It said they were promised 30-per-cent monthly returns on their investments.

 

-- © Copyright The Nation 2017-05-10

 

Greed and stupidity make one nasty combination!

Thai's must be pretty stupid when it comes to investing. They all seem to take the high return schemes when the bank's are paying 1/2 % per year in interest on savings. A 20% per month interest sounds pretty good. Here's my 2 million!

Edited May 10, 20179 yr by tomwct

I'd rather see those idiots carrying placards reading "I am sorry for being stupid and greedy!" or "It's my own fault that I'm a gullible fool"

Don`t people ever learn" that if it`s to good to be true  it probably is"      

deleted

Edited May 10, 20179 yr by midas

53 minutes ago, akampa said:

Don`t people ever learn" that if it`s to good to be true  it probably is"      

From tree bark rubbing to online betting...is a giant leap.

 

But calling gambling, an investment, is plain excuse!

18 hours ago, tomwct said:

Thai's must be pretty stupid when it comes to investing. They all seem to take the high return schemes when the bank's are paying 1/2 % per year in interest on savings. A 20% per month interest sounds pretty good. Here's my 2 million!

But hey spruikers and bagmen dont do similar in the west.

Do you read the news ?

Hundreds of thousands of chinese lost everything when their stock exchange was listing dodgy shares.

Enron, Ponzi schemes ...

People of all hues and nationalities get ripped off daily by scammers yet you suggest only thais are gullible enough to fall for it.

More unwarranted baseless thai bashing.

The depth of stupidity in believing a 30% monthly return is possible. 30% annually, would have had me moving my money swiftly in the opposite direction.

The report should have started, "About 100 seriously retarded idiots led by Samart Jenchaijitwanich......"

Samart Jenchaijitwanich, president of the Stop Money Game Federation: "We used to call ourselves "Help Us, We Are Stupid Federation", but the membership felt that name would invoke a negative reaction to our plight. So we changed it to the current name. We are still stupid, though."

Edited May 11, 20179 yr by klauskunkel

We all have our weak and gullible moments in life when we

tempted to belive and accept the improbable, but we have

our common senses to thank for not being in these predicaments

too often or too deep, a trait  Thais are sourly lacking......

You can make 30%+per month returns on fx trading  and daytrading on the nasdaq stock exchange BUT...it takes time, effort, study, patience, knowledge and understanding. It appears these folks had none of the above. "A fool and their money"

Edited May 11, 20179 yr by dibley69
Ommissions

Its an unwritten law of nature that stupidity repells wealth like opposite magnetic poles.

Well I can not say it is impossible to achieve a 30% margin on FX  but those who are ignorant of the market they only go by what they are told combined with their love for quick high profit (GREED).

Greedy people are the easiest to get fooled and swindled.

Where was the authority while this scam was taking place?

30 per cent a year is already at the higher end of any Fx investment strategy! 360 per cent a year is just stupid. If you believe this then you deserve to lose your money.

Sent from my LG-H990 using Thailand Forum - Thaivisa mobile app

Only 30% per month?

The money is not gone.

It has only someone else.

I have been patting myself on the back seeing my investment in pounds rise a few percent over the last couple of weeks.  30 percent at fx? ...dream on! 

The only 30% i would be reasonably sure of are the Thai bashers on here. There are gullible everywhere, they still deserve the protection of the law. 

Here was I thinking I was doing okay with my current share portfolio up nearly ten percent in six months, plus dividends on top of that... expecting thirty percent a month is just pure greed.

8 hours ago, Fulwell53 said:

But hey spruikers and bagmen dont do similar in the west.

Do you read the news ?

Hundreds of thousands of chinese lost everything when their stock exchange was listing dodgy shares.

Enron, Ponzi schemes ...

People of all hues and nationalities get ripped off daily by scammers yet you suggest only thais are gullible enough to fall for it.

More unwarranted baseless thai bashing.

And don't forget Bernie Madoff! Even the ultra rich get scammed worldwide!

This scamming business seems to be a growth industry,no shortage

of greedy stupid people,with lots of money, it seems,less chance of

getting caught than robbing a bank,and returns are very good.plus

the police don't seem that enthusiastic to come after you,I mean 

not in the same way if you were selling E -cigarettes,then they come

after you,where if you are a big scammer they tell you to report to the

station,and you just say cannot come in too busy scamming people,OK

 

regards worgeordie

When these scams show up, I always wonder why the people who know how to easily make the BIG money are willing to share their secrets. Pretty black and white in my eyes.

In fact, if you reinvest the monthly gains, 100 baht at 30% per month would give you 2329.81 baht at the end of the year -- more than 2000% gain, not 360%. The power of compound interest!