The Pattaya News
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Pattaya- Multiple foreigners and their wives in Pattaya have filed reports to Pattaya police over the past week accusing a Pattaya area bank branch assistant manager of causing them to lose significant amounts of money due to alleged fraud and scams. Foreign victims with their Thai wives met with the Pattaya City Police Chief Colonel […]

Multiple Pattaya residents file reports to Pattaya police accusing local assistant bank manager of fraud estimated in the millions of baht
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Seemingly this was a KBank on Soi Buakhao.

Looks like a number of kwais have been tempted by a 'low risk' offer of 3.5% per month (yes, per month!!) return on their investment.

A fool and his money.......

If it sounds too good to be true, what do you think. GREED. 42 % p.a F### Me get real. Another pyramid scam.

Hmmm ... no mention of the Deposit Guarantee Scheme?  Present limit is 5 million THB, to be reduced to 1 million THB in August this year.  

2 Thai/farang couples got caught with this scheme in my gated village. One I knew quite well was an old German guy who is no longer compos mentis and his Thai wife who is as daft as a brush even by Thai standards and manages her husband's money. She came round to my house 2 or 3 months ago and tried to sell the scheme to me. I immediately realised that it was a prime candidate for the old adage, "If it looks too good to be true, it probably is" and politely declined. They are now down 2 million baht and have had their savings completely wiped. They're looking for compensation from the bank but not looking good currently.

Edited February 3, 20215 yr by petemoss

8 hours ago, dabhand said:

Seemingly this was a KBank on Soi Buakhao.

Looks like a number of kwais have been tempted by a 'low risk' offer of 3.5% per month (yes, per month!!) return on their investment.

A fool and his money.......

there is no K bank on buakaow . the photo i saw was the one in central pattaya rd aka pattaya klang. all good con schemes require greed by the guys investing

37 minutes ago, striderman said:

there is no K bank on buakaow . the photo i saw was the one in central pattaya rd aka pattaya klang. all good con schemes require greed by the guys investing

Yes, the initial reporting was all over the shop. As you say, the branch was on Klang, also the original story had the Chinese guy 'investing' 130 billion baht.

1 hour ago, striderman said:

there is no K bank on buakaow . the photo i saw was the one in central pattaya rd aka pattaya klang. all good con schemes require greed by the guys investing

 

 

Exactly!      The cons that lure people in prey on the greed element.    e.g. Bernie Madoff

1 hour ago, striderman said:

there is no K bank on buakaow

Oh yes there is we walk by it almost every day. But it is not the one in this story

Edited February 3, 20215 yr by Soi7

2 hours ago, striderman said:

there is no K bank on buakaow . the photo i saw was the one in central pattaya rd aka pattaya klang. all good con schemes require greed by the guys investing

Wrong.  There is one on the corner of Soi Made in Thailand.  

Just now, typhoon42 said:

Wrong.  There is one on the corner of Soi Made in Thailand.  

i remember now. worrying thing is i walk past it most days

Any type of return like that during these current times is not realistic unless you are betting on the right stocks.  When things were good in the states over 2 years ago the best you could do on a 5 year CD was maybe 3.2%. And I had an online bank offering 2.1% interest on savings accounts.

Fast forward to 6 months ago when US CD rates are maybe .75 and worse.  My high yield savings is now giving back a whopping .50% interest. The scheme should have more realistic a few years ago, but then he would have tried to pull a Bernie Madoff and offer 10% return.

And I do realize I am talking about US bank rates and not Thai ones.  But I do live here and check rates since I am retired. Sadly many People don’t do their homework.

Currently any type of interest you can even get from a K Bank account may be enough to buy a bowl of noodle soup at the end of the month.  

3 hours ago, dabhand said:

 

ignore post - quoted wrong post and was pointing out there is a k-bank in boukhao - already pointed out twice though!

Edited February 3, 20215 yr by shagwell

Seems to be open season on foreigners at the moment (what's new?). A report of a housing project scam in Phetchaburi now appearing in the press. Although the perpetrators appear to also be foreigners.

https://thethaiger.com/news/national/around-100-foreigners-allegedly-scammed-by-housing-project-company

Now, the interesting part of this story is that it had been noted in TV earlier today but has now disappeared off the site. Wonder why?

Well, the clue might be in this PP Presentation which has the name of a rather well known Pattaya based organisation in the blurb. For no good reason I am sure............

https://www.thaipropertypromotion.com/pdf/Petchaburi Park.pdf