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Greed And Pyramid Schemes On The Rise In Thailand


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Special Report:

 

Greed and Pyramid Scheme Business

 

BANGKOK: -- In the last few years, pyramid scheme businesses have gained significant popularity Thailand as people have been lured into making investments in some intangible businesses. Nowadays, some of pyramid scheme swindlers disguise themselves as either direct sales or tourism enterprises, making it even more difficult for innocent people to differentiate and for authorities to trace the frauds.

 

According to Office of the Consumer Protection Board (OCPB) Legal Official Sareeya Galasintu, the pyramid scheme lures people to invest in a fake business as they are promised to be paid a greater sum of money in return if they can recruit new members. Most pyramid scheme businesses have no actual products or services. The money used to pay old members will come from new members. Some of the pyramid scheme businesses registered themselves as direct sales companies while their fake business and commission plans are all fabricated.

 

Legal officials have cautioned people to check before deciding to invest and to do some research on whether the companies have legally registered with the OCPB or if previous complaints have been filed by consumers or not. Furthermore, Ms Sareeya admitted that some companies did not conduct their businesses according to the plan submitted to the OCPB. She stressed that pyramid scheme businesses would focus more on financial return and recruitment of more members instead of tangible goods or services while some companies only had their goods available in catalogs.

 

Ms Sareeya admitted that the OCPB had been receiving complaints from consumers after they did not receive financial payments as promised. She said anyone deceived by such gangs should hastily inform the OCPB for further investigation in order to try to get their money back, if possible.

As for any preventive measures, she elaborated that the OCPB had been working closely with the Department of Special Investigation, the Anti-Money Laundering Office, and related sectors to suppress the pyramid scheme businesses. She added that the OCPB also tried to educate the public via various channels.

 

Pyramid scheme businesses can survive at the expense of people being lured into the trap of hope to earn quick money although the authorities have been attempting to impede pyramid scheme swindlers by educating people about such incidents. Nonetheless, self-awareness to greed is the vital key to ensure that no one will fall into the trap, if we can change this value in each individual, pyramid scheme businesses will no longer appeal to anyone.

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