Kasikornbank Bank Employee Fraud

[Raugh]

 

Pattaya fraud victims ignored by bank and police stage protest

By

Boonlua Chatree

 

https://www.pattayamail.com/wp-content/uploads/2021/12/Pattaya-News-4-Kasikorn-banker-fraud-victims-demand-police-action-pic-1.jpg Victims of the scam protested in front of the Kasikorn bank demanding the bank return their money.

About 50 victims of an alleged scam perpetrated by a former Kasikornbank manager demonstrated outside Pattaya Police Station to demand action in their case and threatened to take their protest to Bangkok next month.


Nine months after Kasikornbank Pattaya branch assistant manager Chaisit Sapphoemphull allegedly used outdated bank books and documents to steal funds transferred by expats from overseas and duped both foreigners and Thais into investing in bogus mutual funds, he still has not be prosecuted and none of the money recovered.

While Chaisit is serving time for destroying bank documents, the victims of the scam are demanding police and prosecutors act to get them justice after basically ignoring the case for much of 2021.

The victims met earlier this month with Pattaya’s new police chief on Dec. 9, who vowed action within two weeks. That date came and went with no progress.

 

https://www.pattayamail.com/wp-content/uploads/2021/12/Pattaya-News-4-Kasikorn-banker-fraud-victims-demand-police-action-pic-2.jpg More than 50 Thai and foreign victims of the scam protested outside the Pattaya police station demanding action in solving the fraud case.

So, victims took their case public, protesting outside the police station, waving signs and shouting demands. If Pattaya police continue to drag their feet, the fraud victims vowed to picket outside the Bangkok headquarters of the Royal Thai Police Jan. 11.

 

Sirichai Piyapichetkul, an attorney for three Chinese fraud victims, said his clients are out a combined 200 million baht.

He and other clients want Kasikornbank – which has failed to take any responsibility for its former executive – to repay the money with 7.5% interest.



Sirichai said Kasikornbank was notified by letter on Dec. 1 to compensate the victims by Dec. 7, but the bank ignored it. A second letter was sent demanding redress by Dec. 20. That deadline was missed as well.

https://www.pattayamail.com/wp-content/uploads/2021/12/Pattaya-News-4-Kasikorn-banker-fraud-victims-demand-police-action-pic-3.jpg A representative of the foreign victims of the scam appeals to the Pattaya police to help them retrieve their money.

 

https://www.pattayamail.com/wp-content/uploads/2021/12/Pattaya-News-4-Kasikorn-banker-fraud-victims-demand-police-action-pic-4.jpg The victims of the fraud asked Pattaya police chief Pol.Col. Kullachart Kullachai to appoint a new team of investigators to speed things up.

 

https://www.pattayamail.com/wp-content/uploads/2021/12/Pattaya-News-4-Kasikorn-banker-fraud-victims-demand-police-action-pic-5.jpg Protestors march along Beach Road opposite the Pattaya police station demanding to be heard.

 

https://www.pattayamail.com/wp-content/uploads/2021/12/Pattaya-News-4-Kasikorn-banker-fraud-victims-demand-police-action-pic-6.jpg Victims of the scam gather in front of the Kasikorn Bank holding up signs and demanding the return of their money.

 

 

Edited December 26, 2021 by Andrew Reeve
We use dry links and the user has to copy and paste the link

[longwood50]

I would think the only way that those that have lost money will see any sort of compensation is if they band together to form a single lawsuit.  I know in the USA the bank employee would be considered an "agent" of the bank.  Customers seeing him would have the feeling they were dealing with the bank when they gave him their money. 

Even if Kasikorn was totally unware of the fraud which I suspect they were, it would not let them shirk the liability they incurred when they placed this man in a position where he represented the bank. 

The duped customers would have no idea that they were not legitimately dealing with a bank employee and placing their money in products offered by the bank. 

Also, the money or what it purchased has to be someplace.  A person does not steal millions of baht and then spend it only on consumable products like vacations, or restaurants etc.  He must either have a good portion of the money transferred overseas to a bank account, or used the money to buy tangible products like cars, real estate, jewelry.  Those can be confiscated.  

Since the money was deposited at the bank, the bank must have records of where that money was transferred to including any purchases. 

 

Edited December 27, 2021 by longwood50

[Poolie]

11 minutes ago, longwood50 said:

I would think the only way that those that have lost money will see any sort of compensation is if they band together to form a single lawsuit.  I know in the USA the bank employee would be considered an "agent" of the bank.  Customers seeing him would have the feeling they were dealing with the bank when they gave him their money. 


 

They could try starting a case there then.  I dont think it would wash in Thailand though.

[longwood50]

2 hours ago, Poolie said:

They could try starting a case there then.  I dont think it would wash in Thailand though.

I don't know the law in Thailand well enough to comment.  In the USA someone who gives "the appearance" of representing the company is considered an agent of that company.  So if the business does not take affirmative steps to stop the misrepresentation it is held that they condoned the activity.  In this case you had a bank employee who was perpetrating the fraud while working as an employee, and was one bank premises and I presume using bank related documents.  A customer would have no idea that they were being defrauded.  The bank should have become suspicious of the employee when money was being deposited and then somehow transferred to other accounts controlled by the employee.  The activity should have been suspicious enough that the bank if they were at all diligent would have uncovered his misdeeds sooner. 

[Marc26]

I'd never keep more than walking cash in a Thai bank.

 

My stepson got 10k taken out of his bank account and it has been a month's long process and still ongoing.

Ridiculous

 

 

[Rain]

These shenanigans will certainly come back to bite the scoundrels in the back side.

The less one has to do business with financial mafias, the better. 

[M.O.]

9 hours ago, Marc26 said:

I'd never keep more than walking cash in a Thai bank.

My stepson got 10k taken out of his bank account and it has been a month's long process and still ongoing.

Ridiculous

How about the 800,000 Baht required for your visa? Don't you have to keep it in the bank? Do you keep it under your mattress after it is used for obtaining the visa?

[Marc26]

43 minutes ago, M.O. said:

How about the 800,000 Baht required for your visa? Don't you have to keep it in the bank? Do you keep it under your mattress after it is used for obtaining the visa?

I'm not an expat

And that would be an issue for me because of what I've seen happen with Thai Banks

Also, I'd be on a marriage visa, so don't think I need the whole 800k?

 

But wouldn't want to keep 400k either 

[Chaimai]

1 hour ago, Marc26 said:

I'm not an expat

And that would be an issue for me because of what I've seen happen with Thai Banks

Also, I'd be on a marriage visa, so don't think I need the whole 800k?

But wouldn't want to keep 400k either 

 

 

What have you seen happen with "Thai banks"?

 

You wouldn't be here on a marriage visa, you would be on an extension of stay based on marriage.