News Forum - Pattaya residents and expats accuse bank manager of fraud, hold protest

[Thaiger]

Around 50 to 100 Thais and foreigners in Pattaya held a protest last Friday accusing the assistant manager of a local Kasikorn Bank branch of scamming them out of more than 300 million baht. A report was filed back in February accusing the assistant bank manager of defrauding people out of millions of baht, for some it was their life savings, by promising high returns for investments.  One expat held a sign saying “Danger K Bank Not return Our Money !!” Another person had a sign saying “ Danger!!! Our Money is Not Safe at K Bank” According to Thai […]

The story Pattaya residents and expats accuse bank manager of fraud, hold protest as seen on Thaiger News.

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[Poolie]

Fools and money. What could happen?

[DiJoDavO]

2 hours ago, Thaiger said:

One expat held a sign saying “Danger K Bank Not return Our Money !!”

Looking at his English, all I can think of is: Did he become Thai? 

[Poolie]

29 minutes ago, DiJoDavO said:

Looking at his English, all I can think of is: Did he become Thai? 

I think its called assimilation.

Of a sort.

[Stonker]

2 hours ago, Poolie said:

Fools and money. What could happen?

3.5% interest per month - over 50% per year.

Who could have thought something might be wrong ?

[dingdong]

a ponzi run by K bank...?

why nobody calls the courts ?

cause they know...laws dont apply to thai banks...and to the hi so in general....they are practically immun...any critisism ends in long jail terms....

now public protest bears more chance of receiving some money back....its the loose face symptom...

but the lack of customer rights....in combo with an almost institutionalized rip of system ( insurances etc ,) leaves  any small time guy out in the cold...

well in other countries its almost the same but if you have a long breath, there are chances to beat the sharks sometimes...

[Poolie]

12 minutes ago, dingdong said:

a ponzi run by K bank...?

why nobody calls the courts ?

cause they know...laws dont apply to thai banks...and to the hi so in general....they are practically immun...any critisism ends in long jail terms....

now public protest bears more chance of receiving some money back....its the loose face symptom...

but the lack of customer rights....in combo with an almost institutionalized rip of system ( insurances etc ,) leaves  any small time guy out in the cold...

well in other countries its almost the same but if you have a long breath, there are chances to beat the sharks sometimes...

It wasn't a bank scheme, the bloke who has had the money away just worked there.

Calm down (in an exaggerated scouse accent).

[Stardust]

1 hour ago, DiJoDavO said:

Looking at his English, all I can think of is: Did he become Thai? 

Do you think all expats are native english speakers??? The native speakers expats/foreigners in Thailand are a minority and not even 10%!

[Rain]

14 minutes ago, Stardust said:

Do you think all expats are native english speakers??? The native speakers expats/foreigners in Thailand are a minority and not even 10%!

That's 10% too many....

[Hyper]

It was an investment that was fraudulent.

The legal issue will be whether it was perpetuated by the individual in his personal capacity or by an individual who represented the Bank. I will think it is the former which is why K bank and lawyers refuse to pay.

Much will also depend on 'caveat emptor' - let the buyer/investor be aware - the investors need to do their checks and due diligence. clearly, the investors did not and thus suffered loss.

For me - no one is to be blamed except for lack of due diligence.

 

[Markwick]

15 hours ago, Poolie said:

It wasn't a bank scheme, the bloke who has had the money away just worked there.

Calm down (in an exaggerated scouse accent).

Mate I’ve watched your post for a long time 

your more intelligent then these fools 

the bank is safe as any it’s was fraud by staff 

They will get there money but 300 mil takes time to make sure no fraud by the claimant 

[Markwick]

It’s a zero interest world if banks borrow at 2 percent and lend at 2.5 3.5 for homes 

cars 10 etc 

they can’t give you 3.5 per month 

even in 80 s you could get 15 percent in bank 

and that’s was the dream time for cash 

assets world homes stocks etc 

you will earn zero in bank so when some fool offers 50 and you take should the bank pay it all back , prob not . I bet the ones who got a few interest payments are not declared that to police 

it’s fraud and will take time scammers on both sides there humans the grubs had to of known it was a risk 

like crypto when it tanks they will all cry rip off 

you jump into the fire you have to deal with the pain 

[ThaiPhilExpat]

Protest demonstration of any kind in the Kingdom of Thailand by a foreigner, might lead to visa revoked.  Again, these guys aren't the smartest.

They had a  meeting with the Chief of Police already. Now they can only wait to the case reach the Provincial Court.

[sawadeeken]

There is 2 sides to every story..... Although we mostly want to trust our banks, Thailand must be considered with some different reasonings or trust.... Inexperienced people, as many in Thailand, and a number of foreigners as well, can be 'conned' out of their money so easy when offered something that their greed prevents them from seeing the potential of LOSS..... In the USA the government guarntees most bank accounts against LOSS.... It is called FICA.... If an account don't have FICA guarntee then I won't deposit my money in it..... HOWEVER I hate thieves anywhere and I think that if Kasikorn employed this person they are 'responsible'....  How else can we have trust in a bank????

There is a lesson to be learned by the rest of us, Thanks to the publicity of this situation.... And I hope those folks recover most of their losses..... They were only trusting their bank ----- which we should be safe in doing......

[King Cotton]

3 minutes ago, sawadeeken said:

There is 2 sides to every story..... Although we mostly want to trust our banks, Thailand must be considered with some different reasonings or trust.... Inexperienced people, as many in Thailand, and a number of foreigners as well, can be 'conned' out of their money so easy when offered something that their greed prevents them from seeing the potential of LOSS..... In the USA the government guarntees most bank accounts against LOSS.... It is called FICA.... If an account don't have FICA guarntee then I won't deposit my money in it..... HOWEVER I hate thieves anywhere and I think that if Kasikorn employed this person they are 'responsible'....  How else can we have trust in a bank????

There is a lesson to be learned by the rest of us, Thanks to the publicity of this situation.... And I hope those folks recover most of their losses..... They were only trusting their bank ----- which we should be safe in doing......

Couldn't agree more, @sawadeeken, and your debut post, too! Welcome to Thaiger Talk, where I'm sure you'll be kept engaged.

[Poolie]

6 minutes ago, sawadeeken said:

There is 2 sides to every story..... Although we mostly want to trust our banks, Thailand must be considered with some different reasonings or trust.... Inexperienced people, as many in Thailand, and a number of foreigners as well, can be 'conned' out of their money so easy when offered something that their greed prevents them from seeing the potential of LOSS..... In the USA the government guarntees most bank accounts against LOSS.... It is called FICA.... If an account don't have FICA guarntee then I won't deposit my money in it..... HOWEVER I hate thieves anywhere and I think that if Kasikorn employed this person they are 'responsible'....  How else can we have trust in a bank????

There is a lesson to be learned by the rest of us, Thanks to the publicity of this situation.... And I hope those folks recover most of their losses..... They were only trusting their bank ----- which we should be safe in doing......

Trusting their bank to give them unrealistic levels of interest though? Bit naive, to say the least.

[HiuMak]

18 hours ago, Stonker said:

3.5% interest per month - over 50% per year.

Who could have thought something might be wrong ?

It is an investment (provided it is legit), High risk High returns, people investing in it has to bear the risks.

[sawadeeken]

27 minutes ago, Poolie said:

Trusting their bank to give them unrealistic levels of interest though? Bit naive, to say the least.

i doubt I am naieve..... 6-7% is not unrealistic............ BUT RISKY... EVEN IN THAILAND.....

[Poolie]

15 minutes ago, sawadeeken said:

i doubt I am naieve..... 6-7% is not unrealistic............ BUT RISKY... EVEN IN THAILAND.....

This was 3.5% monthly, 42% annually. THATS unrealistic. Beyond risky.

[Chaz]

If, and I stress if, it is because of some dubious scheme by an employee of the bank, I hope this person is in custody and been refused release until they inform where the money is and it can be returned in full, I'm sure anyone who lost money would simply be happy having it returned. But, if it was because of an Investment, and agreed to by the Investors, and it went belly up, then it can not be the fault of the bank or it's employee. 

[dingdong]

On 12/28/2021 at 10:48 AM, Poolie said:

It wasn't a bank scheme, the bloke who has had the money away just worked there.

Calm down (in an exaggerated scouse accent).

how an individual bank employee can just withdraw money from any account..???..this should only be possible for customers or if in the terms and conditions ( like fees etc ) ...I don t know if other banks in LOS or in other countries have a system in place to avoid such...I know that bank employees get moved around every few month....when I asked why the answer was to avoid theft from accounts...and it happens often without not much of punishment for the employee...

[oldschooler]

Proves assertion “no rules here. only culture,connections, cash”.

[sawadeeken]

On 12/28/2021 at 2:24 AM, Rain said:

That's 10% too many....

I would venture a guess that 10% of English speakers in Thailand are just counting the teachers teaching English to the Thai students.... A very admirable job.....

[ramubond]

On 1/15/2022 at 3:33 PM, dingdong said:

how an individual bank employee can just withdraw money from any account..???..this should only be possible for customers or if in the terms and conditions ( like fees etc ) ...I don t know if other banks in LOS or in other countries have a system in place to avoid such...I know that bank employees get moved around every few month....when I asked why the answer was to avoid theft from accounts...and it happens often without not much of punishment for the employee...

i think you will find that if this promotor of sketchy investment scheme was an employee of the bank ultimately they will be responsible under common law however most thai bank have a maximum 1 million baht liability per customer. so all you investors good luck with your case.

 

[Poolie]

1 hour ago, ramubond said:

i think you will find that if this promotor of sketchy investment scheme was an employee of the bank ultimately they will be responsible under common law however most thai bank have a maximum 1 million baht liability per customer. so all you investors good luck with your case.

Thai common law? How does that work then?