Chiang Mai condo fraud victims seek justice over 300m baht losses
Frustrated victims of a condominium fraud scandal in Chiang Mai are seeking help from the Foundation Campaigning to Reclaim Social Justice, having seen little progress since they first raised their concerns back in 2022.
Ronnarong Kaewpet, the foundation’s chairman and a seasoned lawyer, has received distressing evidence from those affected. Among them is Narumon Simons, who invested in a luxury condo project in Hang Dong District.
Units in this glitzy development were marketed with a starting price of 2.9 million baht each. Launched in January 2019, the project’s promotional bash boasted celebrity endorsements, including Kan Kantathavorn, now embroiled in the notorious iCon Group pyramid scheme scandal.
Narumon was lured by the developer’s promise of rental income from her unit. From 2019 to 2022, she happily pocketed around 100,000 baht a year. But when payments mysteriously stopped, she was forced to terminate her contract and reclaim her property.
To her horror, upon regaining access, she found her unit occupied by Chinese tenants and in a shocking state of disrepair. Sadly, her story isn’t unique. Many buyers, some owning up to seven units, have similarly been denied the rental fees they were promised.
Over 100 victims, facing a staggering total loss of more than 300 million baht, complained to the Department of Special Investigation (DSI) in 2022. Yet despite their efforts, the case remains stuck in limbo.
Inspired by the recent rapid actions against the iCon Group fraud, Narumon and her fellow victims are now desperate for their plight to receive similar attention.
Lawyer Ronnarong has vowed to rally the victims and accompany them to the DSI office to demand answers about the stalled investigation.
What Other Media Are Saying
- Ground News reports on Chiang Mai condo scam victims petitioning for justice after a 2-year stall in their case, seeking support from the Foundation Campaigning to Reclaim Social Justice. (read more)
Frequently Asked Questions
Here are some common questions asked about this news.
Why might the condominium fraud case in Chiang Mai be experiencing delays in legal resolution?
Complex legal processes and potential bureaucratic obstacles could be causing the delays.
How did the involvement of well-known figures impact the victims’ trust in the condominium project?
High-profile endorsements likely boosted confidence, masking underlying fraudulent activities.
What if the victims had not discovered the state of their units upon reclaiming them?
They may have remained unaware of the extent of the fraud and damage, delaying further action.
How can similar future investment frauds be prevented in Thailand?
Enhanced regulatory oversight and investor education on due diligence are crucial steps.
Why was the swift action on the iCon Group scam perceived as a potential aid for the Chiang Mai victims?
It suggested that authorities could act decisively, raising hopes for a similar intervention in their case.
