Maha Sarakham investment fraud victims lose 500 million baht
A significant fraud case has emerged in Maha Sarakham, where numerous victims have been deceived into investing in a bogus real estate development, losing over 500 million baht. The alleged fraud was orchestrated by two prominent financiers who promised high returns.
Peace and Justice Club President Taen Khun has taken the victims to meet with investigators at the Economic Crime Suppression Division. The victims, many from Maha Sarakham, were lured into investing in land and housing projects with promises of 1.5% and 2% returns.
If they recruited others to invest, they were promised an additional 0.5% return. Despite these assurances, the victims never received any of the promised returns, said Taen.
“Today, I bring victims from Maha Sarakham who were deceived by two financiers into investing in real estate. The perpetrators have shown no fear of the law.”
Currently, around 10 people reported losses totalling 300 million baht. It is anticipated that more victims will come forward. The victims have previously sought help from various agencies, including the Department of Special Investigation (DSI), but have seen little progress in their cases. They are now appealing to the Economic Crime Suppression Division for assistance.
One victim, referred to as A, recounted her experience. In late 2019, a friend persuaded her to invest with an individual known as J, who claimed to be developing a landmark in Maha Sarakham.
The friend assured her that J would repay any borrowed funds used for the investment and promised a 1.5% to 2% profit. Trusting her friend, A agreed to invest without knowing if her friend was aware of J’s fraudulent activities. Unfortunately, the friend has since become involved in the scheme, acting as J’s right-hand person and recruiting others to invest.
Initially, A had personal debts of 2 million baht. The financiers advised her that to invest, she needed to be debt-free, otherwise, her loan application would be rejected. J offered to lend her the money at a 7.5% interest rate. After borrowing, her credit was misused, resulting in massive debt. Her total debt has ballooned to 38 million baht, and she has lost contact with J and his associates.
“J is quite influential in Maha Sarakham and was respected by many. I have never been threatened, but I have now filed a police report in Maha Sarakham and urge J to take responsibility. Everyone is suffering, and I don’t know how to handle the 38 million baht debt.”
Another victim, B, reported that the highest individual loss among the victims is approximately 50 million baht. B was initially approached by J and H, former colleagues.
The scheme seemed to start within their circle of friends, with promises of commissions for recruiting new investors. B never participated in recruiting others, as he was uninterested in the scheme.
His debts, combined with his partner’s, total around 38 million baht. He believes both J and H remain in Maha Sarakham, although they have been unreachable since August, reported KhaoSod.
“I’m concerned because J is influential and well-connected, which makes me fear we won’t get justice.”
The investigation continues as victims seek justice and restitution for their significant financial losses.
What Other Media Are Saying
- New York State Department of State highlights alarming real estate scams targeting renters, urging vigilance and verification of agents to prevent financial losses while emphasising the need for consumer education and protection. (read more)
- Bangkok Post reports Chuvit Kamolvisit’s allegations against Sansiri Plc regarding nominee shareholding fraud linked to PM candidate Srettha Thavisin, raising questions about his qualifications and potential tax evasion. (read more)
Frequently Asked Questions
Here are some common questions asked about this news.
Why do fraudulent schemes often promise high returns?
High returns attract investors by exploiting greed and urgency, making it easier to overlook risks and due diligence.
How can victims of fraud navigate the aftermath to recover losses?
Victims can report to the police, engage legal support, and seek financial counselling to manage debts.
What if financial literacy were more widespread among potential investors?
Increased financial literacy could reduce susceptibility to scams, as investors would better understand risks and detect red flags.
What role does community trust play in the success of investment fraud?
Fraudsters often exploit community trust, using social connections to lend credibility and ease persuasion.
How might the influence of perpetrators affect the pursuit of justice?
Influence can hinder justice by intimidating victims and obstructing legal processes, complicating accountability.