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UPDATE: “Hundreds” of investors caught in alleged Kasikorn Bank branch fraud in Pattaya

Thaiger

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PHOTO: The Kasikorn Bank, Soi Bua Khao Pattaya branch in Central Pattaya Road - Google Maps

CORRECTION: In an earlier story about this case we referred to a Chinese man losing 130 BILLION baht in the scheme. The amount was actually 130 MILLION baht. We apologise for the error.

Hundreds, perhaps more than 400, investors have been allegedly defrauded by an assistant bank manager at a Kasikorn bank branch in Pattaya.

The assistant manager, named in a police report as “Mr. Gob” (the Thai word for ‘frog’), was promising investors 3.5% interest, per month, yes… PER MONTH… for cash investments. It appears his high interest rate attracted hundreds of people wanting to take advantage of the generous terms.

(The assistant manager has since been names as “Mr. Chaisit Sappermpoon, who worked at a Central Pattaya bank branch on Central Klang” by The Pattaya News)

One investor, who only found out about the scam yesterday when he visited the branch for his monthly rolling over of funds, told The Thaiger that he has lost 250,000 baht at this stage, with no official response from the Kasikorn head office in Bangkok yet being made about the situation.

The 49 year old expat, a long term resident of Pattaya, told The Thaiger that he was approached by the co-bank manager last July and given the offer of a “special interest rate”. In the intervening months Mr B, who has filed an official police report but wishes to remain nameless at this stage, visited the branch to ‘roll over’ his interest by signing the deposit slip. He was told he could withdraw the interest if he wanted to but was “encouraged” to roll the interest over into the lump sum.

“It all seemed so legitimate and I saw many people coming and going at the end of each month, some bringing in bags of cash to invest into the scheme.”

Mr B knows of some investors who invested many millions of baht and even one Chinese man who had allegedly invested 130 million baht. He also believes that “agents” were actively seeking out possible investors to pour money into the scam.

“Every time I visited there were people coming in with bags of cash investing for other people.”

It all came to pass yesterday (Monday) as hundreds of bewildered investors visited the bank for their monthly ‘roll over’ and were informed that the assistant bank manager had been arrested 2 weeks ago by police and is currently in jail as the investigation continues. But, according to Mr. B, neither the Kasikorn branch in Pattaya, or the headquarters in Bangkok, had made any effort to alert the affected investors of the situation.

The branch bank manager told investors (off the record) on Tuesday that she had no idea about the situation and hadn’t asked any questions about the hundreds of investors queueing up to visit Mr. Gob at the start of each month.

A number of the investors have now made official police statements about the scam – The Thaiger has a copy of the one filed by Mr. B. The headquarters of Kasikorn Bank in Bangkok has told Mr. B, and other ‘investors’ that they are currently “investigating the situation” and that they will “respond within 10 days”.

As of Wednesday morning staff at the bank branch in the centre of this mess have been “instructed” to tell affected customers that “they will not be reimbursing the monies” as “the products sold to customers were not official bank products”.

Many of the people, who have invested amounts from a few thousand baht up to many millions, are new engaging lawyers and a group civil action is being mounted against the bank.

We’ll update the story as more information comes to hand.

 

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58 Comments

58 Comments

  1. Avatar

    Joe Vance

    Tuesday, February 2, 2021 at 12:04 pm

    The offered rate alone should have been a red flag……

    • Avatar

      Tony Cittadini

      Tuesday, February 2, 2021 at 4:14 pm

      To reasonable people yes.

    • Avatar

      Joe

      Tuesday, February 2, 2021 at 5:17 pm

      I tend to agree, but come on man, you would expect more from a big bank.

      They should refund every single bhat to the investors otherwise they send the message that people should never trust them in the future.

      • Avatar

        Derek Kwok

        Wednesday, February 3, 2021 at 2:11 pm

        Well, as long as the manager is representing the bank be legal or illegal, the bank are liable for the funds invested in the bank.

    • Avatar

      caucashit

      Tuesday, February 2, 2021 at 7:44 pm

      Hopefully all the marks were euro-trash…

      • Avatar

        eric

        Tuesday, February 2, 2021 at 11:09 pm

        Thanks for your racist comment Mr superior Trump fanboy

        • Avatar

          Micheal

          Wednesday, February 3, 2021 at 10:01 am

          European is now a race. Wow! Interesting. I learn so much when I’m on the Internet. And, well, of course, it’s all Trump’s fault. Everything that doesn’t fit a leftist narrative is Trump’s fault – the pat answer from anyone who has nothing of substance to say but can’t use cuss words. Intelligence abounds.

      • Avatar

        Joe

        Wednesday, February 3, 2021 at 10:23 am

        Sounds like something for the trailer trash Trump supporters to go for.

  2. Avatar

    Toby Andrews

    Tuesday, February 2, 2021 at 12:19 pm

    However looking at it from the banks point of view, I suppose the bank were not collecting the loans they had made to the customers. At this present time of fiscal risk and unemployment.
    The bank manager is to be pitied really . . .

    • Avatar

      Stan

      Tuesday, February 2, 2021 at 1:50 pm

      No, he scam 400 customers of millions of baht. He is criminal

      • Avatar

        Toby Andrews

        Tuesday, February 2, 2021 at 2:33 pm

        But he might have a wife four kids and a cat to support . . .

        • Avatar

          Joe

          Tuesday, February 2, 2021 at 5:18 pm

          That is some very hungry cat who probably eat nothing less than wagyu A5

  3. Avatar

    Issan John

    Tuesday, February 2, 2021 at 12:30 pm

    Amazing that he waited long enough to be arrested and didn’t just do a runner to Cambodia after a few months.

    • Avatar

      Michael Hunter

      Tuesday, February 2, 2021 at 2:26 pm

      GottaBeKiddingMe!!!

      The other bank manager had no idea on why the only other bank manager suddenly had hundreds of customers at the beginning of each month?

      The police and Kasikorn Bank needs to open Pandora’s Box for more evil.

      • Avatar

        David Conners

        Tuesday, February 2, 2021 at 7:49 pm

        It’s impossible for the 2nd manager not to know what was happening. I’m not that gullible and I hope noone is! Pure scam if I ever seen one

    • Avatar

      Toby Andrews

      Tuesday, February 2, 2021 at 2:38 pm

      It is due to the old weakness of the Thai: greed. He was thinking one more month. I will collect one more month, then I will escape to wonderful Phnom Penh where the bars are open, Restaurants are open, and no lock downs or curfews.
      But greed had him hanging on, until the cops arrived.

  4. Avatar

    P D N

    Tuesday, February 2, 2021 at 12:38 pm

    The old saying “a fool and his money are soon parted” seen to be very appropriate, as does “if it looks too good to be true, it almost certainly IS” To be brutally honest, they should have had more sense. I don’t have much sympathy for the idiots, expecting a 36% PA interest rate to be factual, is foolish in the extreme.

    • Avatar

      Issan John

      Wednesday, February 3, 2021 at 3:18 am

      Actually, PDN, it’s not “36% PA”.

      3.5% per month compound interest rolled over every month is over 50% interest per annum.

      • Avatar

        Michael Hunter

        Wednesday, February 3, 2021 at 4:57 pm

        Where do I sign up for the guaranteed returns that on duty bank manager promises? ??

  5. Avatar

    B.T.

    Tuesday, February 2, 2021 at 12:44 pm

    130 billion baht?.Kidding?.You refrain from anything like this investment in Thailand for 1 simple reason.No legal protection from this scams.

    • Avatar

      David Conners

      Tuesday, February 2, 2021 at 7:53 pm

      If an individual had 130 mil to invest in this obvious scam then they obviously scammed the money. Very simple really. I rest my case. 555

      • Avatar

        Rodney Tinklepiece

        Wednesday, February 3, 2021 at 6:10 pm

        I suspect the “Chinese Bt130 million” was probably to build the trust of the farang to invest his complete Bt250,000 life savings.

  6. Avatar

    Kim

    Tuesday, February 2, 2021 at 12:50 pm

    If you are stupid enough to believe anyone that offers you 3.5pct monthly return on your investment is legit and/or risk free, then its your own fault, in particular in the present financial markets.

    • Avatar

      Jean BON

      Tuesday, February 2, 2021 at 11:17 pm

      What markets are you talking, Mr Financial experts? The DOW at its highest, all time, and cryptos pay you off 300% in last 3 months only. On spot, not on futures… For goofies? The big investments companies and funds managers are IN. With YOUR money, of course..

      • Avatar

        Issan John

        Wednesday, February 3, 2021 at 10:06 am

        “risk free”?

        Hardly.

      • Avatar

        Kim

        Wednesday, February 3, 2021 at 3:26 pm

        jean bon. you obviously cant comprehend english – french wanker. go invest in crypto mr 300pct return and invest in and etf linked dow fund without any risks. im sure you also invested all your millions in gamestop, amc, doge and all the funds made top dollars on gamestop – or not? ignorant fool.

  7. Avatar

    Glenn

    Tuesday, February 2, 2021 at 3:02 pm

    55555!
    The stupid – it burns!

    File charges on the bank and the employees to the max, try to reimburse as many idiots as possible and laugh in their faces for being grandiosely stupid !

    Great PR for Kasikorn Bank eh?

  8. Avatar

    Jack Sombra

    Tuesday, February 2, 2021 at 4:46 pm

    “one Chinese man who had allegedly invested 130 billion baht.”

    Suckers are born every minute…and no not this make belive Chinese but rather anyone who belived this nonsense, thats 4.3 billion USD. Anyone quoting such numbers would be raising 4.3 billion red flags

  9. Avatar

    fritz ammer

    Tuesday, February 2, 2021 at 7:00 pm

    Investing in a 42 % per annum promise (= 3.5 % per month) is just stupid and reckless! Therefor I have no regrets at all for those who invested in such a scam ! Greed never succeeds !
    Joke dee krahp and good luck !

  10. Avatar

    Frank

    Tuesday, February 2, 2021 at 7:24 pm

    When it looks to good to be true.. it probably is

  11. Avatar

    Keith Robert Burt

    Tuesday, February 2, 2021 at 7:42 pm

    The manager worked for the bank, so the bank should reimburse the people. They should have more knowledge of what is going on at their brunches.

    • Avatar

      Kevin

      Wednesday, February 3, 2021 at 9:33 am

      Their brunches were probably noodle soup or somtam not checking cooked books.

  12. Avatar

    Anh Lam

    Tuesday, February 2, 2021 at 7:44 pm

    Yes, I will definetly agree with every person here that says, If it to good to be true, go buy a 1 month vacation in Thailand. At least you get free vaccine and beautiful resort with all emenities.
    Another reason thst banks get richer, on greedy managers like Khun Gob. Wonder how KBank will respond on this one. Wam Bam Thank You Man!

  13. Avatar

    frank

    Tuesday, February 2, 2021 at 7:47 pm

    then to think, these people got caught by their greed, sad but true, this money is gone and probably going to some other corrupt people, who can not do it the honest way, while i am trying to get my fundraiser funded to get my girlfriend back from Japan instead of waiting 3 years… i could use that money to get it funded…. ): in the mean time i just keep on running it…

    • Avatar

      Issan John

      Tuesday, February 2, 2021 at 8:22 pm

      The way you put it makes it sound like you’re fundraising to get your “girlfriend back from Japan instead of waiting 3 years” because you need to be “funded” to get her out of jail early! 😮

      Good luck with that!

      • Avatar

        Sawadee pattaya

        Wednesday, February 3, 2021 at 1:13 am

        Ha ha ha only in Thailand!!!

        • Avatar

          Issan John

          Wednesday, February 3, 2021 at 11:15 am

          Read his begging bowl site, Sawadee p – only in Thailand!!!

          If anyone wants a good (Toby A style) laugh about Thais and farangs, though I’d recommend the site as it gave me the best laught I’ve had for a long time. Absolute classic 😉

      • Avatar

        frank

        Wednesday, February 3, 2021 at 6:07 am

        no not jail man, some one scammed her for 500,000 baht and she goes to work in japan for 3 years to pay it off (3 year contract) ask your thai girlfriend about this they know about this kind of things

        • Avatar

          frank

          Wednesday, February 3, 2021 at 6:10 am

          on gogetfunding DOT com/sax

      • Avatar

        Issan John

        Wednesday, February 3, 2021 at 11:11 am

        OMFG o)

        You’re serious. … and, after a brief look at your fundraising site you’re being scammed by a pro who doesn’t even bother to be clever about it, to hide that before going to Japan she’d only just come back from working overseas (not working in the market o)) and you’re happy to scam other people as long as it’s you they’re sending money to …

        … and to put the icing on the cake, you’re telling people commenting here to avoid scams O)

        Un-B-frigging-lievable.

  14. Avatar

    Eugeen

    Tuesday, February 2, 2021 at 7:58 pm

    False (looking real) kasikorn bankbook: 10,000,000 baht
    Empty bankbook of my daughter 10,000,000 baht
    Hidden transactions on other bankbook -1,500,000 baht.
    How can a assistant manager, during years, with hondreds of clients, in the bank, during the opening hours have a secret business. It means that the higer bank people or knew it and also profited, or that the higher people never checked what the assistant manager was doing day in day out.

  15. Avatar

    James Pate

    Wednesday, February 3, 2021 at 5:27 am

    Can’t wait to hear how the scam worked. Simple pyramid scheme? Probably. Will K Bank and the other manager be exonerated? Almost surely. The complaintant chooses to remain nameless. Of course. He has revealed himself a fool.

  16. Avatar

    Alexandra

    Wednesday, February 3, 2021 at 6:08 am

    Who wants to bet that Kaiskorn Bank will try to wiggle out of restoring any funds swindled by their own management.

  17. Avatar

    Terry

    Wednesday, February 3, 2021 at 7:26 am

    In Trading you can actually make between 5%-15% per week, how do you think your bank is making money – with your money!

    • Avatar

      James Pate

      Wednesday, February 3, 2021 at 5:46 pm

      Yes. If you sit in front of a screen almost 24/7, it can be done. Lots of small gains, but be prepared to take a big hit sometimes.

      • Avatar

        Terry

        Thursday, February 4, 2021 at 7:50 am

        No that is not true, you do not have to sit in front of the screen 24/7 – I didn’t, I spend about 30 min. a day and I made an average of 6,35% profit on average for the whole year last year in 2020. We outperformed the market by more than 300% last year – No loss days!

        • Avatar

          James Pate

          Friday, February 5, 2021 at 4:41 am

          Ok. Good for you. 2020 was a very unusual year.

  18. Avatar

    Mr cynic

    Wednesday, February 3, 2021 at 7:50 am

    Mr g should have plenty of funds available to assure the local plod of is innocence in this misunderstanding.he should also have plenty left over to set up a new venture gold trading from an empty shop unit by the end of next week at the very latest.
    If he’s offering a competitive guaranted rate of return something along the lines of 5% per week I will happily be the first in the queue with my cash to make sure I do not miss out on this once in a lifetime opportunity.

  19. Avatar

    Teddy Frank

    Wednesday, February 3, 2021 at 10:34 am

    Nearly 50% return par year when it is about 2 % at the most in the market at the moment if you want it completely secure. It is a miracle these gullible people still have money to invest. If it is too good to be true…it is not true.
    And nobody in the bank knew anything about people coming with tons of cash to see this particular fund manager ? The bank has to give back the stolen money, because the scam was done by one of its employee inside the bank.

  20. Avatar

    D munro

    Wednesday, February 3, 2021 at 10:34 am

    One point everyone seems to be missing. This guy was arrested 2 weeks why did the bank and police not contact the investors earlier. They need to be held accountable to an extent. Normally the police are front page news parading suspects at the first opportunity

    • Avatar

      James Pate

      Wednesday, February 3, 2021 at 5:38 pm

      Excellent point you made here! Now that print media has gone by the wayside, where are public notices printed? Back in the day, any time something like this happened at a bank, public notice appeared in all Bangkok newspapers with the bank informing all of us that the scoundrel was sacked.

  21. Avatar

    Andy

    Wednesday, February 3, 2021 at 11:02 am

    3,5% per month is (1+3,5/100)^12 = 1,511. So that is 51,1% per year…perfectly ridiculous but no question asked, where do i sign ?

  22. Avatar

    TV

    Wednesday, February 3, 2021 at 11:39 am

    Classic Ponzi scheme. He pays the people 3.5% per month with the money he gets to keep everyone happy. More money will come in because he keeps his word and other (greedy) people will start to invest. This can continue for years and clients can actually get richer, as long as he keeps getting new money in and doesn’t get caught. “The Thai Bernie Madoff” should be his nickname.

  23. Avatar

    Anon

    Wednesday, February 3, 2021 at 12:04 pm

    This Bank and the people that work for it are scumbags. One of the managers told a friend that they have run out of money and are in big trouble and the balance sheet is looking very unhealthy with huge bad debts.

    When the pandemic hit instead of helping people I know one couple that requested some help/breathing room The bank ignored them for two months then came back and triple their payments As the loan was coming off interest only.

    Their excuse was They missed some payments a couple of years ago And even though they made the commitment since then they were outside the Conditions to be considered under duress. Absolute garbage. On top of that the manager started calling them offering a payout with the payout figure 50% less than the loans value and the excuse was the bank is desperate they have no money I need to clear the book anyway they can. When my friend found someone to buy the house at the discounted rate he went to the bank for a pay out figure and they refuse to put it in writing adding further fuel to the fire.

    Throughout this stressful period This couple also had three deaths in the family and lost the a while this bank walked all over them and made things 10 times worse during a pandemic. He was pushed to the very edge. Scum bags.

  24. Avatar

    Tony

    Wednesday, February 3, 2021 at 3:34 pm

    36% APR.come on,get real when the bank is proudly paying1.5 to2% apr would not call it gullible but greed and waht happens to greedy people some one more greedy bites there hand off.555.

    • Avatar

      Colin G

      Wednesday, February 3, 2021 at 6:46 pm

      Don’t see how you get to 36% APR. 3.5% per month compounded for a year is 51.1%

  25. Avatar

    Freddito

    Friday, February 5, 2021 at 10:28 am

    No disrespect to frogs, but I wouldve walked right out of there if some guy named Mr. Gob tried to get me to invest into anything

  26. Avatar

    Somkiat

    Sunday, July 11, 2021 at 7:36 pm

    @caucashit – @caucashit – I wonder why this poster spewing hate hasn’t been flagged.

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