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"Wives of foreigners" fall victim to massive Ponzi scheme on Koh Samui


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"Wives of foreigners" fall victim to massive Ponzi scheme on Koh Samui

 

8pm1.jpg

Picture: Manager Online

 

Manager reported that the Thai wives of foreigners living on Koh Samui were among 200 people who had lost 120 million baht in a Ponzi or pyramid share scheme.

 

"Praew" representing 20 people went to the Bo Phut police to register a complaint and ask for assistance with the station chief Pol Col Thongchana Hankittikanjana. 

 

She said that the scheme started among friends and was initiated by a woman named only as "Bew" who ran a gift shop at a department store on the holiday island. 

 

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Picture: Manager Online

 

The scheme was called "Share Ban Bew Gift Shop". 

 

Hundreds contributed anywhere between 10,000 baht to 500,000 baht for lucrative returns. 

 

Some got 30% on their money before "Bew" disappeared with the lot.

 

Among the victims are foreigners' wives, state employees, hotel staff and department store staff, she said. 

 

8pm2.jpg

Picture: Manager Online

 

Some 20-30 people were expected to be interviewed by the Bo Phut police each day as investigations proceed after the initial complaint was made at the weekend. 

 

Source: Manager Online

 

 

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-- © Copyright Thai Visa News 2019-07-24
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How can people be so stupid.  Reading about these scheme's every day and they still fall for it.  They say a sucker is born every day.  But in Thailand its about a thousand born every day.  Unbelievable 

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"They" target the uneducated, not difficult in Thailand!

Not unlike the "Expat" financial" adviser companies in Thailand that target their own kind!

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"Hundreds contributed anywhere between 10,000 baht to 500,000 baht for lucrative returns."...

..."Among the victims are foreigners' wives, state employees, hotel staff and department store staff, she said"

 

Headline "Wives of Foreigners"...

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1 hour ago, BTB1958 said:

How can people be so stupid.  Reading about these scheme's every day and they still fall for it.  They say a sucker is born every day.  But in Thailand its about a thousand born every day.  Unbelievable 

 

These sort of loan/savings/share schemes seem common among Thais. I remember a group in the UK did one. I went balmy when I found out my wife had joined. Had to police it very hard, and visibly so, to stop any tricks and scams. The longer you can pay in and not take out the more you made. So the final two got interesting.

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2 hours ago, webfact said:

Manager reported that the Thai wives of foreigners living on Koh Samui were among 200 people who had lost 120 million baht in a Ponzi or pyramid share scheme.

The foreigners weren't all Egyptians were they?

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1 hour ago, wwest5829 said:

Hmmm, I am told that there is Forex trading via Dubai returning 10% a month. Seems to be working but my financial radar is beeping warnings. Anyone have any information?

 

Which broker or institution will the funds be held?  Many forex brokers are actually bucket shops in clever disguise.

 

And how much were you planning to deposit?

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3 hours ago, CGW said:

"They" target the uneducated, not difficult in Thailand!

Not unlike the "Expat" financial" adviser companies in Thailand that target their own kind!

I suppose the victims of Bernie Madoff were all uneducated Thais, were they?

 

Rooster

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You can bet a number of them did it with their boyfriend's money.  A friend told me his gfs sister lost 100k on two different ponzis.. We agreed that 200k is more than 99% of them have in the bank.  And probably more than 70%of Americans. 

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3 hours ago, wwest5829 said:

Hmmm, I am told that there is Forex trading via Dubai returning 10% a month. Seems to be working but my financial radar is beeping warnings. Anyone have any information?

Buy Sterling, sure to rise !

regards Worgeordie

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1 hour ago, Jane Dough said:

I suppose the victims of Bernie Madoff were all uneducated Thais, were they?

 

Rooster

No just  greedy buggers like them.

regards worgeordie

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5 hours ago, BTB1958 said:

How can people be so stupid.  Reading about these scheme's every day and they still fall for it.  They say a sucker is born every day.  But in Thailand its about a thousand born every day.  Unbelievable 

It's called greed !!

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It appears having read the article that the headline “ Wives of Foreigners “ is very misleading I would imagine that most of those woman who have been defrauded are normal working Thais that are not even related in anyway to a foreigner.

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6 hours ago, BTB1958 said:

How can people be so stupid.  Reading about these scheme's every day and they still fall for it.  They say a sucker is born every day.  But in Thailand its about a thousand born every day.  Unbelievable. 

What does it say about the farang "buffalos" who married them? 

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People are taken in by these scams all over the world but those with poor education are especially vulnerable as their lack of decent job opportunities makes "being your own boss" an attractive prospect.  This website gives you an insight as to just how many of these blatant crooks there are.  By the way, not all MLM companies are Ponzi schemes but the difference can get pretty blurred. 

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2 hours ago, crazykopite said:

It appears having read the article that the headline “ Wives of Foreigners “ is very misleading I would imagine that most of those woman who have been defrauded are normal working Thais that are not even related in anyway to a foreigner.

With that kind of cash to invest in a gamble, I'd suggest it's more like "normal working girls" as opposed to "normal working Thais"

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