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Mr Frog Of Kasikorn


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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.

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.

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”.

https://thethaiger.com/news/pattaya/hundreds-of-investors-caught-in-massive-kasikorn-bank-branch-fraud-in-pattaya

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8 hours ago, Pdoggg said:

The 49 year old expat, a long term resident of Pattaya,

I'm not answering any questions, but 3.5% interest per month was too good to pass on. 

 

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”.

Fuckers.

Stories like these make my anti capitalist heart warm.

Fuck the capitalists. Hope they invested more than they admit.

 

 

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7 hours ago, seven said:

3.5% interest per month was too good to pass on.

If it sounds to good to be true it is probably a scam. 42% pa interest? The people who were scammed presumably had a fair amount of money and should have known better.

In UK interest rates are below 0.5% pa. People who go for some of the schemes offering more than 1-2% must know they are dodgy.

https://www.pattayamail.com/news/pattaya-expats-lose-millions-in-massive-banker-fraud-342263

 

Screenshot 2021-02-04 at 10.05.09.png

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13 hours ago, seven said:

I

Fuck the capitalists. Hope they invested more than they admit.

 

 

 

Sadly, the investors weren't "capitalists" in my book, just "petite bourgeousie" trying to get the same type of return that credit card companies (Visa, Mastercard} have legally "earned" for years. I think there are many credit card offerings in the US with an effective APR well over 21 percent.

I see big business inThailand is as shady as many here in the US with their "not official bank offerings" claim.  If this were in the US, I would gladly take the case on behalf  of the investors under the concept of "Ostensible Authority".  Any person walking into a bank rightly assumes the bank branch manager is offering authorized products of the bank.  The bank should be on the hook to the customers on this one.

 

 

 

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7 hours ago, Quietguy said:

The people who were scammed presumably had a fair amount of money and should have known better.

Not sure about that anymore. Ive seen some astonishing stupidity among people who have money to spend.

1 hour ago, RandiUno2 said:

Sadly, the investors weren't "capitalists" in my book, just "petite bourgeousie" trying to get the same type of return that credit card companies (Visa, Mastercard} have legally "earned" for years.

I know, these people are not that. What they are though, is greedy and trying to make their money into more money being played by capitalism.

Hopefully they have learned a lesson, but Im not holding my breath.

I agree with you that this should be covered by the bank if the transactions were in fact taking place on the premises of Kasikorn bank.

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