Wednesday, September 22, 2021

20 Million Scammed with Ponzi-Scheme in Udon Thani

The scheme preys on the financially desperate.

Three girls who lost money in the scam.

When: December 1st, 2020

Where: Udon Thani district, Udon Thani

Perpetrators: Unnamed scammer

Victims: Up to 20+ people scammed

What: A ponzi-scheme where people are encouraged to “invest” in a group pot to later be paid out with greater funds than you put in has unraveled in Udon Thani. The scam is very popular and widespread throughout Thailand. This particular one was called “บ้านสามสหาย” in Thai, translating to “House of 3 Friends.”

It works on the assumption that there will be new members coming into the scheme to finance the withdrawals of earlier members, who benefit from the additional streams of capital from the new members.

At the end of the day, the person who wins is the person at the top – the one who started the group.

Three girls came forth in Udon Thani to testify about their losses, which totaled 528,399 baht – split between them in 268,399 baht, 164,000 baht, and 99,000 baht losses.

Police estimate that 20+ others were scammed. Facebook posts from the scammer revealed recent purchases of luxury homes and cars. Police estimate up to 20 million baht in funds were squandered. The scammer is believed to still be in Thailand.

Defend independent crime reporting in Thailand.
Stay informed with weekly digests of top crime stories & original reports. No selling, no spam!

My take: I will make myself very clear. If your significant other or friend ever approaches you about a scheme like this, steer them away from it by any means necessary. It nearly always ends badly. Unless you’re the one on the top. And if you have to ask, you’re not.

Stay informed: Curated briefs of Thailand crime direct to your email. Free & exclusive weekly newsletter about Thai crime, expat life, and deep-dives into the underbelly of Thailand: https://truecrimethailand.substack.com/

Latest Posts

Bangkok chemsex party ends in steamy bust: meth and COVID-19 found.

Saunas, meth, and covid -- oh my! 60 party-goers were arrested in the raid, most have pleaded guilty to a variety of crimes. But...

Keep your ear to the ground.

The whole picture of the Golden Triangle narcotics trade will never be known -- all we have are incomplete pictures.

Scarface in Pattaya: Chinese National Shoots 2 Royal Thai Police

It takes serious cojones to confront somebody that you very well know is armed and dangerous.