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Forex ( and other) Scams in Thailand

Discussion forum for expats moving to or living in Thailand.

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Forex ( and other) Scams in Thailand

Post Posted: Fri May 04, 2007 11:34 pm

If you are Thailand-bound, beware of Forex scams there. Most typically, one is approached by other mealy-mouthed expats who promise one extraordinary returns on investment- to the tune of 10% a month. Those expats who look for ways to stay in “paradise’ with their sweet girlfriend, become countless victims of such shady dealings.

They are invited into plush offices with international staff and many computers with blinking screens showing “trading”. Cute girls and young, clean-cut guys lounge in front of the monitors.

The owner is often a Thai Chinese with Indian managers.
When one hands them the money, they simply share it among themselves and that is the end of it.

They will try to convince you to invest because they have some special hedging technique or some special system to protect your investment, etc. Do not listen to them. Do not hand them your money no matter what they say. These are all scams. You will lose your money and then your girlfriend and leave the country broke. Watch out! You have been warned.

PS: Incidentally, there is one more scam. Retirees are urged to buy a bar with dancers in it. It looks like a great deal but more often than not it is a scam. Somehow, the bar fails to turn a profit and the retiree will have to resell it back at a loss. To the same person who had sold it to him in the first place. Happens all the time. Beware!

If you know of other scams in Thailand, please post here.


_________________

You are only as free as your bank account allows you to be.

 

tambok
Regular Poster
Regular Poster
 
 
  
Re: Forex ( and other) Scams in Thailand

Post Posted: Wed Jan 07, 2009 5:36 pm

We have lived in Thailand for about 5 years during which time we have taught English bought a condo and built a school in the south. Our troubles began when we tried to lease some land and build the school. The original owner of the land took the money and refused to issue the lease. 2 years later and we are still trying to get the land registered in our own names. The land is at present in the hands of [removed by moderator as per registration agreement]

In the last 2 years our bungalow on the land has been broken into and pornographic pictures left. We have been threatened with a gun. We have been intimidated by the police. We have been threatened with a 2 year prison term. We have been threatened with deportation. We have been subject to extortion with threats.

Karen and David Wenman
email Smallseaschool @ gmail.com

The good news is, we are still here (still alive) and still fighting. Our big problem now is believe it or not, [removed by moderator as per registration agreement]. He is refusing to transfer the land unless we pay him another 1000 pounds. On the advice of our lawyer we have offered to pay the money into escrow but [removed by moderator as per registration agreement] has refused.
To sum up. Thailand can be an incredible place to live (we have no plans to leave) but you should beware of Ex-Pat clubs and British Nationals selling legal and financial advice.

 

DavidWenman
Newbie
Newbie
 
 
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