Criminals running Ponzi schemes like “Share Mae Manee” or the recent “Forex 3-D” under the guise of a company are nothing new in this country.
One of the earliest cases that one can remember is the notorious “Share Mae Chamoy” scam run by the infamous Chamoy Thipyaso in the mid-1980s. Her so-called chit fund, which she claimed was based on oil shares, ran for several years. In the end, she managed to cheat 16,231 court-confirmed victims out of almost 5 billion baht.
What is surprising, is that 40 years later, Thai investors are still falling for get-rich-quick schemes such as these.
Since the Share Mae Shamoy case ended, there have been 2,500 Ponzi schemes recorded by the government, with about 38,000 victims and a total financial loss of 390 billion baht, according to information revealed by Pheu Thai MP Chaturong Pengnoraphat during a House session yesterday.
Despite red flags and plenty of cautionary tales, Ponzi schemes still thrive, becoming more advanced and complex. Online platforms and social media sites are used to enable fast transactions and attract investors.
Fraudsters come up with new financial products involving cryptocurrencies, non-fungible tokens and exotic commodities, including cows via mobile apps.
Celebrities and even socialites have jumped into the industry to become influencers — or in the case of Forex 3-D, founders and traders. Actress Sawika “Pinky” Chaidet and her family members have been charged over their alleged…
