Yesterday, a group of twenty determined individuals rallied together and approached the Economic Crime Suppression Division (ECD) within the Central Investigation Bureau’s headquarters to file a grievance that echoes the age-old adage: if it sounds too good to be true, it probably is. This time, the grievance revolved around a company that purportedly lured them into what appeared to be an exhilarating opportunity—a clean energy venture that promised both environmental benefits and substantial financial returns. Unfortunately, as the petitioners recounted, this opportunity turned out to be a mirage.
At the helm of this quest for justice was Kittikhun Saenghirun, an advocate from the Lawyers Council of Thailand (LCT), who joined forces with the impassioned group to formally lodge the complaint. Ms. Aphantree, one of the valiant voices within the cohort, recounted a story marked by hope, disappointment, and bewilderment—a narrative that began in the final days of 2019.
The company in question had ingeniously crafted what seemed like an irresistible invitation—an exciting prospect to invest in pioneering clean energy generators poised for both domestic greatness and international success. The allure was compelling, and the company laid out a tantalizing proposition: an opportunity to purchase shares at a modest 100 baht each, with promises of dividends set to bloom in a mere 50 weeks, blossoming perpetually thereafter.
There was more to sweeten the pot; a tempting promise of increased earnings for those who could bring additional investors into the fold. Buoyed by persuasive promises, Ms. Aphantree and her companions invested heavily, diverting their hard-earned retirement savings into this promising venture, which kicked off with a glitter of dividends—a 3% return after just 30 weeks.
However, the dream quickly soured. Enticed by the initial returns, they collectively amassed a staggering amount of shares, pouring in hundreds of thousands to millions of baht. But by the summer of 2020, the facade crumbled, and reality struck a harsh blow when authorities confiscated the company’s assets. Furthermore, the schemers used a Line group, teeming with over 2,000 members, to persuade distressed investors not to report the debacle, claiming governmental interference aimed at shuttering their operations.
Amidst a plethora of promises, the company repeatedly assured investors of a buyback plan coupled with compensation. Alas, such pledges were fulfilled only for a lucky initial group of 299 investors once the matter reached the courtroom stage. Thousands like Ms. Aphantree, who were not within this fortunate circle, found themselves stranded, seeking help from the ECD to salvage their losses.
“We find ourselves outside that initial circle, and it’s why we’re turning to the ECD for assistance today,” Ms. Aphantree shared, her voice tinged with determination. She further expressed her belief that approximately 70,000 individuals might be ensnared in this elaborate web, albeit many are bewildered about their path forward in this complex legal labyrinth.
In response, Mr. Kittikhun announced that the Lawyers Council of Thailand will establish a dedicated complaint center, serving as a beacon of hope and legal guidance for the remaining perplexed and affected individuals seeking resolution to their plight.
I can’t believe people still fall for these scams! It’s 2024! Haven’t we learned anything from past scams?
It’s easy to say that, but scams have become increasingly sophisticated. Plus, clean energy is such a tempting investment.
I get that clean energy is appealing, but when something promises too-good-to-be-true returns, it’s usually a trap.
Sophia is right, though. It’s not always greed. Sometimes it’s just genuine hope for a better future.
The real tragedy here is it’s giving clean energy a bad reputation. Greedy crooks tainting a noble cause.
Absolutely! People might get scared away from investing in real sustainable options now. It’s a huge setback.
It’s heartbreaking. We need more regulation to protect against fraud without dissuading genuine green investments.
Feels like classic pyramid scheme tactics. Lure people in by rewarding early members – so unethical.
You’re spot on. Ponzi schemes never seem to go out of style.
What’s shocking is the number of people affected. 70,000! This should have raised red flags much sooner.
Maybe authorities were too slow to act. We need quicker detection and intervention for scams like these.
Exactly! Accountability is crucial. It’s not just about the scammers but also the systems that fail us.
I feel for these people, but investing always carries risks. Isn’t this just part of the game?
True, but investors are misled here. There’s risk and then there’s being conned out of your savings.
Fair point. But it’s important for everyone to research and not just take promises at face value.
Why aren’t there stricter laws for these investment scams? People need better protection!
Governments need to step up their game. We are living in the 21st century, and this keeps happening under their noses.
It’s so reassuring to see lawyers like Kittikhun fighting for the victims. Legal support is critical in such cases.
You’d think that potential investors would be more skeptical after all the scams we’ve seen this past decade!
I hope that the media coverage ensures people learn from this and become more cautious. Awareness is key.
I’m glad organizations are stepping up to help those stranded, but will those affected truly see their money again?
This is why financial education should be mandatory. People need to spot red flags before investing.
What are the odds that everyone in that 2,000 member Line group is a victim? Some must have been in on it.
There’s no end to the creativity of scams, but each new one seems even more ruthless than the last.
Clean energy is important, but it’s unfortunate scams like these might change people’s views negatively.
It feels like a never-ending cycle. Every new investment trend seems to bring its own set of con artists.
My cousin almost invested in the same company! So grateful she hesitated.
Will the ECD really make a difference? These cases often fade into bureaucracy without real outcomes.