Cyber Crime
Thai Monks Scammed in Billion-Baht Fraud: Over Rs 230 Crore Vanishes in Shocking Pyramid Scheme
BANGKOK: Thailand’s National Office of Buddhism (NOB) has been tasked with investigating a massive pyramid scheme that has left a large number of monks financially ruined.
The scheme, known as “Ban Share Nong Carrot,” has reportedly caused damages exceeding 1 billion baht (over INR 230 crore), raising concerns about fraud targeting religious communities in the country’s northeast.
Monks Duped in Pyramid Scheme
The alleged pyramid scheme has ensnared monks and villagers alike, luring them into investing in bogus stock. PM’s Office Minister Chousak Sirinil, who oversees the NOB, acknowledged the reports but emphasized that no detailed report has been submitted yet. Chousak assured the public that the NOB has initiated an investigation into the matter, as instructed by the Prime Minister’s Office.
When asked about the ongoing probe, Chousak mentioned that the NOB is currently addressing the issue, particularly focusing on the monks involved. “If the issue concerns monks and the rules of monastic discipline, it is up to the clergy to handle it. However, if there are legal violations, the police investigators will take over,” he added.
How the Scheme Unfolded
The controversy surrounding the Ban Share Nong Carrot scheme came to light when a popular Facebook page, “E-Sor Khayee Khao” (E-Sor crushing news), revealed the scheme’s collapse. The company behind the scheme had reportedly been holding seminars and training sessions to entice monks and villagers into investing in its shares.
Each participant was required to invest a minimum of 300,000 baht (around INR 6.9 lakh) and recruit others to join the network. Many victims were led to believe that they would earn substantial profits by trading shares within the network. The company even created a LINE group to teach members trading tactics and offered demo coins for practice.
One victim from Sukhothai shared how they were introduced to the scheme by a coworker who had boasted of making significant profits. The victim eventually joined the trading group in 2020, believing the false promises of wealth. The scheme’s leaders reinforced their credibility by posting photos of individuals supposedly making profits to entice others to invest.
Health and Financial Crisis Pushed Victim to Invest
In November 2022, the victim attended a seminar in Pathum Thani’s Rangsit area, which drew over 1,000 participants. The broker behind the scheme claimed the seminar was designed for those lacking patience or trading expertise. Convinced by the high attendance and promises of success, the victim decided to invest.
Facing severe financial hardships and a recent diagnosis of cervical cancer, the victim sold their last remaining piece of land and invested 316,000 baht (approximately INR 7.3 lakh). They were promised monthly returns of between 10,000 and 20,000 baht (roughly INR 23,000 to INR 46,000), which would have provided much-needed financial relief during their health crisis.
Promises Broken, Investments Lost
However, after just three months, the company claimed to have incurred losses and stopped allowing members to withdraw their investments. In an audacious move, the firm asked members to contribute more money to recover the supposed losses. Despite this, no member received any returns on their investment by June 2023.
Frustrated and desperate, many victims began filing complaints with Thailand’s Department of Special Investigation (DSI), hoping for justice. Unfortunately, there has been little progress in the investigation, and the victims, including monks, continue to await any form of compensation or closure.
Next Steps: NOB Investigation and Legal Action
As the NOB investigates the involvement of monks in the pyramid scheme, questions are mounting about how such a large-scale fraud could target religious figures. Mr. Chousak emphasized that the clergy would manage any monastic discipline violations internally, while the police will handle the legal aspects. As the case unfolds, both the NOB and law enforcement are under pressure to act swiftly and prevent further exploitation of vulnerable communities.
This latest financial scandal highlights the growing concern of fraudulent schemes preying on unsuspecting citizens, including those in religious communities. The Ban Share Nong Carrot case has drawn widespread attention and criticism, with many calling for stricter regulations and oversight to protect people from falling victim to such scams in the future.
For now, the monks and villagers affected by this fraudulent scheme must rely on legal avenues and government intervention to reclaim their lost investments and restore faith in the systems meant to safeguard them from such exploitation.
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