Thai monks lose over B1bn to stock fraud

Thailand’s National Office of Buddhism (NOB) has been instructed to investigate an alleged pyramid scheme in which monks were duped into investing in bogus stock in the northeast, causing damages worth more than a billion baht.
PM’s Office Minister Chousak Sirinil, who oversees the NOB, commented on reports regarding a pyramid scheme known as “Ban Share Nong Carrot”, involving a large number of monks who fell victim to it.
Mr Chousak said that he has not yet received a detailed report on the matter, adding that the NOB should first investigate the matter.
When asked if there would be a meeting with the NOB as monks were targets of the alleged scam, Mr Chousak said the NOB is currently working on the matter.
“I insist that the actions are being taken according to instructions [from the PM’s office]. If the issue concerns monks and the rules of monastic discipline, it is up to the clergy to handle it,” he said.
“However, if the media asks about legal violations, that is for the police investigators to determine.”
The controversy was sparked by a report on “E-Sor Khayee Khao” (E-Sor crushing news) Facebook page that a pyramid scheme, a reference to the Ban Share Nong Carrot scheme, in the northeast had collapsed.
According to the page, a company reportedly lured monks and villagers into attending seminars and training sessions it hosted.
The company encouraged participants to recruit others to join a network that trades company shares. Each member was required to invest a minimum of 300,000 baht.
A victim from Sukhothai said that a coworker who claimed to have profited from the scheme introduced them to trading in 2020.
Eventually, the victim was invited to join the trading group, where the team leader posted photos of an individual claiming to make profits. The photos were uploaded to get the victim to trust the scheme.
The company even offered demo coins to practice trading and set up a LINE group to learn more about trading.
In November 2022, the victim joined a seminar in the Rangsit area of Pathum Thani, which attracted over 1,000 participants. The broker behind the scheme claimed the crash course was designed for those who lacked patience or trading skills.
In December, the victim, facing a cervical cancer diagnosis and financial struggles, sold their last piece of land to raise money and invested 316,000 baht in the trade, with promises of monthly profits of between 10,000 and 20,000 baht.
However, after three months, the company claimed it suffered losses and that members could no longer withdraw their investments. The firm also asked for more funds from members.
Until June 2023, no member had received any returns on their investments. Many began filing complaints with the Department of Special Investigation (DSI), but there has been no progress to date.