Friday, May 04, 2007

Forex Scams in Thailand

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!

1 comment:

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