Asianpay.com has problem with the police in Thailand

CHIANG MAI : More than 20 villagers in Hang Dong district yesterday filed a complaint with police accusing a chit fund operator of deceiving them into investing with him.


The villagers alleged that AsianPay Co Ltd, which is operated in tambon Ban Tawai by Italian businessman Carlo Sorio, had persuaded more than 300 clients, Thais and Singaporeans, to invest with him, promising to provide them very good returns.The company's website www.asianpay.com shows it also has an office in Singapore.


Each client was required to invest a minimum of 20,000 baht over a certain period, varying from 15 and up to to 360 days, the villagers said. At the end of the investment period, they were to receive the invested capital and the interest.


The villagers said the company, which was established about four years ago, paid daily returns to its clients, or members, in the first few years.


One villager who asked not to be named, said he invested 50,000 baht in the company. The company initially paid him US$3 a day.


He then advised his relatives to become members. All transferred money to the chit fund via commercial banks.


The villagers complained the company stopped making payments to the members, saying it had encountered money flow problems.


Pol Lt-Col Tikawut Banditchusakul, the inspector at Hang Dong, said police would send the case on to the Department of Special Investigation if it was found to be a type of chit fund scam, luring people with false promises.


It is believed the fund had a lot of clients in Chiang Mai.

I seen one member on the forum promoting the site but now he says he not doing it anymore.