Monks praying at a temple in Thailand. Illustration photo by Unsplash |
According to the Bangkok PostPM’s Office Minister Chousak Sirinil, who oversees the NOB, confirmed that while he has not yet received a detailed report, the scheme, known as “Ban Share Nong Carrot,” involved a large number of monks. The fraudulent operation promised high returns through investments in bogus stocks.
Minister Chousak emphasized that the NOB is actively investigating the case following instructions from the Prime Minister’s Office. He noted that matters involving monks and monastic discipline fall under the clergy’s jurisdiction, while legal issues would be dealt with by the police.
The scheme came to public attention when the Facebook page “E-Sor Khayee Khao” (E-Sor Crushing News) reported the collapse of Ban Share Nong Carrot. The page alleged that the company behind the scheme held seminars and training sessions, attracting both monks and villagers. The company reportedly urged attendees to recruit new members to a network trading its shares, with an initial investment of at least 300,000 baht per person.
One victim from Sukhothai in northern Thailand shared that a coworker introduced them to the scheme in 2020, claiming they had earned substantial profits. Convinced by photos of successful investors shared by the scheme’s team leader, the victim decided to invest. The company used tactics like offering demo coins to simulate trading and created LINE groups for participants to learn more about trading.
In November 2022, the victim attended a seminar in Pathum Thani’s Rangsit area, which reportedly attracted over 1,000 participants. Organizers promoted the event as a crash course for individuals who lacked trading patience or expertise.
The following month, the victim—facing financial difficulties and a cervical cancer diagnosis—sold their last piece of land and invested 316,000 baht in the scheme, drawn by promises of monthly returns between 10,000 and 20,000 baht. However, after three months, the company reported heavy losses and informed members that they could no longer withdraw their funds. It even requested additional contributions from participants.
By June 2023, no investors had received any returns, leading many to file complaints with the Department of Special Investigation. Despite the mounting complaints, no advancements have been made so far.
Thai.news reports that Mahachulalongkornrajavidyalaya University’s Khon Kaen campus, a public Buddhist institution, is investigating potential connections between one of its student monks and the Ban Share Nong Carrot scheme.
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