5 million in gold & trail of bad checks | Bangkok Post: learning

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5 million in gold & trail of bad checks

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Lax bank rules on cheques provided opportunity to steal 5 million baht in gold. Wanted for 10 other crimes too. 



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Crimes

200,000 baht bounty for swindler

2/10/2012
Online Reporters

NAKHON RATCHASIMA – Police are offering a 200,000 baht reward for the capture of a wanted con man whose latest victim is a trader he defrauded of five million baht worth of gold by using loopholes in the banking system, reports said.

The owner of Phetsuwan gold shop filed a complaint with police on Sept 23 against a man he said swindled him of 200 baht weight of gold by capitalising on delays in the clearance of cheques.

The con artist, identified from the store’s surveillance camera, was named by police as Sahachart Kasemthang, 35. They said he is wanted for 10 similar crimes in his home town in Ubon Ratchathani province.

Police said it is alleged the suspect bought the gold by writing a cheque for the amount from a different bank to that used by the gold trader.

Police said the suspect had open current accounts at several banks as part of his scam.

For example, the trader’s account was with Siam Commercial Bank and he wrote a check on the Thai Military Bank and gave it to the gold dealer.

When the trader deposited the check, his account was credited with five million baht. However, there was a delay of two to seven days before the cheque could be cleared and the money actually became available. This was normal banking procedure.

When the traders saw the account had been credited with the money, they usually approved the transaction. It was not until a few days later they found out that the transaction had been cancelled because there were insufficient funds in the current account to cover the cheque, which was bounced.

Police said the trader failed to notice that the status of the deposited cheque was given as “QN”, which means that the bank is still in the process of clearing the transaction. If the cheque is not cleared and the money [is not] actually deposited into the account, the transaction is cancelled automatically.

Police said the suspect had swindled a car dealer and several gold traders in the past, using bounced cheques.

Sahachart Kasemthang is a wanted man, named on an arrest warrant issued by Nakhon Ratchasima court.

Police said any one who comes forward with information that leads to his capture will be entitled to a reward of up to 200,000 baht.

The owner of Phetsuwan gold shop said financial institutions [shoud] ... change the way banking transactions are done. The bank should not credit the amount to an account until the money is actually cleared in the account and the funds available.

This would protect people from falling victim to swindlers using “loopholes” in the banking system, he said.

(Source: Bangkok Post, Crimes, 200,000 baht bounty for swindler, 2/10/2012, Online Reporters, link)


Check Fraud Vocabulary

fraud - the crime of lieing to people and cheating them to get their money การโกง, การหลอกลวง (See Wikipedia)

defraud -
to cheat someone to get money from them (to commit a crime of fraud against someone) 
defrauded of five million baht worth of gold

cheque - a piece of printed paper from a bank that you write an amount on and sign to pay for things (See Wikipedia)
cheque fraud - cheating people by using cheques (See Wikipedia)

swindle (verb) - cheat and lie to people to get their money หลอกลวง
a man he said swindled him of 200 baht weight of gold

scam - a dishonest plan, especially for getting money กลโกง, แผนร้าย

swindler (noun) - a criminal who swindles people (cheats people to get their money), a cheater คนหลอกลวง
con man -
Same as "swindler' 
con artist - Same as "swindler"

lax - not paying attention to the rules; no enforcing rules (making sure people follow the rules) ซึ่งไม่เข้มงวด
lax rules

opportunity - โอกาสที่ดี
opportunity for criminals


Lax rules, opportunity for criminals
lax bank rules on the use of cheques

transaction - a business dealing (buying or selling something, depositing or withdrawing money from bank) การติดต่อทางธุรกิจ
approve transaction
cancel transaction
clear transaction

reward - money that someone receives for finding and returning something or for helping the police รางวัล
200,000 baht reward

bounty - money offered as a reward (to catch someone who broke a law)
200,000 baht bounty for swindler

capture - to take someone as a prisoner จับกุม
capture of a wanted con man

trade -
the buying and selling of things
traders - people who buy and sell things
gold trader

victim - someone who ahs been harmed, injured or killed as the result of a crime เหยื่อผู้เคราะห์ร้าย
his latest victim is a trader

loopholes - ways to get around a law; imperfections in a law that allow people to avoid the law (and do something the law was meant to prevent) 
defrauded of five million baht worth of gold by using loopholes in the banking system

police are offering a 200,000 baht reward for the capture of a wanted con man whose latest victim is a trader he defrauded of five million baht worth of gold by using loopholes in the banking system, reports said.

filed
- to take official action, e.g., to make a formal complaint ยื่นฟ้องร้อง
complaint - when someone says that something is wrong or not satisfactory การร้องเรียน
filed a complaint with police

clearance
- official permission to go ahead, to continue (after a check that everything is ok)
clearance of cheques - the process of a cheque being paid by a bank

capitalising on - using something for gain (or to achieve goals)
capitalising on delays in the clearance of cheques

The owner of Phetsuwan gold shop filed a complaint with police on Sept 23 against a man he said swindled him of 200 baht weight of gold by capitalising on delays in the clearance of cheques.

identified - named ระบุชื่อ
surveillance - the process of carefully watching a person or place การเฝ้าตรวจตราอย่างเข้มงวด
identified from the store’s surveillance camera

The con artist, identified from the store’s surveillance camera, was named by police as Sahachart Kasemthang, 35. They said he is wanted for 10 similar crimes in his home town in Ubon Ratchathani province.

alleged - claimed to be true although not yet proven ที่ถูกกล่าวหา
suspect - a person who is thought to have committed a crime ผู้ต้องสงสัย

current - of the present time ปัจจุบัน
current account - a bank account that you use to receive payments and pay bills (for example by cheque or bank transfer)

delay
- to make something happen at a later time than originally planned or expected เลื่อน  การเลื่อน การเสียเวลา
there was a delay of two to seven days before the cheque could be cleared

procedure
- a way of doing something ขั้นตอนการดำเนินการ
normal banking procedure

Police said it is alleged the suspect bought the gold by writing a cheque for the amount from a different bank to that used by the gold trader. Police said the suspect had open current accounts at several banks as part of his scam. For example, the trader’s account was with Siam Commercial Bank and he wrote a check on the Thai Military Bank and gave it to the gold dealer. When the trader deposited the check, his account was credited with five million baht. However, there was a delay of two to seven days before the cheque could be cleared and the money actually became available. This was normal banking procedure.

insufficient - not sufficient, not enough ไม่พอ
funds - money in bank accounts; money needed or available to spend on something เงินทุน
insufficient funds

insufficient funds in bank account  
insufficient funds in the current account to cover the cheque

the transaction had been cancelled because there were insufficient funds in the current account to cover the cheque

cheque was
bounced - when a check is cancelled (and bank refuses to pay) because there is not enough money in the bank account
bounced cheque  

When the traders saw the account had been credited with the money, they usually approved the transaction. It was not until a few days later they found out that the transaction had been cancelled because there were insufficient funds in the current account to cover the cheque, which was bounced.

notice -
 see something (that they should see)
failed to notice

withdraw
- take money out of the bank
deposit - put money in the bank
deposited cheque

status - the state or condition at a point in time; the category or classification of a person, thing, or organization สถานะ สถานภาพ
the status of the deposited cheque

the trader failed to notice the status of the deposited cheque

process - a series of actions that you take in order to achieve a result แนวทางปฏิบัติ, กระบวน, วิธีการ
in the process of - currently doing something , not finished yet

the bank is still in the process of clearing the transaction

automatically - done by computer or machine following rules (without need of human to do anything)
canceled automatically
the transaction is cancelled automatically

Police said the trader failed to notice that the status of the deposited cheque was given as “QN”, which means that the bank is still in the process of clearing the transaction. If the cheque is not cleared and the money actually deposited into the account, the transaction is cancelled automatically. Police said the suspect had swindled a car dealer and several gold traders in the past, using bounced cheques.

a wanted man
- a person who the police are searching for (in order to arrest them)

arrest warrant - an order from a court to arrest someone
issued - made available ออกใหม่
an arrest warrant issued by Nakhon Ratchasima court

come forward with information - when someone provides information (that someone else needs and is searching for)
come forward with information that leads to his capture

entitled - having the right to have or do something มีสิทธิโดยชอบ
entitled to a reward of up to 200,000 baht

Sahachart Kasemthang is a wanted man, named on an arrest warrant issued by Nakhon Ratchasima court. Police said any one who comes forward with information that leads to his capture will be entitled to a reward of up to 200,000 baht.

institutions - large and important organizations, such as universities or banks สถาบัน
financial institutions - banks and other organizations like banks

credit -
pay money into a bank account
credit
the amount to an account

victim -
a person hurt by a crime or by an accident or by action of another
falling victim to
falling victim to swindlers


The owner of Phetsuwan gold shop said financial institutions to change the way banking transactions are done. The bank should not credit the amount to an account until the money is actually cleared, in the account and the funds available. This would protect people from falling victim to swindlers using “loopholes” in the banking system, he said.

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