Fake rice business cheats farmers

50 farmers in Chiang Rai, Phrae, Nan & Phayao told to setup cooperative, borrow from banks, buy rice, but then given fake checks for their rice.

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BUSINESS SCAM

Farmers in North lose 20 million in rice swindle

11/06/2012
Saiarun Pinaduang

PHAYAO : A group of 50 northern farmers yesterday turned to deputy House speaker Wisuth Chainarun for help after being swindled out of 20 million baht in what they said was a bogus business scheme.

The farmers - from the provinces of Chiang Rai, Phrae, Nan and Phayao - claimed they were duped by Suriyan Wachirawongwichathorn and 10 others into investing in what seemed like a profitable rice mortgage scheme.

They said they were persuaded by Mr Suriyan, who owns Poottipong Farming United, to seek loans from financial institutions and banks and use the money to set up cooperatives to buy rice from rice farmers.

Kaj Panyala, head of the Insri Sri Chomchaeng rice farmers' group in Phayao's Chun district, said the company issued them cheques in exchange for the rice.

However, the company never put any money into the group's bank account and the cheques subsequently bounced.

Sakulrat Laisak, a former village head in Chiang Rai's Wiang Chai district, said Mr Suriyan promised he would double his investment.

Mr Sakulrat took out a loan worth 1 million baht using three vehicles as collateral. Some farmers used their land as collateral.

Mr Sakulrat said farmers in Wiang Chai district have lost about 2.5 million baht.

Aram Yod-oi, a farmer from Phrae, said he and his neighbours lost 500,000 baht to the scam.

Mr Wisuth said he would lodge a petition with the Department of Special Investigation (DSI) and ask the agency to investigate it as a special case.

Suspects would have their assets seized to ensure that victims get their money back.

Mr Wisuth said the case justifies DSI intervention as the suspects are accused of operating a similar scheme in northeastern provinces.

Pol Lt Col Kansak Surinthachai, deputy superintendent of Chun police station, said police have summoned Mr Suriyan for questioning.

He said an arrest warrant will be issued if he fails to show up.
 
(Source: Bangkok Post, BUSINESS SCAM, Farmers in North lose 20 million in rice swindle, 11/06/2012, Saiarun Pinaduang, link)

Business Scam Vocabulary

scam - an illegal trick with the purpose of getting money from people; a dishonest plan especially for getting money กลโกง, แผนร้าย
business  scam

cheque - a printed piece of paper used as a way of paying for something instead of using money (See Wikipedia)
bounced cheque - not enough money in the bank account so bank cannot pay the person cashing a check that would take money from the account (See Wikipedia)
cheque bounces 

swindle - to obtain money dishonestly from someone by deceiving or cheating them โกง, หลอกลวง, ฉ้อโกง

bogus - not real, but pretending to be real การแปลกปลอม
scheme - a plan for achieving something, especially something illegal or dishonest แผนการ (ที่มีท่าว่าจะผิดกฎหมาย)

duped - tricked; cheated

Farmers in North lose 20 million in rice swindle

deputy - a person who is given the power to do something instead of another person, or the person whose rank is immediately below that of the leader of an organisation รอง, ตัวแทน,ผู้รักษาการแทน

rice mortgage scheme - the government system for making sure that farmers get a fair price for their rice

A group of 50 northern farmers yesterday turned to deputy House speaker Wisuth Chainarun for help after being swindled out of 20 million baht in what they said was a bogus business scheme. The farmers - from the provinces of Chiang Rai, Phrae, Nan and Phayao - claimed they were duped by Suriyan Wachirawongwichathorn and 10 others into investing in what seemed like a profitable rice mortgage scheme.

persuaded - to change what people think by giving them reasons; try to make people believe what you believe, try to change the way they think about an issue

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

cooperative (co-op) - a business or other organization that is owned and run by the people involved, who work together and share the profits (See Wikipedia)

They said they were persuaded by Mr Suriyan, who owns Poottipong Farming United, to seek loans from financial institutions and banks and use the money to set up cooperatives to buy rice from rice farmers.

subsequently - afterwards, after the event happened 
cheques subsequently bounced

issued - made available ออกใหม่
issued cheques - give out cheques

in exchange for - to give something to someone and then they give you another thing in return
issued cheques in exchange for the rice

bank account - the place in a bank where your money is kept (an accounting record with an number in a computer along with rights in a contract)

put money into bank account
put money into the group's bank account

Kaj Panyala, head of the Insri Sri Chomchaeng rice farmers' group in Phayao's Chun district, said the company issued them cheques in exchange for the rice.  However, the company never put any money into the group's bank account and the cheques subsequently bounced.

double - to become twice as big, twice as much or twice as many เพิ่มเป็นสองเท่า

investment - taking your money and putting it into projects to make a profit or earn interest (buying stock shares, bonds, real estate)

double his investment - make 100% return on investment; invest 100 baht and get 200 baht back

Sakulrat Laisak, a former village head in Chiang Rai's Wiang Chai district, said Mr Suriyan promised he would double his investment.

loan - an amount of money that a person, business, or country borrows, especially from a bank เงินกู้
take out a loan - go to bank, apply for loan, receive loan

vehicles - machines with an engine used to carry people or goods from place to place ยานพาหนะ

collateral - property or some other valuable asset that you promise to give to a lender if you cannot pay back money that you borrowed ทรัพย์สินผูกพันตนเพื่อเอาไว้หักชำระหนี้หากไม่ชำระหนี้นั้น  (See glossary)

use vehicles as collateral
use land as collateral

took out a loan using vehicles as collateral - received a loan, if loan cannot be paid back then lender will take vehicles

Mr Sakulrat took out a loan worth 1 million baht using three vehicles as collateral. Some farmers used their land as collateral.  Mr Sakulrat said farmers in Wiang Chai district have lost about 2.5 million baht. Aram Yod-oi, a farmer from Phrae, said he and his neighbours lost 500,000 baht to the scam.

lodge - to formally make something such as a complaint or a claim ยื่น (คำร้อง) ยื่นคำร้อง ยื่นคำร้อง ยื่นฟ้องต่อ ยื่นเอกสาร

petition - to make a formal request;  to ask someone in authority to do something ยื่นคำร้อง a document signed by a large number of people demanding or requesting some action from the government or another authority การถวายฎีกา,การร้องเรียน a formal request for action to be taken, made to a court of law การยื่นอุทธรณ์

lodge a petition - make a formal request to authorities to do something (police, government, court)

Mr Wisuth said he would lodge a petition with the Department of Special Investigation (DSI) and ask the agency to investigate it as a special case.

suspects - people who the police believe may have committed a crime
assets - things owned, especially property and money สินทรัพย์

ensure - to make certain that something happens or is done รับรอง ให้ความมั่นใจ  ให้การยืนยัน 
victims - people who are killed injured or harmed in some way from an accident, natural disaster, crime, etc.

intervention - becoming involved in a situation and trying to change it การแทรกแซง
suspects - people that the police think might be guilty of a crime ผู้ต้องสงสัย

Suspects would have their assets seized to ensure that victims get their money back. Mr Wisuth said the case justifies DSI intervention as the suspects are accused of operating a similar scheme in northeastern provinces.

summoned - officially ordered someone to come to a place, especially a court of law เรียกตัว  ordered to appear หมายเรียก เรียกตัว
arrest warrant - an order for the police to arrest the person if they see or meet him
show up - appear at a place when you are expected there, go to a place where people are waiting for you (for an appointment, being called there, etc)

Pol Lt Col Kansak Surinthachai, deputy superintendent of Chun police station, said police have summoned Mr Suriyan for questioning. He said an arrest warrant will be issued if he fails to show up.