Irish investors unlikely to be caught, says Central Bank

There is no evidence that Irish investors have been approached by the companies named in the Thai investment scam which has lead to the arrest of 10 Irish and 94 other people in Bangkok, the Central Bank said today.

We have received no complaints about the companies named and we are not aware that any Irish investors were affected Spokesman for the Central Bank

The FBI and the Australian Federal Police joined by Thai police raided the offices of the Brinton Group and Benson Dupont Capital Management yesterday as part of an investigation into an investment scam believed to have defrauded investors of about $150 million.

The police also arrested 104 people including 10 Irish, about 30 Britons, 45 other foreigners and 19 Thais.

The raid followed a two-year investigation involving authorities in America, Australia, New Zealand and Hong Kong of people being cheated out of money.

The Central Bank said today it has received no information about the companies named and has no evidence that they operated in Ireland.

A spokesman for the Central Bank told ireland.comthat to the Bank's knowledge no Irish investor had been taken-in by the fraud scam.

"We have received no complaints about the companies named and we are not aware that any Irish investors were affected. That is not to say no Irish investor has been approached or has been affected, but it is unlikely," he said.

Of the 36 warning notices naming 74 firms issued by the Bank since 1998, none of the companies named in the Thai scam appeared. Some were based in Bangkok, the spokesman said, but had different addresses.

"The operation is typical of those we have come across [in Southeast Asia]. They tend to operate by cold-calling people, which is illegal in Ireland.

"The Central Bank regularly warns people about investing in such companies. If they receive a cold-call they should be very wary and certainly should not start writing cheques without checking the company with us first," he said.

The illegal operators are reported by the Thai media to have used other names including Osiris Asia Pacific, Strategic Alliance Corporation, Sigama Capital Management and Dreyfus Capital. The companies are also reported to have been involved in international money laundering.