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Unmasking the money: The underworld of ‘dummy accounts’ in illicit finance

by thethaiger.com Leave a Comment

Photo: by Jefferson Santos, on unsplash.

A bank account referred to as a dummy account is typically held by a person who is not the actual owner. These accounts are commonly used in illicit financial activities such as fraudulent transfers, gambling , drug trafficking , or money laundering.

Dummy accounts can be obtained in two main ways:

1. Paying someone else to open an account.

Fraudsters often use these accounts to trick victims into transferring money via their debit or credit cards, pretending to need payment for goods or services. In reality, this is a scam to illegally profit from the transferred funds.

If anyone becomes a victim of a scam involving a dummy account, they can take the following steps:

1. Report the situation to the police .

Operating a dummy account is a legal offence. Those who open or receive transfers from a dummy account could face penalties under the Money Laundering Prevention and Suppression Act. The penalties could include a prison sentence of one to ten years, a fine ranging from 20,000 to 200,000 baht, or both. They could also face charges of fraud.

It is crucial to be cautious and avoid any involvement with dummy accounts to prevent becoming a victim of criminals and facing legal action.

In related news, two female thieves conned an elderly couple out of more than 100,000 baht in cash and gold, after gaining his trust by posing as coconut buyers. The incident took place in Nong Han, Udon Thani on September 11, and the victims have appealed for police intervention.

Rung Wachnarat reported that on September 8, around lunchtime, he was at home when two women, appearing to be mother and daughter, arrived on a motorcycle.

They asked to buy coconuts from him, and while the 76 year old went to gather the coconuts, one of the women asked to use the toilet. He pointed her towards the outside toilet, but she claimed it was too difficult to use and asked to use the indoor one instead. Read more of the story HERE

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Leeds Building Society offers market-leading 5.1% interest on easy access savings account

by www.express.co.uk Leave a Comment

Sign for Leeds Building Society

Leeds Building Society offers market-leading 5.1% interest on easy access savings account (Image: Getty)

Leeds Building Society is offering a market-leading easy access account paying a 5.1 percent .

On its launch last week, Matt Bartle, director of products at Leeds Building Society, said the mutual is “pleased” to launch a new issue of its “popular” easy access online savings product at an “extremely competitive rate”.

He added that the account could be “attractive” to those who want to reinvest their savings after recently moving off a fixed-term product, and also those who are looking to get the “best return” from their money but value the easy access.

Easy access accounts have grown in demand in recent months due to rising costs resulting in more Britons needing instant access to savings to stay afloat.

These accounts are typically more flexible, as these allow savers to make payments and withdrawals with minimal restrictions and with small opening deposit requirements.

Couple smiling while online banking

Easy access savings accounts have grown increasingly competitive month and month (Image: Getty)

Savers can open Leeds Building Society’s Limited Issue Online Access Account (Issue 50) online with a minimum balance of £1,000 and interest is paid on maturity on December 1, 2024.

Up to £1million can be invested overall, and £2million for joint accounts. Interest can be added to the account, transferred, or paid to another Leeds Building Society account. Unlimited withdrawals can be made without notice or loss of interest.

But while Leeds Building Society may be topping the table, competition isn’t too far behind. Offering similar terms regarding withdrawals and opening deposits is Secure Trust Bank’s Access Account (Issue 9) with an AER of 5.03 percent.

The account can be opened with a minimum deposit of £1,000 and unlimited withdrawals are permitted without penalty. Up to £85,000 can be invested overall and interest is calculated daily and paid at the end of each month.

Shawbrook Bank’s Easy Access (Issue 36) follows close behind with an AER of 5.02 percent.

The account can also be opened with a minimum deposit of £1,000 and savers can choose for interest to be paid monthly or annually.

Savers can invest up to £85,000 in sole accounts and £170,000 in joint accounts, and there is no limitation on the number of withdrawals or notice required.

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However, the minimum account withdrawal at any time is £500 and if the account balance falls below the opening deposit of £1,000, interest will drop to 0.05 percent.

Commenting on the market, Rachel Springall, finance expert at Moneyfactscompare.co.uk , said: “The latest top rate deals for savers who only wish to lock their cash away over the shorter-term have improved since the last inflation announcement, and so have easy access accounts.

However, she noted: “Less than a third of the savings market pays above base rate, and there are even some easy access accounts paying just one percent. It is essential for savers to ditch and switch if their loyalty is not being rewarded.”

ISA allowance could be raised above £20,000 if savers invest in British business

by www.express.co.uk Leave a Comment

Chancellor Jeremy Hunt

Chancellor Jeremy Hunt is considering introducing an additional ISA allowance (Image: GETTY)

Chancellor Jeremy Hunt is considering creating an to promote investment in British companies.

The additional tax-free allowance, on top of the current £20,000 a year, would apply to money invested in businesses listed on the London Stock Exchange.

Policy makes hope this would help revive the London Stock Exchange after many big name companies announced plans to leave for the New York Stock Exchange.

Ministers are also looking at creating a new type of ISA that would allow to keep both cash and stocks in the same account.

At present, there are cash ISAs and stocks and shares ISAs, but these are different types of account.

A person can currently invest up to £20,000 a year into ISAs without paying any tax amount or on any interest earned.

Some 12 million ISAs were opened in the 2020 to 2021 financial year with high interest rates encouraging Britons to open more savings accounts.

The Bank of England held the base interest rate at 5.25 percent in its latest decision last week.

A woman working at a laptop

An additional ISA allowance could be introduced (Image: Getty)

At the time of writing, the top-paying easy access ISA according to moneyfactscompare.co.uk is with Leeds Building Society and Chorley Building Society, which both pay 4.8 percent.

Savers opting for a Notice ISA can get a top 5.05 percent with Melton Building Society.

The news comes after the Chancellor unveiled his Mansion House Reforms to open up pension funds to more investments in stocks.

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The changes promise to increase a retired person’s pensions income by £1,000 a year.

Mr Hunt backed a deal between nine of the UK’s biggest defined contribution (DC) pension providers.

The group of providers committed to allocating five percent of their assets in default funds to unlisted equities by 2030.

For the latest personal finance news, follow us on Twitter at @ExpressMoney_.

Dunelm shoppers go wild for ‘absolutely perfect’ air fryer selling for just £9

by www.thesun.co.uk Leave a Comment

DUNELM shoppers have been going wild for an “absolutely perfect” air fryer selling for only £9.

The homeware giant is famous for selling popular products at discounted prices.

Dunelm is currently selling a 4L manual air fryer for £24, already at 20% off from £30 – but a cashback deal can save you an extra £15.

The gadget features a detachable frying rack to help you cook your cuisine thoroughly, while the overheating protection prevents it from becoming too hot and dangerous to use.

Happy customers have declared the item “absolutely perfect”.

Another said, “easy to use” and someone else wrote, “love it, recommend to anyone”.

Better yet, Quidco is currently offering a deal that could slash the price of the air fryer to £8.52.

All you need to do is sign up via the cashback website for free and you’ll be sent a £15 bonus.

You’ll have to make your first purchase of at least £5 via Quidco before being sent the money back.

Shoppers will also need to make the purchase by October 14 otherwise the deal will expire.

On top of that, Quido also has a deal with Dunelm which means shoppers can claim an extra 2% cashback.

The offer is only available to new Quidco customers, not existing ones.

Bear in mind that you’ll have to pay the total price of the air fryer first (£24) and then wait for the cashback to enter your account.

Once added to your Quidco account shoppers can then redeem it to their bank, via PayPal or as a gift voucher.

How else can I save money on?

Cashback sites have amazing freebies for new customers.

Free gifts can change regularly so do check online to see what is being offered before you sign up.

It’s a good idea to download apps Shopmium, Check-outSmart, ClickSnap, GreenJinn and TopCashback’s Snap and Save.

Check out what is available, pick it up in-store and upload a photo of the receipt to get your cashback.

Sign up to newsletters for your favourite retailers like Dunelm.

They often have exclusive discounts and offers for shoppers to take full advantage of.

Many supermarkets and other department stores have loyalty schemes and coupons that can give shoppers the chance to get some rewards after a few weeks or months.

You can also get cashback on other essentials, like food and drink.

You can claim on things such as MOTs, insurance, train tickets and holidays.

Do you have a money problem that needs sorting? Get in touch by emailing [email protected] .

You can also join our new Sun Money Facebook group to share stories and tips and engage with the consumer team and other group members.

Monkeying around: Fake Thai spiritual medium swindles 50 million baht from believers in Chinese Monkey King con

by thethaiger.com Leave a Comment

Photo via Facebook/ หนังสือพิมพ์รายวัน.สยามประชา

A Thai woman claiming to be the spiritual medium of the traditional Chinese Monkey King , also known as Sun Wukong, swindled 50 million baht from victims.

Ten victims, who had donated about 50 million baht to the spiritual medium eight years ago, sought assistance from renowned Thai lawyer Ronnarong Kaewphet. They had given the money with the understanding that it would be used to construct a shrine in honour of the revered Monkey King. However, the promised shrine never materialized.

One of the victims, 41 year old Ratisak Rattanathai, revealed to the lawyer and Channel 3 that he and other victims prayed to the Monkey King through the woman, who claimed to be a medium. The medium even gained recognition by appearing on a television show, subsequently amassing more followers.

The medium had raised funds to build a three-storey Monkey King shrine on Soi Suwinthawong 47 in the Nong Chok district of Bangkok . The project required a substantial budget, and the woman conducted numerous ceremonies to raise funds. The victims willingly donated, as they believed in the Monkey King.

Ratisak became suspicious of the medium’s fraudulent actions because she did not follow the Monkey King’s orders. Ratisak said the spirit of the Monkey King had spoken through the medium, instructing all followers to open three bank accounts to safeguard the funds for the shrine. However, the medium insisted that the money be transferred to her personal account.

Ratisak further revealed that the medium never provided updates on the amount of donations and failed to initiate the construction of the shrine. When he began questioning the project, the medium expelled him from the group and accused him of being a bad person

Lawyer Ronnarong told Channel 3 that he would accompany the victims to file a complaint against the spiritual medium with the cyber police . He also mentioned that all the victims would be willing to drop the case if the medium could offer a transparent account of the donations and fulfill her commitment to erect the shrine.

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