CHIANG RAI – Residents in Chiang Rai’s Sri Don Moon village have been left frustrated after trying to take out money from their local community credit union, only to find there were no funds available.
Over 100 people have now been affected, with more expected to come forward. Many of these villagers had been saving for years, putting aside money they earned or received from their children, hoping to rely on these funds during retirement. Instead, they discovered that their accounts only showed numbers, with no cash to withdraw.
On Saturday, locals from Sri Don Moon villages 9 and 13, along with Pa Thorn village 12, gathered at the community hall in Moo 9, Sri Don Moon Chang Saen. Armed with their bank books, they hoped to withdraw their savings after hearing from neighbours that there was a problem.
To their shock, the institution could not provide any money. Although their account books recorded deposits and balances, none of the villagers could get any of their funds out. Some even noticed that small sums, between 200 and 500 baht, had been withdrawn from their accounts without a clear explanation.
The group plans to take legal action, with the total losses estimated at over 4.5 million baht.
Mrs Nareerat Kaewsak, 60, from village 9, had been saving here since she was 40. She opened her account with 5,000 baht and made deposits twice each month, usually on the 5th and 20th, totalling an average of 10,000 baht per month.
Over the years, she built up over 400,000 baht in savings, never withdrawing a single baht despite her children urging her to. In May, she tried to take some money out but was told the funds were not available.
The committee advised her to wait for borrowers to return money so they could pay her back.
More villagers had the same experience, leaving many feeling anxious and stressed. For Mrs Nareerat, this was money meant for her old age and medical care. Now, even a single baht is out of reach.
That same day, more villagers arrived at the Sri Don Moon community centre to try and withdraw their savings. The financial institution couldn’t pay out, only giving customers a queue card and asking them to wait for further notice.
Mr Khiew, the head of the financial institution, said the group has a nine-person committee managing the money, using a system similar to a regular bank. Every day, they take deposits in the morning, and a treasurer deposits the funds at the Government Savings Bank branch in Chiang Saen.
Recently, they learned that money had gone missing and suspected one committee member, who had just resigned. After being questioned, this member admitted to taking the money and agreed to repay the amount, signing a statement of responsibility.
The committee has reported the matter to the police. Right now, there is around two million baht left in the institution, but much of it has already been lent out to villagers. Those affected plan to meet again on 24 June 2025 to discuss their next steps and consider further legal action against those involved.
