In Yangon, KBZ Bank employee Thant Thant Zaw and her husband, military officer Aung Pyae Sone, have allegedly defrauded more than thirty people of billions in Myanmar Kyats through a fraudulent investment scheme. Following the military coup, KBZ Bank had imposed restrictions on withdrawals from old accounts, during which time Thant Thant Zaw, an employee at the KBZ Bank’s Parami Kyauk Twin Kone branch, gained people’s trust by offering to facilitate withdrawals for a percentage fee.
Thant Thant Zaw collected money from bank depositors by promising high percentage returns on investments. Initially, she paid the promised returns, which led more people to trust and invest their money in the scheme. However, after the earthquake on March 28, both Thant Thant Zaw and her husband, military officer Aung Pyae Sone, disappeared with all the collected funds.
Aung Pyae Sone is an officer from the 390th Infantry Battalion under the Northern Command Headquarters. His parents are former Police Major Zaw Htun and a retired schoolteacher. When the victims approached Aung Pyae Sone’s parents’ home to complain, they received no response or accountability. Currently, both husband and wife have deactivated their social media accounts and are in hiding.
It has been revealed that bank employee Thant Thant Zaw had previously faced charges of misconduct at KBZ Bank. Regarding this incident, no one from KBZ Bank has provided any official response. The victims are now concerned about how they might recover their lost funds, which amount to billions in Myanmar Kyats. The case highlights the vulnerability of bank customers during the post-coup period when banking restrictions have created opportunities for such fraudulent schemes.
