News Forum - Police arrest suspects in illegal lending network across Thailand

[Thaiger]

Police across Thailand have arrested 29 alleged members of an online illegal lending network. Police from the Economic Crime Suppression Division said small-business operators filed a complaint that they had borrowed money from the website, and were charged unusually high interest rates. When the business operators couldn’t make the payments, the websites’ operators sent men to intimidate them, according to police. ECD superintendent Colonel Phadol Chandon said there are several hundred victims of the website, and the site had about 450 million baht in circulation. He said some victims had become so stressed they even attempted suicide. Eight suspects, all […]

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[Giltee]

The police should liquidate all loans from these criminals and the lenders don’t have to pay it back reportIng to the police if they’re harassed. That would serve as a lesson to these low life. 

[Cabra]

Hopefully it includes my ex and her merry band of loan sharks

[happygolucky]

Unfortunately loan sharks abound in Thailand. Usury is legal here as well. At the village level I know more that a few people who are constantly under stress trying to payback loan sharks. If you borrow money from a loan shark you have to pay a set interest that is added to the money you borrowed. You get 20 days to pay the principal and interest off. You must pay by 11 AM every day, the required payment. If you miss a payment you have to start back at payment one. You lose all of the money you already paid and must start the 20 week process again. If you miss too many payments the strongman comes and either takes the collateral you agreed upon at the begging, or you get beat up. Even if they took your collateral, you lose the collateral altogether and still need to start back at payment one and must pay back the principal and interest every day until the debt is settled. Going to the police is not going to help anyone because you or members of your family will disappear without a trace and the perpetrators will get away with their crimes. The Thaiger should do an in-depth report on the usury and loan shark problem in Thailand.