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Four arrested after raid on loanshark business in Koh Pha Ngan

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Four arrested after raid on loanshark business in Koh Pha Ngan

By The Nation

 

Police and troops arrested three Thai men and a Myanmar man for allegedly running a loanshark business on Koh Pha Ngan in Surat Thani.

 

Acting on complaints of local residents, Pha Ngan police and troops raided a house in Moo 2 village in Tambon Koh Pha Ngan.

 

Uthit Thani, 40, was arrested together with his three employees. 

 

The employees were identified as Pienchai Khanthachai, 31, Narong Kaewtan, 32, and Tony, 34, a Myanmar man.

 

Police found a book that recorded the names of debtors.

 

The men admitted that they lent money to local vendors and entertainment venues and collected interest at the rate of 20 per cent per day.

 

They were charged with carrying out a money-lending business and overcharging clients.

 

Narong and Tony were also charged with drug abuse as their urine tested positive for drug use.

 

Source: http://www.nationmultimedia.com/detail/breakingnews/30322655

 
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-- © Copyright The Nation 2017-08-03

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Failure to submit to a urine test is about 4500 baht. I'll take that one just on principle!

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20%  per day?! I thought the normal extortionist rate is 20% per month?

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"The men admitted that they lent money to local vendors and entertainment venues and collected interest at the rate of 20 per cent per day."

 

That 's got to be a mis-print!  Anybody who accepts those terms must be a can short of a sixpack, regardless of how much they need the loan.

 

 

  • Haha 1

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Wow, my interest calculator doesn't compute when asked for annual compound interest of 20% per day... The loan sharks were in effect stealing whatever assets were pledged, and forcing the poor debtor into lifetime bondage.

 

What the heck do you do with people like that?

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28 minutes ago, PeCeDe said:

Wow, my interest calculator doesn't compute when asked for annual compound interest of 20% per day... The loan sharks were in effect stealing whatever assets were pledged, and forcing the poor debtor into lifetime bondage.

 

What the heck do you do with people like that?

Try calling them a genius, and the people taking a loan like that for as stupid as can possily be. Then you now!

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8 hours ago, over it said:

Failure to submit to a urine test is about 4500 baht. I'll take that one just on principle!

 

Is it the law ?

 

:-)

 

 

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5 hours ago, Moti24 said:

"The men admitted that they lent money to local vendors and entertainment venues and collected interest at the rate of 20 per cent per day."

 

That 's got to be a mis-print!  Anybody who accepts those terms must be a can short of a sixpack, regardless of how much they need the loan.

 

 

if a local vendor needs 20,000 baht for stock for the full moon party, which he can turn into 100,000 baht overnight, then I guess the 20% would be tempting ..... as long as he repaid it the next day

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Thailand should follow the very fine nobel price winning exemple of India and Bangladesh, that offer Micro Credits...

 

Most of those how borrow from the loan shark scum are the poor who cannot afford to be taken seriously from the Thai Banks!

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I have met several Thai university graduates who don't know what intetest on a loan is. Why are they asking? Because they can take out a million Baht loan in their new govt job.

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