A South Korean national accused of leading an illegal loan shark network has been arrested in Thailand, following an international manhunt linked to thousands of victims and millions in losses. Thai police apprehended Tae Won Bae, 65, on 3 April in Pathum Thani province, where he had been hiding after fleeing South Korea. Authorities say the group charged extortionate interest rates of up to 154 percent per year, affecting more than 9,000 victims and causing losses of around 355 million baht.
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The arrest followed an earlier crackdown by Busan Metropolitan Police in South Korea, who dismantled an illegal lending operation run by a father and son targeting migrant workers. The group allegedly provided loans to foreign workers, including undocumented labourers, under exploitative terms that violated South Korean financial protection laws. Investigators identified another six members, all of whom have been arrested and charged under laws governing loan business registration and financial consumer protection.
Police identified Tae Won Bae as the key figure behind the operation, responsible for planning and directing activities before fleeing to Thailand. He reportedly left his son in charge of continuing operations in South Korea. South Korean authorities coordinated with the International Criminal Police Organisation (INTERPOL), issuing a Red Notice to track and locate the suspect internationally.
Thai officers from the Consumer Protection Police Division acted on the request and located Bae near a Korean language school in Khlong Luang district. Upon arrest, he confessed to being the individual named in the South Korean warrant. Immigration authorities have since revoked his permission to stay in Thailand and begun deportation proceedings.
The case highlights ongoing concerns over illegal lending networks exploiting vulnerable migrant workers with limited access to formal financial services. Authorities in South Korea have intensified enforcement efforts against such operations, citing widespread financial harm and abuse. Cooperation between international law enforcement agencies was key to locating and detaining the suspect abroad. Thaitabloid reported that Bae is expected to be deported to South Korea, where he will face prosecution under national laws.
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Adapted by ASEAN Now Thaitabloid 4 Apr 2026
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