Infamous major loan shark Wichai Pun-ngarm detained after his surrender

 

 

An infamous loan shark who escaped police arrest more than two years ago has turned himself in to the Department of Special Investigation and was immediately booked at the detention facility at the Criminal Court.

 

DSI director-general Pol Col Paisit Wongmuang told the media on Wednesday that Mr Wichai Pun-ngarm, an alleged loan shark wanted by the authorities for extending informal loans to a lot of people and charging them exorbitant interest rates, turned himself in to DSI officials at the DSI head office in Chaengwattana area.

 

Wichai was immediately questioned by DSI officials and, later on, at about noon, he was escorted to the Criminal Court by DSI officials to seek court’s order for his detention. The DSI officials also voiced their objection to his request for bail, fearing that he might escape and might interfere with evidence.

 

Full Story: http://englishnews.thaipbs.or.th/infamous-major-loan-shark-wichai-pun-ngarm-detained-surrender/

 

-- © Copyright Thai PBS 2018-1-17

I wonder what kind of pre arrangement he has?

What pissed me off is that money lenders are loan sharking all over the country using a law known as Sale with Right of Redemption wh2ete they have a property put in their name with a right for the borrower to redeem. Interest is charged up front around 40_50% per year plus fees which ate typically 10% plus fees to redeem in advance plus interest on top as a bonus of another 15%. This is all wrapped up in the redemption figure like a pawn shop (which are regulated). The net effect is the 50% of value or less offered for the 'loan ends up with actual receipt of about 60% of that I.e 2/5 if the loan is deducted up front off the 50% offered and to redeem you pay about 50% again on top of the loan. Works put about 100% interest and if you don't pay back the house is already in their name. The courts do absolutely nothing even when these cheating scumbag are exposed - they just do not care. Time for the government and society to outlaw its use and abolish the law. 

1 hour ago, timewilltell said:

What pissed me off is that money lenders are loan sharking all over the country using a law known as Sale with Right of Redemption wh2ete they have a property put in their name with a right for the borrower to redeem. Interest is charged up front around 40_50% per year plus fees which ate typically 10% plus fees to redeem in advance plus interest on top as a bonus of another 15%. This is all wrapped up in the redemption figure like a pawn shop (which are regulated). The net effect is the 50% of value or less offered for the 'loan ends up with actual receipt of about 60% of that I.e 2/5 if the loan is deducted up front off the 50% offered and to redeem you pay about 50% again on top of the loan. Works put about 100% interest and if you don't pay back the house is already in their name. The courts do absolutely nothing even when these cheating scumbag are exposed - they just do not care. Time for the government and society to outlaw its use and abolish the law. 

would it be racist to ask who thought that one up?