Book of 1000 victims of alleged Indian loan sharks found in arrest

By Suriya Patatayoh 
The Nation

 

 

Tourism police have arrested two Indian men for allegedly overcharging interest from their debtors, special police advisor Pol General Thanitsak Theerasawat said on Monday.
 

The first arrest was made on January 27 when police arrested Sudhakar Kumar Yadav, an Indian, in Soi Sukhumvit 24/1 in Klong Toey district on a charge of demanding higher interest than that allowed under the law.

 

 

Police then extended the investigation, leading to the arrest of Maddeshiya Sanoths Kumar in Soi Sukhumvit 50 in the same district.

 

Thanitsak said Kumar was collecting interest from his debtors when he was rounded up. Police found cash of Bt4,000 on Kumar and a book listing the names of his debtors.

 

Speaking to the same press conference, Pol Maj-General Surachet Hakparn, deputy tourism police commissioner, said both suspects have lived in Thailand a long time. The investigation discovered a criminal network involving Indians associated with the crime.

 

Examining the book, police found about 1,000 names of debtors, most of whom were Thai. They borrowed money ranging from Bt1,000 to Bt100,000 from the Indians with an interest rate of about two to three per cent, higher than is allowed under Thai law.

 

The investigation continues and police expect to arrest accomplices involved in the network.

 

Police are investigating to arrest more accomplices involved in the crime.

 

Source: http://www.nationmultimedia.com/detail/breakingnews/30337420

 

-- © Copyright The Nation 2018-01-29

That's grist to the mill of the old Thai saying about Indians and cobras ...

25 minutes ago, webfact said:

They borrowed money ranging from Bt1,000 to Bt100,000 from the Indians with an interest rate of about two to three per cent, higher than is allowed under Thai law.

Is that per year or month?

 

What is the max. interest rate according to thai law?

Looks like 1000 people just got their interest and principal amount waived.

2 or 3 % higher : is it a mistake ?

Thai sharks charge 300 % higher.

Must have been daily or weekly. That would match some loan shark rates I've heard about. The maximum allowed by law is 15% annually (with some exceptions).

31 minutes ago, Darcula said:

Looks like 1000 people just got their interest and principal amount waived.

That is if the Police don't take over the book.

regards worgeord

1 hour ago, geovalin said:

2 or 3 % higher : is it a mistake ?

Thai sharks charge 300 % higher.

Indian sharks charge per day. 

Looking at the arrests of late seems to be many more Indians and Chinese than farangs and its early days yet

1 hour ago, lazygourmet said:

Indian sharks charge per day. 

so that makes the interest (i take the lowest option) 2% a day or more? That's at least 60% interest per month and 720% a year.

 

One must be very desperate to loan for that rate.

 

But there are also loads of thai sharks, we never read about those, i remember a german shark who was arrested last year but that was a mistake after all.

Edited January 29, 20188 yr by Thian

2 minutes ago, Thian said:

so that makes the interest (i take the lowest option) 2% a day or more? That's at least 60% interest per month and 720% a year.

 

One must be very desperate to loan for that rate.

 

But there are also loads of thai sharks, i wonder why we don't read about their arrests.

Must be even more desperate to borrow from an Indian.

 

There were a number of reports of Thai loan sharks being arrested in the latter part of 2017, so we do read about them.  Some people choose to ignore the reports, though.

That's great, now what about the tens of thousands of Thai sharks and banks doing the same thing?

57 minutes ago, wakeupplease said:

Looking at the arrests of late seems to be many more Indians and Chinese than farangs and its early days yet

But they arent operating by themselves, they are sponsoring an existing money machine through local thugs.

Unfortunately this is just the tip of the iceberg, once you get a few Thai friends and neighbours you realise how widespread it is. I have lived 3-4 places were all the neighbours were in the money lender hole. The terms are obscene, high monthly interest, the repayments dont pay any of the principle, if you miss a month the lenders are happy to add it to the principle. 

Thankfully not all Thais are victims, some are only doing the chare or pyramid schemes.

 

 

Thai people let Indians come into the country and extort them?

 

Seems preposterous on the surface to me.

There is something seriously wrong here. We have 2 Kumar! Where the heck is Harold?

Oh nooo! He´s too busy with Nat.

1 hour ago, wakeupplease said:

Looking at the arrests of late seems to be many more Indians and Chinese than farangs and its early days yet

 

 

Do you have a source for that information or is that mere speculation?

 

A link would be appreciated..

 

 

 

 

 

2 minutes ago, watcharacters said:

 

 

Do you have a source for that information or is that mere speculation?

 

A link would be appreciated..

 

 

 

 

 

Just read TV every day and you will see the amount of cases being reported on that feature Indians and Chinese at it

Illegal bit is taking a Thais job without envelope tax . 

4 hours ago, geovalin said:

2 or 3 % higher : is it a mistake ?

Thai sharks charge 300 % higher.

There is a big difference between "an interest rate of about two to three per cent, higher than is allowed under Thai law" and " an interest rate of about two to three per cent higher than is allowed under Thai law" (a comma is missing in the second quote). These criminals charge 2-3 percent per month or even week!

Edited January 29, 20188 yr by saakura

In my area some Thais borrow 10k and have to pay back 30 times 400. collector comes by every day until paid back. Or so I heard. Luckily no first hand expirience.

Sent from my SM-G950F using Thailand Forum - Thaivisa mobile app

6 minutes ago, StefanBBK said:

In my area some Thais borrow 10k and have to pay back 30 times 400. collector comes by every day until paid back. Or so I heard. Luckily no first hand expirience.

Sent from my SM-G950F using Thailand Forum - Thaivisa mobile app
 

same

Although am against this so called business but one must admit that a private agreement is in place between both parties.The government and banks refused to help the debtors which compelled them to turn to those greedy guys.

No one forced them to accept his or their terms of business. 

The business is carried out by Thai and believe me for those greedy Indians to operate in someone else's territories is impossible without the consent of the Thai operators controlling this area.

I had Thai friends doing this biz in Rayon and all meet on weekly basis to discuss operations etc even though they operate independentlyfrom each other.Also police Reps are on the PR?

17 hours ago, Darcula said:

Looks like 1000 people just got their interest and principal amount waived.

Have you ever met an Indian who ‘forgot’ a debt ? ??

17 hours ago, worgeordie said:

That is if the Police don't take over the book.

regards worgeord

Exactly my thought worgeordie , on another angle could/would a Thai borrow 50,000B then go to the police and say " I am paying too much interest , take their book and burn it , goodbye "

Thai Banks are the worse sharks of all, tourists should be warned about the obscene ATM charges.

17 hours ago, Darcula said:

Looks like 1000 people just got their interest and principal amount waived.

Lol.... no.... the BiB now have the debtors ledger ?????

Throw the book at them !!!!!!...................

Victims or idiots?

Old trick every body borrowing from the foreigner then report him for work without work permit.