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

[ChiangMaiLightning2143]

2 hours ago, Mickmouse1 said:

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?

Are your friends reporting the income earned from these "private agreement" and paying tax to the relevant authority as prescribed under Thai law? 

[scorecard]

17 hours ago, Peterw42 said:

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.

 

I was once in the room at a big Thai company where cash filled pay envelopes are handed over to employee in a line. The loan sharks were allowed to confront their debtors right there and then, and many times they would quickly snatch the pay envelope, remove what they wanted, then just drop the tampered envelope on a table.

[Kurtsie]

Bring an extra truck when taking them out of Soi Cowboy!!  6-8 of Indian money lenders out to 8pm every night bird dogging their "marks".