webfact Posted October 25, 2018 Share Posted October 25, 2018 Indian man arrested for overstaying visa, providing illegal loans By The Nation FILE photo An Indian man was arrested in Phichit's Muang district on Thursday morning for overstaying his visa and for allegedly providing loans with interest rates higher than the legal limit. Rakesh Yadav, 21, was arrested by immigration police and officials from other agencies inside a petrol station in Tambon Tha Luang early on Thursday while he was allegedly trying to collect interest from vendors at the station. Police found that his visa had expired in late February. Police seized Bt3,538 cash from him and a book with a list of his debtors. Yadav charged interest rates at 20 per cent per day, which is higher than the legal limit, police said. Source: http://www.nationmultimedia.com/detail/breakingnews/30357146 -- © Copyright The Nation 2018-10-25 Link to comment Share on other sites More sharing options...
Vacuum Posted October 25, 2018 Share Posted October 25, 2018 4 minutes ago, webfact said: Yadav charged interest rates at 20 per cent per day Think he should consider himself lucky to get arrested. The local sharks would sooner or later had 'eliminated his business'. Link to comment Share on other sites More sharing options...
bluesofa Posted October 25, 2018 Share Posted October 25, 2018 I always thought the loans sharks charged 20 percent per month? How desperate can someone be to pay that amount daily? Unless of course they had no idea how much interest they were paying? Link to comment Share on other sites More sharing options...
geriatrickid Posted October 25, 2018 Share Posted October 25, 2018 10 minutes ago, bluesofa said: I always thought the loans sharks charged 20 percent per month? How desperate can someone be to pay that amount daily? Unless of course they had no idea how much interest they were paying? I doubt it. Slime like him lend to Indians who the Thais won't lend to. Link to comment Share on other sites More sharing options...
Esso49 Posted October 25, 2018 Share Posted October 25, 2018 Should have known that loan sharking is a Thai reserved occupation. Link to comment Share on other sites More sharing options...
HappyAndRich Posted October 25, 2018 Share Posted October 25, 2018 Indian loan shark? Never heard about them. Link to comment Share on other sites More sharing options...
natway09 Posted October 25, 2018 Share Posted October 25, 2018 There are thousands of them around. Just about every tailor shop has a story to tell, one I know said he sold 160 + suits one month. I walk past at least 6 times a day & never seen anyone in there Link to comment Share on other sites More sharing options...
StefanBBK Posted October 25, 2018 Share Posted October 25, 2018 4 hours ago, Vacuum said: Think he should consider himself lucky to get arrested. The local sharks would sooner or later had 'eliminated his business'. The going rate is: borrow 10,000 and pay every day 400 for a month, or so I heard. I think the report got it wrong. In my area all the business appears to be handled by Indians... not sure if locals are behind it though. Link to comment Share on other sites More sharing options...
jgarbo Posted October 25, 2018 Share Posted October 25, 2018 5 hours ago, Vacuum said: Think he should consider himself lucky to get arrested. The local sharks would sooner or later had 'eliminated his business'. Not 20% per day, flat rate for loan, usually handled by Namdhari Sikhs (white cloth turbans). I know a few. After hearing their stories, they earn their interest. They lend to motorcycle taxi guys, very nasty. Even Chinese won't touch them - no collateral. Link to comment Share on other sites More sharing options...
RichardColeman Posted October 25, 2018 Share Posted October 25, 2018 That;s the way, borrow a huge sum of money from an illegal shark and then dob him to the police so you get money for free ! Link to comment Share on other sites More sharing options...
jgarbo Posted October 25, 2018 Share Posted October 25, 2018 1 minute ago, RichardColeman said: That;s the way, borrow a huge sum of money from an illegal shark and then dob him to the police so you get money for free ! Maybe, but the police then get the "reward" but the Sikh has more friends. It'll work out. Was it Thai Namdharis who didn't like an interloper? Link to comment Share on other sites More sharing options...
Burma Bill Posted October 25, 2018 Share Posted October 25, 2018 26 minutes ago, RichardColeman said: That;s the way, borrow a huge sum of money from an illegal shark and then dob him to the police so you get money for free ! I see he is only 21 - a lot to learn yet in LOS! Link to comment Share on other sites More sharing options...
zzaa09 Posted October 25, 2018 Share Posted October 25, 2018 8 hours ago, bluesofa said: I always thought the loans sharks charged 20 percent per month? How desperate can someone be to pay that amount daily? Unless of course they had no idea how much interest they were paying? Or, unless their local friendly loan shark is a close loving Uncle, in which discounts and a laissez faire attitude might apply.. Link to comment Share on other sites More sharing options...
EVENKEEL Posted October 26, 2018 Share Posted October 26, 2018 In my Navy days the rate was $30. for $20. due on pay day, 50% interest. Link to comment Share on other sites More sharing options...
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