Popular Post webfact Posted May 1, 2021 Popular Post Share Posted May 1, 2021 Picture: Manager Officers led by Pol Col Ekkaphop Inthawiwat of the Chonburi provincial police, an international crime task force and local Pattaya police armed with a search warrant from the Pattaya court raided premises on Sai 2 yesterday. The offices in the Privilege Suite building were being used for a Chinese owned loan sharking operation. Wang Pei identified himself as the manager and said he was working for a guy called Chern. There were 39 Thai male and female staff on the second floor in front of computers that were later taken into evidence. They would make cold calls to more than 100 customers a day to offer loans between 2,000 and 10,000 baht. Picture: Manager They also used two apps on Line called "360 Yeum Ngern" (360 borrow) and "Yeum Ther" (go on, borrow). People were charged 5.7% interest per day from the outset that would amount to over 2,000% interest a year, reported Manager. If customers had not returned the money after just seven days staff would call their bosses, friends or relatives to harass them for repayment. Charges of illegal loan sharking have been made along with charges for breaking the emergency decree in that the business was operating in an enclosed space contrary to the pandemic rules. -- © Copyright Thai Visa News 2021-05-01 - Whatever you're going through, the Samaritans are here for you - Follow Thaivisa on LINE for breaking COVID-19 updates 4 2 Link to comment Share on other sites More sharing options...
Pattaya Spotter Posted May 1, 2021 Share Posted May 1, 2021 I wonder what happens to all the outstanding loans...does some unusually rich "influential" person take them over? 2 Link to comment Share on other sites More sharing options...
Popular Post JBChiangRai Posted May 1, 2021 Popular Post Share Posted May 1, 2021 The lender forfeits all right to repayment of the capital and interest if he attempts to charge more than 15% per annum. 2 1 1 Link to comment Share on other sites More sharing options...
ChipButty Posted May 1, 2021 Share Posted May 1, 2021 20 minutes ago, Pattaya Spotter said: I wonder what happens to all the outstanding loans...does some unusually rich "influential" person take them over? Has been known to happen 1 Link to comment Share on other sites More sharing options...
Popular Post jvs Posted May 1, 2021 Popular Post Share Posted May 1, 2021 21 minutes ago, JBChiangRai said: The lender forfeits all right to repayment of the capital and interest if he attempts to charge more than 15% per annum. Maybe in Kansas but not here. 2 3 Link to comment Share on other sites More sharing options...
AlfHuy Posted May 1, 2021 Share Posted May 1, 2021 Where are the posters? They did it with the Japanese gang. Link to comment Share on other sites More sharing options...
Popular Post Surelynot Posted May 1, 2021 Popular Post Share Posted May 1, 2021 Asked one of the girls on soi 7 Sukhumvit who is that Indian guy.......the money lender......he charges the girls 5% per month..... 3 Link to comment Share on other sites More sharing options...
Pattaya Spotter Posted May 1, 2021 Share Posted May 1, 2021 44 minutes ago, jvs said: Maybe in Kansas but not here. I wonder how much some "influential person" paid the sod who found "the book." 2 Link to comment Share on other sites More sharing options...
Pattaya Spotter Posted May 1, 2021 Share Posted May 1, 2021 21 minutes ago, Surelynot said: Asked one of the girls on soi 7 Sukhumvit who is that Indian guy.......the money lender......he charges the girls 5% per month..... Compared to 5% a day...quite the bargain. 1 Link to comment Share on other sites More sharing options...
Surelynot Posted May 1, 2021 Share Posted May 1, 2021 4 minutes ago, Pattaya Spotter said: Compared to 5% a day...quite the bargain. Yes....very much so........and he must have quite a few bad debts I imagine. 1 Link to comment Share on other sites More sharing options...
Popular Post RichardColeman Posted May 1, 2021 Popular Post Share Posted May 1, 2021 Don't believe this story. No way the woman in those photos climbed up to the second floor ! 1 1 4 Link to comment Share on other sites More sharing options...
jacko45k Posted May 1, 2021 Share Posted May 1, 2021 3 hours ago, JBChiangRai said: The lender forfeits all right to repayment of the capital and interest if he attempts to charge more than 15% per annum. That is pretty much every credit card in Europe gone! 1 1 Link to comment Share on other sites More sharing options...
Pattaya Spotter Posted May 1, 2021 Share Posted May 1, 2021 4 hours ago, JBChiangRai said: The lender forfeits all right to repayment of the capital and interest if he attempts to charge more than 15% per annum. Applies to registered and licensed lenders no doubt...no to Somchai with an office above the gold shop next to the police station. 1 Link to comment Share on other sites More sharing options...
Popular Post AlfHuy Posted May 1, 2021 Popular Post Share Posted May 1, 2021 3 hours ago, Surelynot said: Asked one of the girls on soi 7 Sukhumvit who is that Indian guy.......the money lender......he charges the girls 5% per month..... I did it for free. Each time 500 baht, cash/no receipt. Apply now. 2 3 Link to comment Share on other sites More sharing options...
rcuthbert Posted May 1, 2021 Share Posted May 1, 2021 8 hours ago, Pattaya Spotter said: I wonder what happens to all the outstanding loans...does some unusually rich "influential" person take them over? Some psycho knocks on your door... Link to comment Share on other sites More sharing options...
KarenBravo Posted May 1, 2021 Share Posted May 1, 2021 Loan-sharking is a protected occupation for Thais only............which is why they were arrested. 1 Link to comment Share on other sites More sharing options...
joskeshake Posted May 1, 2021 Share Posted May 1, 2021 Somewhere in Korat is a man who lend people money 300,000 and they have to pay back every month 7000 baht, and this is untill they van pay back the full amount of 300.000, this happend to my wife 6 years ago while is was in Belgium and she not wanted to ask me money for fix the house in Korat where mama and her chidren lives,I told alreadt one police man in Pattaya, but he told me there is nothing they can do, because they are afraid this gang will do something on the children, so this money mafia can go on forever. 2 1 Link to comment Share on other sites More sharing options...
Pattaya Spotter Posted May 1, 2021 Share Posted May 1, 2021 1 hour ago, joskeshake said: Somewhere in Korat is a man who lend people money 300,000 and they have to pay back every month 7000 baht, and this is untill they van pay back the full amount of 300.000, this happend to my wife 6 years ago while is was in Belgium and she not wanted to ask me money for fix the house in Korat where mama and her chidren lives,I told alreadt one police man in Pattaya, but he told me there is nothing they can do, because they are afraid this gang will do something on the children, so this money mafia can go on forever. Am I missing something...your wife borrowed 300,000 baht and she has to pay back 300,000 baht...sounds like a sweet deal to me. Most banks and other money lenders charge interest so you have to pay back more than you borrowed. 1 Link to comment Share on other sites More sharing options...
KarenBravo Posted May 1, 2021 Share Posted May 1, 2021 1 hour ago, joskeshake said: Somewhere in Korat is a man who lend people money 300,000 and they have to pay back every month 7000 baht, and this is untill they van pay back the full amount of 300.000, this happend to my wife 6 years ago while is was in Belgium and she not wanted to ask me money for fix the house in Korat where mama and her chidren lives,I told alreadt one police man in Pattaya, but he told me there is nothing they can do, because they are afraid this gang will do something on the children, so this money mafia can go on forever. The 7000 Bt is just the interest. How did she pay back the principal? Link to comment Share on other sites More sharing options...
Burma Bill Posted May 1, 2021 Share Posted May 1, 2021 Chinese loan shark operation busted in Pattaya Great news - I hope the Chinese "paymasters" do not get their money back and end up bankrupt!! Link to comment Share on other sites More sharing options...
Popular Post EVENKEEL Posted May 1, 2021 Popular Post Share Posted May 1, 2021 1 hour ago, joskeshake said: Somewhere in Korat is a man who lend people money 300,000 and they have to pay back every month 7000 baht, and this is untill they van pay back the full amount of 300.000, this happend to my wife 6 years ago while is was in Belgium and she not wanted to ask me money for fix the house in Korat where mama and her chidren lives,I told alreadt one police man in Pattaya, but he told me there is nothing they can do, because they are afraid this gang will do something on the children, so this money mafia can go on forever. It's been my experience fix mamma's house is code word for gambling and I owe money. 3 Link to comment Share on other sites More sharing options...
Susco Posted May 1, 2021 Share Posted May 1, 2021 29 minutes ago, Pattaya Spotter said: Am I missing something...your wife borrowed 300,000 baht and she has to pay back 300,000 baht...sounds like a sweet deal to me. Most banks and other money lenders charge interest so you have to pay back more than you borrowed. I can explain it to you, but I can't understand it for you 1 Link to comment Share on other sites More sharing options...
Leaver Posted May 1, 2021 Share Posted May 1, 2021 1 hour ago, joskeshake said: ,I told alreadt one police man in Pattaya, but he told me there is nothing they can do, because they are afraid this gang will do something on the children, so this money mafia can go on forever. The roof repairs to mama's house can go on forever also. ???? 1 Link to comment Share on other sites More sharing options...
Pattaya Spotter Posted May 1, 2021 Share Posted May 1, 2021 8 minutes ago, Susco said: I can explain it to you, but I can't understand it for you I think member KarenBravo has cracked this one wide open...she speculates the 7000 is an interest only payment every month until wifey/husband make a balloon payment of the 300,000. So sort of like an annuity for the lender. 2 Link to comment Share on other sites More sharing options...
impulse Posted May 1, 2021 Share Posted May 1, 2021 4 hours ago, KarenBravo said: Loan-sharking is a protected occupation for Thais only............which is why they were arrested. Even among Thais, it's reserved for the well connected. Link to comment Share on other sites More sharing options...
jacko45k Posted May 2, 2021 Share Posted May 2, 2021 11 hours ago, Pattaya Spotter said: Am I missing something...your wife borrowed 300,000 baht and she has to pay back 300,000 baht...sounds like a sweet deal to me. Most banks and other money lenders charge interest so you have to pay back more than you borrowed. She has to pay 7000 baht per month, until she repays the original 300,000. 1 Link to comment Share on other sites More sharing options...
tonray Posted May 2, 2021 Share Posted May 2, 2021 21 hours ago, JBChiangRai said: The lender forfeits all right to repayment of the capital and interest if he attempts to charge more than 15% per annum. The borower forfeits all right to use of 2 out of 4 limbs if they select the wrong lender. Link to comment Share on other sites More sharing options...
EVENKEEL Posted May 2, 2021 Share Posted May 2, 2021 In my Navy days we lent out money aboard ship $20. for $30. due the following payday. Link to comment Share on other sites More sharing options...
mikebell Posted May 2, 2021 Share Posted May 2, 2021 11 hours ago, Burma Bill said: Chinese loan shark operation busted in Pattaya Great news - I hope the Chinese "paymasters" do not get their money back and end up bankrupt!! Pay back for Covid time. 1 Link to comment Share on other sites More sharing options...
simon43 Posted May 2, 2021 Share Posted May 2, 2021 2 hours ago, EVENKEEL said: In my Navy days we lent out money aboard ship $20. for $30. due the following payday. Nonpayment means you get fed to the real sharks! ???? 1 Link to comment Share on other sites More sharing options...
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