Picture: Siam Rath

 

Siam Rath reported that on Sunday the Region 9 police chief Pol Maj-Gen Krissada Kaewjandee led a raid on a property in Soi Pracharuamchai in Hat Yai, Songkhla. 

 

The police had search and arrest warrants after complaints of loan sharking in the area.

 

Arrested was Arun Khun-aksorn, 43, who admitted to charging interest of 10% a month or 120% annually. 

 

The Thai law sets a limit at 15%.

 

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He did this by business associated with running a vehicle pawn business.

 

28 cars and pick-ups - most with unpaid installments from hire purchase agreements - were found at two houses and a depot.

 

Many had their licence plates obscured with bin bags. 

 

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There's no shortage of loan sharks in Hat Yai.

Wonder why they went for this guy, perhaps he was behind with his payments.

Lots of the daily money that moves in the markets of Thailand grass roots commerce connect somehow to loan arrangement and mostly cut throat rates, nothing new here to see been like that since the invention of money...

10% a month = 120% per annum   really?

1000bt borrowed  x 10% per month ends up with 31384bt after 12 months.  213% per annum.....

He isn't police? 

I can see a suspended sentence looming....2 months in jail at least suspended for 2 years,

28 police turn up and find 28 cars.

Generous guy, in our village small loans are between 30% and 50% per day. Borrow 200bht today, payback between 260 and 300bht tomorrow.

6 hours ago, webfact said:

Many had their licence plates obscured with bin bags

Looks like bin bags get used a lot in Thailand.

a crook 

On 4/11/2022 at 12:12 PM, webfact said:

The Thai law sets a limit at 15%.

????

A month, a year, a day???

I knew a massage lady where I live.
She "borrowed" money from an Indian loan shark.
He turned up every single day when she finished work to get his payment.
Quite intimidating this guy was.

Did Ferrari Joe get released from custody?

On 4/12/2022 at 2:13 PM, RafPinto said:

I knew a massage lady where I live.
She "borrowed" money from an Indian loan shark.
He turned up every single day when she finished work to get his payment.
Quite intimidating this guy was.

Indian guys still do the rounds in Soi Cowboy and Nana to collect loan payments.

On 4/11/2022 at 6:38 PM, mrfill said:

10% a month = 120% per annum   really?

1000bt borrowed  x 10% per month ends up with 31384bt after 12 months.  213% per annum.....

Obviously not compounded

Simple interest

On 4/12/2022 at 5:10 PM, RafPinto said:

????

A month, a year, a day???

Year obviously

Aussie bloke called Shark. He charged 20% a month in Oz. Got hounded by police even though it wasnt illegal. Moved to Pattaya.

5 minutes ago, Sparktrader said:

Aussie bloke called Shark. He charged 20% a month in Oz. Got hounded by police even though it wasnt illegal. Moved to Pattaya.

He wasn't wanted in Pattaya either 

1 minute ago, Mac Mickmanus said:

He wasn't wanted in Pattaya either 

He targeted little old ladies though. They reported him.

1 minute ago, Mac Mickmanus said:

He wasn't wanted in Pattaya either 

The stray dogs liked him.

28 vehicles is the magic number???  all free .....

 

why bust if only 10 vehicles.....

 

I would have waited until 39 vehicles......

 

I guess 28 isn't too shabby

19 minutes ago, PJ71 said:

The stray dogs liked him.

Tough looking dude. Stickman interviewed him i think. Owned a ferrari in Oz.