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Loan shark arrested with 28 vehicles - he was charging 120% per annum


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Posted

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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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  • Like 1
Posted

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...

  • Like 2
Posted

10% a month = 120% per annum   really?

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

  • Confused 1
Posted

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.

Posted
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.

  • Sad 1
Posted
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

Posted
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 

Posted

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

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