Chonburi — Chonburi police raided 20 locations across 10 districts in a lightning operation targeting an alleged illegal money lending network involved in exorbitant interest rates, narcotics, and firearms.

 

The operation was carried out on Saturday, October 20th, following an order by the Commander of the 2nd Region Chonburi Provincial Police.

 

More than 50 police officers were dispatched to conduct searches on 20 targets across 10 districts in Chonburi province. The operation primarily focused on dismantling two reportedly illegal money-lending businesses.

 

By Tanakorn Panyadee

PHOTO: Siamrath

 

Full story: THE PATTAYA NEWS 2023-10-23

 

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High time they cleaned up these lowlife scum!

38 minutes ago, 2baht said:

High time they cleaned up these lowlife scum!

My local officer offers money at 20%... 

1 minute ago, hotchilli said:

My local officer offers money at 20%... 

Per week or month ?

1 hour ago, hotchilli said:

My local officer offers money at 20%... 

That is illegal if it's per day, per month, or per year, it's legal if it's per 16 months.

 

A farang's wife here in Chiang Rai borrowed at an exorbitant rate and he went to the police to complain about their threats, the police told him since it was a contract between 2 people they couldn't get involved.  I told him to take his complaint to higher up, he didn't.

1 hour ago, JoePai said:

Per week or month ?

Typical is borrow 10,000 baht @ 20% interest.. over one month.

Paid back daily...

ie: 12,000 over 30 days

4 minutes ago, JBChiangRai said:

That is illegal if it's per day, per month, or per year, it's legal if it's per 16 months.

 

A farang's wife here in Chiang Rai borrowed at an exorbitant rate and he went to the police to complain about their threats, the police told him since it was a contract between 2 people they couldn't get involved.  I told him to take his complaint to higher up, he didn't.

Example..
10,000 baht loan +20% interest

Payable daily over 30 days

total loan 12,000 baht

3 minutes ago, hotchilli said:

Example..
10,000 baht loan +20% interest

Payable daily over 30 days

total loan 12,000 baht

Anything more than 15% per annum is illegal.

6 hours ago, webfact said:

Chonburi police raided 20 locations across 10 districts in a lightning operation targeting an alleged illegal money lending network involved in exorbitant interest rates, narcotics, and firearms.

It's called, in police parlance, eliminating the competition.

2 hours ago, hotchilli said:

My local officer offers money at 20%... 

Ever wonder why there are always so many Police Officers visiting Gold Shops

3 hours ago, JBChiangRai said:

Anything more than 15% per annum is illegal.

I'll let the officers wife who does the loans know that.

21 hours ago, JBChiangRai said:

Anything more than 15% per annum is illegal.

In Thailand I guess.... even including credit cards?

1 minute ago, jacko45k said:

In Thailand I guess.... even including credit cards?

I suspect credit cards may be subject to different regulations, I don’t know as I don’t have one.

2 minutes ago, JBChiangRai said:

I suspect credit cards may be subject to different regulations, I don’t know as I don’t have one.

I do but in my case I have to keep money on deposit as guarantee... those with a work permit can get credit proper. My Mrs once lent money to someone, she was getting 10% a month which did not reduce the amount owed!

41 minutes ago, jacko45k said:

I do but in my case I have to keep money on deposit as guarantee... those with a work permit can get credit proper. My Mrs once lent money to someone, she was getting 10% a month which did not reduce the amount owed!

it’s very common to charge over 15% oa but it is illegal.

50 police offices equals 25 motorcycled?

It goes on every where, often they come around in the night throwing business cards over the wall, at my house

On 10/24/2023 at 8:38 AM, ChipButty said:

It goes on every where, often they come around in the night throwing business cards over the wall, at my house

 

In Australia? Then they send Sharkey around to collect.