Prominent Thai loan shark arrested for illegal pawnbroking business

[webfact]

A 66 year old Sunthorn from the province of Nakhon Si Thammarat, known as a prominent loan shark, was arrested for running an illegal pawnbroking business, lending money with an annual interest rate of 36%. The authorities seized 31 vehicles, warning debtors that they could become criminal suspects.

 

Yesterday, at Na Bon Police Station in the Nakhon Si Thammarat province, Governor Khajonkiat Rakpanichmanee, along with Police Lieutenant Colonel Somchai Suetortrakul, the Police Chief of the Nakhon Si Thammarat Provincial Police, Weeraphan Sukawalli, the Na Bon District Officer, and Police Lieutenant Colonel Phuwasit Wangkaew, the Head of the Na Bon Police Station, announced the arrest of Sunthorn

 

The arrest came with 31 vehicles as evidence, along with 31 sets of loan documents. Sunthorn was charged with operating a credit business without a licence, establishing a pawnshop without a licence, and lending money at an interest rate higher than the law stipulates.

Sunthorn had been accepting large amounts of vehicles as collateral and granting loans with an interest rate higher than the law allows. Once he received the vehicles as collateral, he would store them at his home or nearby premises. Sunthorn built a warehouse with a corrugated iron fence to store the vehicles he accepted as collateral.

 

by Nattapong Westwood

PHOTO: via Mint

 

Full story: The Thaiger 2024-01-16

 

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[BenStark]

13 minutes ago, webfact said:

The authorities seized 31 vehicles, warning debtors that they could become criminal suspects.

 

Yep that's how it usually works in Thailand.

 

Protect the criminal loan shark, and treat the victims as criminals

[worgeordie]

22 minutes ago, webfact said:

known as a prominent loan shark,

Known to everyone in the area , except the police , until now.

 

regards worgeordie

 

[ezzra]

Wouldn't be hilarious if just for once they'll feed a loan-shark to the sharks?...

[hotchilli]

18 hours ago, webfact said:

A 66 year old Sunthorn from the province of Nakhon Si Thammarat, known as a prominent loan shark, was arrested for running an illegal pawnbroking business, lending money with an annual interest rate of 36%. The authorities seized 31 vehicles, warning debtors that they could become criminal suspects

Screwed twice, that's how Thailand roles.

[brianthainess]

20 hours ago, BenStark said:

 

Yep that's how it usually works in Thailand.

 

Protect the criminal loan shark, and treat the victims as criminals

Well to be fair some were pawning vehicles they did not even own. That is theft in my eyes.

Nothing says the loan shark is being protected.

[john donson]

36%, if it is per year, not too bad...  compared to 30% per day...

 

would it be too difficult to create a website where sharks could be reported and investigated, if they have a 'police' record... more like a license to shark...

[digger70]

The cops know him as a loanshark for how many years?.

Why didn't they stop him as soon as they knew about him.

I suppose me thinking that the cops must have had shares in this .

[PETERTHEEATER]

I'm worried about that corrugated iron fence.......