Couple Seeks Protection After Falling Victim to Loan Shark Tactics

[webfact]

 

In a distressing incident on January 18, 2023, at 11:00 AM, at the Central Police Investigation Center, Phaholyothin, Chatuchak, Bangkok, Mr. Kings Taengtim accompanied two victims, a married couple, to request assistance.

 

They were victims of "Madam Bow Three Districts," an underground lender who charged exorbitant interest rates on a loan of 600,000 Baht, accumulating interest exceeding a million Baht, reported Siam Rath.

 

The female victim, Ms. Chat (pseudonym), revealed that after borrowing 600,000 Baht outside the formal banking system, they faced threats from the loan shark.

 

Picture: Siam Rath

 

Allegedly connected with law enforcement and prominent politicians, the lender coerced them into dubious investments, manipulating interest rates and accumulating a debt of over 1,300,000 Baht.

 

Moreover, Ms. Chat explained that the lender intimidated them by threatening harm to family members and claimed associations with the police.Fearing for their safety, the victims sought police intervention. Despite the victims' initial agreement, the lender engaged in fraudulent practices, leading to the current legal predicament.

 

Picture: Siam Rath

 

Attorney Jess Kadolph, representing the victims, emphasized the illegality of the changed agreement from a loan to a joint business venture.

 

The victims have sought police protection and will present their case to the Phaya Thai Police Station, refuting the accusations against them.

 

Top Picture: Siam Rath

 

-- ASEAN NOW 2024-01-19

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

Get your business in front of millions of customers who read ASEAN NOW with an interest in Thailand every month - email [email protected] for more information

 

Get our Daily Newsletter - Click HERE to subscribe

[flyingtlger]

44 minutes ago, webfact said:

"Madam Bow Three Districts,"

Even the name sounds nefarious...

[ezzra]

Where do people who borrows from known loan sharks at very high rates get the idea that their lenders are nice

and kind people? surly everyone by now must have heard about those nasty people and still went ahead and did

a loan with them, so when you lie with nasty bad dogs, you'll wake up with flees...

[JoePai]

1 hour ago, ezzra said:

Where do people who borrows from known loan sharks at very high rates get the idea that their lenders are nice

and kind people? surly everyone by now must have heard about those nasty people and still went ahead and did

a loan with them, so when you lie with nasty bad dogs, you'll wake up with flees...

In many cases the answer is desperation 

[ChrisY1]

The headline should read "Couple seeks protection for being idiots"!

[Burma Bill]

9 hours ago, webfact said:

Madam Bow Three Districts,"

 

So she must pull all the strings in her loan sharking!

[rct99q]

In most cases the victims are, as noted above, desperate and uneducated.

They are clinging onto a business that is most likely losing money however, like in the Western world, are holding out hope they can make their business profitable with a small investment.

 

My understanding is the first contact person (money lenders) come across as being sympathetic and understanding. It is not till money changes hands and contracts are established that the sharks come out.

 

Wife has distant relatives who have gone into hiding for years at a time to avoid. 

 

The couple in question have really brought this on themselves. For some the stress is unbearable & relentless. One can still feel sorry for them.

[mokwit]

8 hours ago, ezzra said:

Where do people who borrows from known loan sharks at very high rates get the idea that their lenders are nice

and kind people? surly everyone by now must have heard about those nasty people and still went ahead and did

a loan with them, so when you lie with nasty bad dogs, you'll wake up with flees...

Because if they go to a moneylender they can get the money they need to pay the electricity bill or whatever. He "helps" you in your time of financial need. Many people in the lower soceoeconomic strata can't get loans from banks, but from moneylenders they can. The moneylender acts like your best friend until things go wrong or he decides he can make more foreclosing than letting you pay off the loan as scheduled.

Edited January 19 by mokwit

[digger70]

 

---

 

Falling Victim to Loan Shark Tactics.

That's not falling victim  .Who in their right mind go borrow 600K from a Shark.

That's Plain stupid. 

Now they want protection from the law and most likely they will try to get away with paying back the money they borrowed. I hope they have to Pay Back the money they borrowed .

No Sympathy.

 

[john donson]

from 600.000 to 1.300.000 is (lol) not that much

 

or was this interest for a month ?